Kent Conrad: Obama isn’t asking for enough in tax hikes
“What seems to be lacking to me is any sense of perspective in these discussions,” he said. “[The White House proposed] $1.6 trillion in revenue and people say, ‘Oh my god, $1.6 trillion, that’s a huge tax increase.’ The latest number is in the $1.2 trillion range, but how much are we going to raise over the next 10 years? Over $37 trillion with no change, so that’s 3.2 percent of what we’re going to raise.
“We can’t have a 3.2 percent increase in revenue? We’ve got a revenue level near a 60-year low as a share of [gross domestic product], and we can’t increase the revenue by 3.2 percent over next 10 years to get the deficit under control?”