An Unnecessary Lesson
Matt Yglesiais writes:
Broadening the tax base to finance big cuts in tax rates is the heart of Mitt Romney’s economic plan. Obama made the elimination of deductions the centerpiece of his plan to raise more revenue from the corporate income tax, and Senate Democrats are counting on broad tax reform as a key element in Democratic budget policy if Obama wins in 2012. But in specific terms, Washington remains hooked on the allure of tax breaks. ... [E]ven if major tax reform somehow does occur, the lesson of the Olympic Tax Elimination Act is that Congress is likely to undermine reform at world-record speed.
Uh, duh? Regular readers know that I have argued that elimination of tax loopholes rarely survive the "reform." There is always a good reason to give a "tax break," especially for "job creators." Maybe liberal wonks will understand this now. We can not cut tax rates, period.
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