Politics

Hoyer: Democrats Will Look to Raise Taxes Once Back in Power

Democratic Minority Whip Steny Hoyer (Md.) said if Democrats win the House this year, he's looking to raise "revenues," an apparent alternative way to say "raise taxes."

CNBC's Rebecca Quick asked Hoyer what Democrats would try to do to unravel or change the tax law should they win back the House in the 2018 elections.

The minority whip said Democrats will want to invest in jobs, infrastructure, and jobs skills.

Then, referencing the new tax cuts, which included a reduction in the corporate tax rate, Hoyer said, "we'll look at some of those resources going to people who are not going to use them to grow the economy."

"Is that raising the tax rate back again on the highest income earners?" Quick asked.

Hoyer avoided answering the question directly, saying Democrats would "look to revenues."

"I think certainly we'll look to have revenues as opposed to simply creating more debt," Hoyer said, adding that with current federal expenditures, Trump tax cuts will continue to raise the national debt.

Democrats have continually criticized tax reform passed at the end of 2017, with Minority Leader Nancy Pelosi (D., Calif.) and others calling the resulting benefits "crumbs." Republicans, meanwhile, have touted the resulting middle class tax cuts and the benefits of lowering the corporate tax rate to a globally competitive 21 percent.