Obama's Debt Commission Recommendations Include $961 Billion in Tax Hikes
Obama’s debt commission recommends $961 billion in tax hikes.
Nearly $1 trillion. Certainly that’s a big enough tax hike to warrant prominent mention in a broadcast evening news show – especially after an election fueled by anger against government overspending and potential tax hikes.
Yet, only one of the three broadcast evening shows mentioned that number in its report about the debt commission’s preliminary recommendations that shook Washington on Nov. 10. The preliminary report called for tax cuts, tax increases, a rise in the retirement age, some spending cuts, and changes to Social Security and Medicare.
That night, CBS’s Chip Reid was the only reporter to point out that “overall taxes would increase because many popular tax breaks would be slashed.” One of the tax breaks in jeopardy: the home mortgage interest deduction. Reid cited the $961 billion cost estimate (over 10 years) from Americans for Tax Reform in his “Evening News” report.