Charles Krauthammer […] writes that the “most scurrilous” criticism of House Budget Committee Chairman Paul Ryan’s fiscal plan is that it would cut taxes for the rich. This would, he says, be akin to making the same claim against the Ronald Reagan-Bill Bradley 1986 tax reform. Krauthammer goes on to assert that Ryan’s plan is “classic tax reform” that … broadens the base by eliminating loopholes. The facts are otherwise. The Ryan plan, at least what we know of it, would inarguably cut taxes for the rich. It in no way resembles the 1980s tax reforms of either President Reagan or Senator Bill Bradley and Representative Dick Gephardt. And it most assuredly fails to eliminate loopholes. [TaxVox, WaPo]
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Grover Norquist Needs His Hands Free When Enforcing the Taxpayer Protection Pledge
You know, in case he needs to shake the crap out of one of your tax-loving grandmothers.
Of course even political operatives aren’t immune to technological pitfalls:
[@DrTempitope via @GroverNorquist]
Clinton to Meet Swiss Minister, Discuss Friendship, Possibly Chocolate
The whole UBS/IRS tug of war has achieved a whole new level of ridiculousness because now, Secretary of State Hillary Clinton will meet with the Swiss Foreign Minister on July 31, just prior to the deadline settlement date of August 3rd.
We’re expecting a lovely exchange of smiling, glad-handing, back-slapping, etc. but would implore with Secretary Clinton to do the right thing and get the Swiss Minister to pony up the Toblerones.
The Swiss deserve part of this blame for not seeing the genius in this offer but our American representatives in this case have not been pushing for it, deciding instead, that our need for a reformed healthcare system should motivate our Swiss friends to turn over the 52,000 American names.
The Swiss, who no doubt laugh at our bureaucratic nightmare of a healthcare system, are instead more concerned about their sovereignty and their long tradition of client confidentiality. They have vowed not to turn over any names and this doesn’t really fit in with the IRS’s plans to get billions in back taxes on the UBS accounts, hence the need to call in the big guns.
Swiss minister to meet Clinton ahead of UBS deadline [Reuters]
Jon Kyl Has His Money on a Two-Year Extension of All Tax Cuts
Does the Arizona Senator know how to pick a long shot or what?
Americans know they are facing a large tax increase on Jan. 1 unless Congress prevents it. President Obama wants Congress to raise taxes on wealthier Americans (including many small businesses). Republicans oppose raising taxes on anyone, especially in this weak economy. Democrats ducked the issue until after the election. The result is that Congress must act in a post-election session; and while economists tell us that permanent tax policies are best, the most likely scenario in this divided Congress is a temporary extension of current rates for all Americans, probably for two years.
Politics is a tricky game. You can’t do away with all the tax cuts since that would result in hell fire raining down all across the land. And extending all the tax cuts indefinitely is a sure fire way to bring back the torches and pitchforks. It doesn’t take a Kennedy School grad to figure that one out.
But Kyl is realistic and that’s not the worst thing in the world. He simply wants to get to a point where we can reform the tax system ans that, dare we say, is a good thing.
Would we prefer him to go off on a wild-ass tangent about how the expiration of tax cuts will mean an uprising of Founding Father proportions? Of course. But we’re talking about a U.S. Senator. Everyone knows the craziest of crazies are in the House. Unless some IRS abolitionist finds his way into the upper chamber. Or a witch. That could ratchet things up a notch.