House Minority Leader Nancy Pelosi (D-CA) said Thursday that Democrats would raise taxes if they win the 2018 midterm elections.
Or, as she put it: tax cuts will be “revised.”
— James Woods (@RealJamesWoods) May 12, 2018
“The tax bill is a dark cloud over our children’s future,” the California Democrat said Thursday at the Peterson Foundation Fiscal Summit in Washington. “We want to revisit in a way that puts the middle class first and reduces the debt.”
Pelosi said she would seek to negotiate a bipartisan extension of the tax bill’s middle-class tax cuts for individuals, which expire in 2026. The new tax bill would be one that “promotes growth, generates jobs and reduces the deficit,” she said.
Pelosi didn’t say whether she would seek to raise the corporate rate — which was cut to 21 percent from 35 percent — and didn’t specify other tax breaks she would seek to end.
Recently, Pelosi confirmed that she intends to return to the Speaker’s chair if Democrats win the House back in the November elections. She was the first female Speaker of the House from 2007 to 2011, but led her party to historic defeat after she pushed through the Affordable Care Act, or Obamacare, in 2010.
Pelosi is characterizing Democrats’ current tax plan as a way to reduce the federal deficit. However, federal deficits exploded on her watch as Speaker, even though she promised“no new deficit spending.” The national debt also rose $5 trillion during that period, thanks largely to Democrats’ heavy spending.