Democratic efforts to raise taxes will likely face staunch opposition on Capitol Hill, especially on a key finance panel in the United States Senate.
Senator Orrin Hatch (R-Utah), who is the ranking Republican on the Senate Finance committee, has stated that he would reject any deficit-reduction package that includes tax hikes. In a Senate floor speech before the April recess, Hatch condemned President Barack Obama's call for tax increases, saying that "raising taxes has never and will never solve our deficit crisis," quoted by The Hill.
Although Democrats have a majority in the Senate, Hatch plays a significant role in overseeing tax-related legislation. He has the power to slow any budget proposal that may be championed by Senate Finance Committee Chairman Max Baucus (D-Mont.)
"When taxes are hiked in the name of tackling our debt, they've been used for more spending," said Hatch, quoted by the news provider.
Many critics have slammed Obama following his April 13 speech regarding the national deficit. While advocating for tax increases for America's wealthy, he said that people like himself and Warren Buffet do not need more tax breaks.
In a column for the San Jose Mercury News, Victor Davis Hanson said that the President tried to mask the facts of his proposal by using the world's third-richest man and the nation's most privileged official as examples.
"It would be more accurate to say that raising taxes on the better-off is a sort of punishment for those who break into the top brackets briefly and try to be careful to save what they make and not spend what they don't," Hanson wrote.