Wednesday, October 26, 2005
Tax Reform Report Due in 5 Days
"Reform" Could be Largest Tax Increase in History
I'm telling you all, this is the sleeper issue of 2006. Framed as tax simplification and reform, it may amount to an actual tax increase on a lot of people (e.i.-Me!) so we can lower taxes on those falling under the AMT(not me!). CNN's picked up on the story here.
What's interesting is that while I don't think the reforming the mortgage interest deduction is politically feasible, the President's commission is putting it on the table, in an election year, and following 2005's disastrous 'debate' on Social Security reform. Of course the Dems. aren't really in a position to capitalize on this, but between the GOP's tax reform, and the Dems tax increases, I'm beginning to buy the hype that maybe there isn't too much of a difference between these parties.
I'd hate to be someone like Senator Talent (R, MO), or Senator Santorum (R, PA) running in a competitive election next year and having to say, "Yes, I voted to cut your tax deductions and cut your social security benefits". (Although to be fair, I have no idea if Senator Talent would vote for either of these options, and he was one of only 14 Sentors to vote to kill the Don Young Bridge to nowhere in Alaska). Santorum, we'll he's a kool-aid drinker.
But the fact remains, that here we are looking at the possibility of major tax hikes on a good lot of us, all in the sheeps clothing of 'reform'. The GOP revolution hasn't just lost its way, it's dead.
Of course, from a political standpoint, these recommendations all seem to have 'no-legs' as they say and may just lumber around in a painfully embarrassing way like the Miers nomination before dying a slow painful (political) death.
I'm telling you all, this is the sleeper issue of 2006. Framed as tax simplification and reform, it may amount to an actual tax increase on a lot of people (e.i.-Me!) so we can lower taxes on those falling under the AMT(not me!). CNN's picked up on the story here.
What's interesting is that while I don't think the reforming the mortgage interest deduction is politically feasible, the President's commission is putting it on the table, in an election year, and following 2005's disastrous 'debate' on Social Security reform. Of course the Dems. aren't really in a position to capitalize on this, but between the GOP's tax reform, and the Dems tax increases, I'm beginning to buy the hype that maybe there isn't too much of a difference between these parties.
I'd hate to be someone like Senator Talent (R, MO), or Senator Santorum (R, PA) running in a competitive election next year and having to say, "Yes, I voted to cut your tax deductions and cut your social security benefits". (Although to be fair, I have no idea if Senator Talent would vote for either of these options, and he was one of only 14 Sentors to vote to kill the Don Young Bridge to nowhere in Alaska). Santorum, we'll he's a kool-aid drinker.
But the fact remains, that here we are looking at the possibility of major tax hikes on a good lot of us, all in the sheeps clothing of 'reform'. The GOP revolution hasn't just lost its way, it's dead.
Of course, from a political standpoint, these recommendations all seem to have 'no-legs' as they say and may just lumber around in a painfully embarrassing way like the Miers nomination before dying a slow painful (political) death.
