It’s the Same Old Song

House Minority Leader Nancy Pelosi, Senate Majority Leader Harry Reid and President Barack Obama are all singing the same tune.  They believe raising taxes again will create revenue and thus decrease our deficit.

In an interview with Congresswoman Pelosi, Mr. Wallace states, “The top 1 percent pay 37 percent of all federal income taxes. The top 5 percent pays 59 percent of all federal taxes.  If you took the total income of everyone making more than $1 million a year, if you taxed it all, at 100 percent, that’s only $726 billion, which is less than the projected deficit for the year. I mean, the bottom line, Congresswoman, is you can’t raise taxes enough to solve the deficit problem.”  Congresswoman Pelosi’s only response was this:  “What we have in our proposal that Congressman Van Hollen has put forth, our top Democrat on the Budget Committee, is to say we’ll eliminate subsidy to big oil. And it gives us a lot of money, eliminating the subsidy for big oil. We also have the Buffett Rule which says all of the high income people would pay a minimum of – they would have to pay.”

While Mr. Wallace has clearly pointed out that no matter how much you tax the wealthy there will never be enough revenue generated from them to even take care of this year’s budget.  Simply put, Minority Leader Pelosi and her team are still not seeing the big picture.  This begs the question: when will Congress realize it is not a revenue problem but a spending problem?

Please click here to read the full Foxnews interview with Chris Wallace and Congresswoman Pelosi.