December 12, 2012 2 Comments
Note: This first appeared in the PJ Tatler.
Tax reform – as a general principle and a way to raise revenue – is a presidential non-starter.
Now. Last year, the president said this:
“What we said was give us $1.2 trillion in additional revenues, which could be accomplished without hiking taxes — tax rates — but could simply be accomplished by eliminating loopholes, eliminating some deductions and engaging in a tax reform process that could have lowered rates generally while broadening the base.”
Funny, that’s what House Speaker John Boehner just proposed. $800 billion over ten years in additional coin for the realm. By loophole-eliminating, code-simplifying – and thus job creating – tax reform. Not via job-killing tax rate increases.
And the President’s tax hikes will kill jobs – 710,000 of them. While only raising the same $800 billion over the next decade.
Do not misunderstand – this is not a defense of Speaker Boehner’s revenue raise. The Feds don’t have a revenue problem – they have a spending one. Read more of this post