Empty Talk on Taxes

NYT editorial

One of the toughest questions that will face the next president is what to do about taxes. There can be no real progress on health care, rebuilding the military or any other major issue without dealing with rising budget deficits and mounting debt from nearly eight years of profligate spending and tax breaks for the wealthy.

And that is why it has been so distressing to see all three of the presidential hopefuls pretend they can make good on their promises without broadly raising taxes.

This is the reality:

To restore the health of the budget, let alone keep ambitious campaign pledges for spending more money, the next president, regardless of which party wins, will have to tax the American people more than any of the candidates has been willing to admit.

Senator John McCain’s tax talk is particularly divorced from reality.

The presumed Republican nominee has been offering a free-lunch extravaganza — hundreds of billions of dollars in new tax breaks per year, on top of extending President Bush’s tax cuts, with no credible way to make up for the money the government will lose. The more criticism he has faced, the more nonsensical his justifications have become.

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