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Political tug-of-war over taxes

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    Ominous threat from key Senate Democrat

  • Duration 2:52
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Good evening I'm -- -- -- ominous threat today by a top senate Democrat has average Americans asking whether they're tax bills.

Will surge by hundreds maybe thousands of dollars next year.

It has to do with the political Tug of war over whether taxes should go up on families making more than 250000.

Dollars annually.

But -- congressional correspondent Mike manual tells us it has ramifications.

For nearly everyone.

Leading Democrats are threatening to take the country over the fiscal cliff if Republicans won't agree to tax increases.

That translates to allowing some 600 billion dollars in tax hikes and spending cuts to take effect next year.

Which the head of the Democratic Senatorial Campaign Committee laid out today.

So if we can't get a good deal.

A balanced deal that calls on the wealthy to pay their fair share.

Then I will absolutely continue this debate -- -- thirteen.

Rather than -- in a long term deal this year that throws middle class families under the -- Republican leaders worry that would throw the economy back into a recession and say this shows Democrats would do -- thing to get their way.

Make no mistake.

But the Democrats are proposing today is an entirely avoidable.

High stakes game of chicken.

And with a single minded goal.

Taken more money for those who Arnett.

For government to wage.

In a Wall Street Journal op Ed with the headline that tax cliff is a growth killer economist Arthur Laffer and financial analyst -- -- wrote quote.

The United States faces an economic collapse thanks to massive tax increases on January 1 he continued deficit spending for years on end.

That's about three and a 3% of the whole US economy.

That's something like 20% of all tax revenues.

That is a massive tax increase and when -- have tax increases like that.

That will precipitated the collapse.

The house is preparing to vote on extending all of the bush tax cuts while the White House a majority leader Harry Reid are supporting a 272.

Billion dollar plan.

To extend the cuts for individuals making up to 200000 dollars and couples earning up to 250000.

Dollars -- Obama has threatened -- veto an extension for the top 2%.

And called on congress to pass an extension for everybody else.

But -- unnecessary drama.

Needless delays and all the partisan posturing and let's just do the right thing for the people who sent us here to serve.

Though today senator Murray suggested if the bush tax cuts expire that any deal after that would be a tax cut proposal.

And would free Republicans from the no new taxes pledge.

The founder of the pledge Grover Norquist says.

He expects Republicans in the house and senate to continue to abide by it even if mr.

Obama is reelected Brett might -- meant a lot on the hill tonight Mike thank you.

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