Earlier this week, President Obama called for even higher taxes on wealthy Americans in the future to tackle our massive debt and deficit problems even after hiking taxes on 77 percent of Americans in the fiscal cliff deal. Now, ethics challenged Rep. Maxine Waters, who is now the second most powerful member on the House Banking Committee, is following in Obama's footsteps by calling for further soaking of the rich through taxes on Ed Schultz's radio show. Laughably, Waters also suggests the massive cost of Social Security and Medicare can be offset by taxing the rich, even though confiscating 100 percent of what they own wouldn't even begin to solve the problem. You can listen here, but the text is below courtesy of Newsbusters:
SCHULTZ: Your thoughts on what unfolded last night and where we go from here.
WATERS: Well, to tell you the truth, we came out with a piece of legislation that perhaps did one really good thing and that was to protect the middle class, the American taxpayer, and avoid them having increased taxes and make the tax deductions, the tax credits, taxes for them permanent, instead of them having to have their taxes increased because we were going to go over the fiscal cliff, we stopped it and that's the one good thing that came out of this.
SCHULTZ: What about the unemployment extensions? What about the business tax credits? What about ...
WATERS: Well, all of that, you're absolutely right. All of that, all of that's good. The main focus, however, everybody was focused on whether or not we were going to get a deal or whether or not the middle-income taxpayers, middle class people of this country, were going to have to suffer the same fate as the millionaires and the billionaires. The millionaires and the billionaires gotta pay more. That 39.6 percent that they have to pay is a good thing that came out of that, but you're absolutely right. When we talk about the child tax credit, we talked about the earned income tax credit, we talked about the alternative minimum tax, all of those were good things that came out. Plus, the president was able to negotiate investments in economic development and energy in ways that can do job creation and help our economic condition in this country. So, good things did come out.
SCHULTZ: All right, who's got the leverage in two months? (alluding to another looming battle over the debt ceiling)
WATERS: Well, you know, the Republicans are talking about, what all they're going to do with these tax cuts. The president has said we cannot cut our way out of a deficit and he's absolutely correct. The first thing that we've got to do is look at where we still have unfairness in the tax system and make sure that the people of influence, the billionaires and the millionaires and the corporate interests are paying their fair share. And I believe that whether we're talking about the financial speculation tax or the elimination of the carried interest or defense spending, we've got areas that we could look at to get fair share so that we're able to take care of the basic needs of this country rather than going to Medicare and Medicaid and Social Security and focusing on those areas as the only place that we can get more revenue.
Also, just as Obama did, Waters touted a progressive tax system as the fairest way to move forward with the economy.