Nancy Pelosi Says More Tax Increases Needed Than $1.2 Trillion

The $1.2 trillion in tax increases just signed into law by President Barack Obama as a product of the fiscal cliff negotiations are just a start according to House Minority Leader Nancy Pelosi (D-CA). She says the higher taxes won't impact the middle class, although that's the same song President Obama and Democrats were singing during the fiscal cliff negotiations and yet we wound up with a 2-percentage point increase in the payroll tax for 163 million workers, which amounts to an annual tax increase of more than $112 billion.