This editorial provides some details about the president's tax proposal. It also shows that most of the criticisms coming from the GOP are false. For example, the plan restores the top marginal tax rates on income to the rates that existed under Clinton when the economy was booming. There is no reason to believe that this action will hurt the economy and it will help with budget deficits that the GOP claims to care about.
There is little chance that some parts of the proposal will become law. The GOP House will block any new taxes. The Bush tax cuts were intended to be temporary when they were passed. They will expire unless Congress and the president extend the current law.
The president's proposal has put the GOP on the defensive for a change. It also makes them vulnerable by exposing their total concern for protecting the interests of the super rich. They try to deflect this by claiming that they are concerned about the effect on small businesses. This does not pass the smell test and it is easily countered.
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