Do what our overlords and all the very the serious inside the beltway cocktail weenie circuit sycophants want us to do. Transfer the wealth – upward.
The Hijacked Commission
By PAUL KRUGMAN
Published: November 11, 2010
….So how, exactly, did a deficit-cutting commission become a commission whose first priority is cutting tax rates, with deficit reduction literally at the bottom of the list?
Actually, though, what the co-chairmen are proposing is a mixture of tax cuts and tax increases – tax cuts for the wealthy, tax increases for the middle class. They suggest eliminating tax breaks that, whatever you think of them, matter a lot to middle-class Americans – the deductibility of health benefits and mortgage interest – and using much of the revenue gained thereby, not to reduce the deficit, but to allow sharp reductions in both the top marginal tax rate and in the corporate tax rate.
It will take time to crunch the numbers here, but this proposal clearly represents a major transfer of income upward, from the middle class to a small minority of wealthy Americans. And what does any of this have to do with deficit reduction?….
Good questions. Go. Read the whole thing.
We may as well let the republicans finish the job they started, eh?