House Dem Budget Includes $1.2T in Taxes
House Democrats on Monday unveiled a 2014 budget proposal that includes $1.2 trillion in new taxes and $200 billion in stimulus spending.
That’s about twice the level of stimulus spending that what was in the Senate Democratic budget, which included $975 million in new taxes.
House Republicans have a budget that would lower tax rates and cut spending by $5.7 trillion compared to the Congressional Budget Office baseline.
The House Democratic budget, authored by Budget Committee Ranking Member Chris Van Hollen (D-Md.), would raise $1.2 trillion in revenue over ten years by ending tax breaks for both corporations and individuals.
“We focus immediately on accelerating the economic recovery, on growing jobs rather than shrinking jobs,” Van Hollen told reporters.