Kindergarten math: Can Congress really be serious?
Tax Gimmickry 101
Paying for tax cuts for the wealthy with . . . more tax cuts for the wealthy!
Washington Post, Monday, April 17, 2006; Page A12
MUCH TO THE chagrin of the White House and the GOP leadership, lawmakers didn't get a new round of tax cuts done in time for tax day today. But when Congress comes back from its recess, it's expected to take up a deal to extend President Bush's capital gains and dividend tax cuts. To make their budget-busting tax policy appear less costly than it is, the lawmakers are resorting to a gimmick that is even more egregious than their usual tactics.
This one would, as usual, hide the cost of tax cuts that primarily benefit upper-income Americans. But it would accomplish that budgetary smoke and mirrors with a new tax provision, involving retirement savings accounts, that also benefits the well-to-do. And, to top things off, this new tax provision, while masking the cost of the tax cuts by bringing in more revenue in the short term, would in the long run worsen the fiscal situation by piling on more debt. No one who's serious about controlling the deficit -- whatever one's position on extending the tax cuts -- could support this dishonest approach.
(For the whole article, go here.)
Paying for tax cuts for the wealthy with . . . more tax cuts for the wealthy!
Washington Post, Monday, April 17, 2006; Page A12
MUCH TO THE chagrin of the White House and the GOP leadership, lawmakers didn't get a new round of tax cuts done in time for tax day today. But when Congress comes back from its recess, it's expected to take up a deal to extend President Bush's capital gains and dividend tax cuts. To make their budget-busting tax policy appear less costly than it is, the lawmakers are resorting to a gimmick that is even more egregious than their usual tactics.
This one would, as usual, hide the cost of tax cuts that primarily benefit upper-income Americans. But it would accomplish that budgetary smoke and mirrors with a new tax provision, involving retirement savings accounts, that also benefits the well-to-do. And, to top things off, this new tax provision, while masking the cost of the tax cuts by bringing in more revenue in the short term, would in the long run worsen the fiscal situation by piling on more debt. No one who's serious about controlling the deficit -- whatever one's position on extending the tax cuts -- could support this dishonest approach.
(For the whole article, go here.)
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