The CAP plan would eliminate deductions, close loopholes raise rates, implement new taxes, increase sales taxes, create new taxes... basically every form of a tax hike you can think of, all implemented on households with income above...
What we have here, is failure to communicate. YOU talk and expect us to listen, but YOU don't listen, you don't learn from history and YOU live in an alternate universe and are busy destroying this one. What we have is a SPENDING PROBLEM. Every budget estimate showing raising the tax rate to 100% for everyone making 250K does not balance the budget. It doesn't pay for 6 months of operation of the current government. Democrats keep saying give us tax rate increases for "the rich" now and we'll talk about spending cuts next year. When next year comes, every government program is too important to cut and the cuts never happen.
Last week, the progressive think tank Center for American Progress (CAP) released their tax reform plan [pdf], supported by prominent left-wing budgeters and economists like Robert Rubin and Lawrence Summers. The net effect of this tax reform plan is a massive tax hike on "the rich" in order to fall far, far short of the revenue necessary to eliminate America's deficit.
- Special election in FL-13 today: Jolly vs Sink Ed Morrissey 24 minutes ago
- Crimea parliament to declare independence after annexation referendum Ed Morrissey 1 hour ago
- CNN reports ObamaCare approval “rebounding” Ed Morrissey 1 hour ago
- Quotes of the day Allahpundit 11 hours ago
- DeBlasio faces three lawsuits for trying to shut down charter schools Mary Katharine Ham 11 hours ago
- European countries to US: Give us your gas Erika Johnsen 13 hours ago