November 8, 2012
NO REPRESENTATION WITHOUT TAXATION:
Obama should raise taxes on the middle class (David Callahan, NOVEMBER 8, 2012, Reuters)
Tax their consumption.Obama promised on the campaign trail that he wouldn't raise taxes on the middle class and implied that repealing the Bush tax cuts for the wealthy would yield enough revenue. In fact, more than three-quarters of all revenue lost by the U.S. Treasury because of the Bush tax cuts is due to cuts that benefit households making under $250,000, according to the Congressional Budget Office. Simple math suggests that as long as the vast majority of earners are paying the lowest tax rates in half a century, it will be hard to tame the deficit without deep spending cuts.Forcing such spending reductions, of course, was a key goal of the Bush tax cuts - which stand as the crown jewel accomplishment of small-government conservatives over the past two decades. If Obama lets the bulk of these tax cuts stand in his second term, he will grant a permanent victory to that movement and its agenda of steadily downsizing a range of federal programs.
Posted by Orrin Judd at November 8, 2012 7:49 PM