Please ensure Javascript is enabled for purposes of website accessibility

How Does Americans for Tax Reform Feel About Tom Coburn’s “Back in Black” Deficit Reduction Plan?

It’s no secret that Grover Norquist’s patience with Tom Coburn ran out long ago. This hasn’t stopped Coburn from throwing out his own deficit reduction plan – entitled “Back in Black” – in order to save us all from fighting over scraps in the street. Predictably, Americans for Tax Reform has responded in due course, only they’re calling it “A Trillion Dollar Tax Hike Plan.” Maybe that’s not as bad as it sounds? Let’s take a look at some highlights:

Okay, is this really a trillion dollar tax hike? Reports say that it will save $9 trillion.

There is no rate reduction whatsoever in this plan. It’s a set of tax hikes, plain and simple.

But clearly, taxes and tax reform are complicated. Any chance we can address that?

There is no tax reform in this plan. The plan would undermine prospects for long-term tax reform.

A 600-page proposal clearly doesn’t happen without some planning. Tom Coburn must have had a plan. What was it?

It’s now clear Senator Coburn’s plan all along was a trillion dollar tax hike. Senator Coburn pretended to care about ethanol (until he was forced to admit he supported the ethanol mandate, the cause of 98% of government-induced ethanol production). In reality, he wanted to lay the groundwork for GOP support of this trillion dollar tax hike plan.

Tom Coburn has a reputation for being a staunch conservative. Does he live up to that reputation?

The Coburn trillion dollar tax hike is far outside the mainstream of the conservative movement, as well as where Congressional Republicans are.

Is there anything good about Coburn’s proposal?

ATR has long called for a “tax me more” checkoff for limousine liberals who complain that their taxes aren’t high enough. Rather than hiking taxes on everyone, these rich liberals should be able to pay more voluntarily to assuage their left-wing guilt. The Coburn plan does have this, providing a silver lining to an otherwise cloudy forecast for taxpayers.

And you probably thought ATR couldn’t say anything nice about the plan.

Senator Tom Coburn Proposes Trillion Dollar Tax Hike Plan [ATR]

It’s no secret that Grover Norquist’s patience with Tom Coburn ran out long ago. This hasn’t stopped Coburn from throwing out his own deficit reduction plan – entitled “Back in Black” – in order to save us all from fighting over scraps in the street. Predictably, Americans for Tax Reform has responded in due course, only they’re calling it “A Trillion Dollar Tax Hike Plan.” Maybe that’s not as bad as it sounds? Let’s take a look at some highlights:

Okay, is this really a trillion dollar tax hike? Reports say that it will save $9 trillion.

There is no rate reduction whatsoever in this plan. It’s a set of tax hikes, plain and simple.

But clearly, taxes and tax reform are complicated. Any chance we can address that?

There is no tax reform in this plan. The plan would undermine prospects for long-term tax reform.

A 600-page proposal clearly doesn’t happen without some planning. Tom Coburn must have had a plan. What was it?

It’s now clear Senator Coburn’s plan all along was a trillion dollar tax hike. Senator Coburn pretended to care about ethanol (until he was forced to admit he supported the ethanol mandate, the cause of 98% of government-induced ethanol production). In reality, he wanted to lay the groundwork for GOP support of this trillion dollar tax hike plan.

Tom Coburn has a reputation for being a staunch conservative. Does he live up to that reputation?

The Coburn trillion dollar tax hike is far outside the mainstream of the conservative movement, as well as where Congressional Republicans are.

Is there anything good about Coburn’s proposal?

ATR has long called for a “tax me more” checkoff for limousine liberals who complain that their taxes aren’t high enough. Rather than hiking taxes on everyone, these rich liberals should be able to pay more voluntarily to assuage their left-wing guilt. The Coburn plan does have this, providing a silver lining to an otherwise cloudy forecast for taxpayers.

And you probably thought ATR couldn’t say anything nice about the plan.

Senator Tom Coburn Proposes Trillion Dollar Tax Hike Plan [ATR]

Latest Accounting Jobs--Apply Now:

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Related articles

cat and sunflowers

Monday Morning Accounting News Brief: Big 4 Consulting Salaries; Accounting For Dummies; PwC Boomerangs | 3.27.23

They just had to use this picture, didn’t they? Alright, here are some other headlines for ya. Deloitte, Accenture, McKinsey: Who Are The Top Consulting Firms For B-School Students? The world’s largest accounting and professional services firms in terms of revenue and workforce, these prestigious firms are renowned for offering high salaries with a generous […]

orange cat

Friday Footnotes: Disengaged Team? Do This; Deloitte’s Huge India Expansion; Auditors Yelled At…Again | 3.24.23

Reminder: you have until April 17 to weigh in on a proposal to extend the CPA exam window Practice Is it time for firms to transform their business model? [Journal of Accountancy] Pandemic pressures have worn the workforce thin, and the economy is in the thick of rapid, radical change. It’s time for firm leaders […]