Released: January 31, 2007

Wallet watch: Congress eyes revenue raisers

Source: Janet Novack, Forbes

Congress is on the hunt for revenue raisers. Watch your wallet. Call your lobbyist.

Do you pick up extra income selling rare books or toy soldiers on Ebay? When calculating your taxable capital gains, do you guess (and maybe guess a little high) about what you paid for stock you’ve sold? Do you have a deferred compensation plan? Watch out. The politicians are hunting for “revenue raisers” - don’t call them tax hikes! - and you’re in their sights.

Driving this hunt is the Democrats’ promise to return to a more responsible form of budgeting known as pay as you go. Under “paygo” Congress can’t fatten entitlement programs such as Medicare, adopt new tax goodies or even renew expiring tax breaks unless it pays for them with equal entitlement cuts or tax increases. (President Bush’s new embrace of a balanced budget means the Treasury is looking for raisers, too.)

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