December 3, 2010

DID HE READ HIS OWN PROPOSAL:

A Tax Reform Vision (DAVID BROOKS, 12/03/10, NY Times)

The Wyden-Gregg plan simplifies the tax code and reduces the number of rates from six to three. Most taxpayers would be able to use a one-page 1040 I.R.S. form. It preserves some deductions, like the mortgage interest deduction and the child tax credit, but eliminates many others. The Heritage Foundation calculated that the measure would reduce the federal deficit by $61 billion a year and create 2.3 million jobs. The Tax Policy Center found it would make the tax code more progressive and reduce the tax bill for most families making less than $200,000.

In my vision, the president would lay something like this at the feet of the Republicans and ask: Are you ready to have a conversation, or are you the party that can’t say yes?

This would put the Republicans in an interesting position. [...]

The tax reform process would reintroduce the parties to each other, and reduce the Manichean caricatures that have built up in their heads. It would also shift attention from the same-old big government-versus-small government debate toward more concrete challenges: shifting resources from unproductive consumption to more productive investment; shifting money from the affluent elderly to the struggling young; eliminating the parts of the tax code that erode personal responsibility and buffing up the parts that encourage responsible risk-taking.


Then why would you support a "reform" that still just taxes income and investment instead of consumption?

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Posted by Orrin Judd at December 3, 2010 6:33 AM
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