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Lawmaker Concerned Debt Deal Could Mean Income Tax Increases

Creatas/Thinkstock(WASHINGTON) -- Sen. Jim Webb, D-VA., says he has "serious concerns" about income tax increases as part of debt limit deal.

"As the Congress works to resolve the current impasse on the deficit, I must again emphasize my belief that revenues should be raised by other means, including ending costly subsidies and tax loopholes or by adjusting such measures as capital gains," Webb wrote in a paper statement Tuesday.

Webb says that he has consistently opposed the notion of increasing revenues through raising taxes on “ordinary, earned income."  Rather, he has introduced and supported legislation for numerous proposals that do otherwise -- such as closing the “carried interest” tax loopholes, eliminating counterproductive ethanol subsidies, ending costly agricultural subsidies, and a one-time windfall profits tax on bonuses over $400,000 that were paid to executives benefiting from the taxpayer bailout of companies who received more than $5 billion from the Troubled Asset Relief Program (TARP).

“Taken together, such provisions could reduce the federal deficit by hundreds of billions of dollars and restore a measure of fairness to the tax code,” Webb says. “I believe these and other similar approaches should be taken by Congressional and Administration leaders, rather than increasing the tax burden on Americans whose paychecks are coming from earned income as the result of their direct services.”

Copyright 2011 ABC News Radio

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