So the Catfood Commission is going to recommend lowering the tax rates. Surprise, surprise.
The lowest rate would be reduced by one-fifth to 8%.
The highest rate would be reduced by more than one-third to 23%. (It was 91% under Eisenhower.)
4 thoughts on “Nothing more certain than death and less taxes for the wealthy”
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I haven’t read the report yet but it sounds like they’re doing what lots of people think needs to be done to the tax code, a combination of lowering rates and getting rid of deductions. I assume, since it’s a compromise, that the easiest thing to do is make the changes “revenue neutral.”
Would you care to make a wager against Congress lowering the rates but not eliminating the deductions?
They’ll lower the rates and remove the deductions and then raise a lot of campaign cash putting the deductions back in.
This is, by the way, one of the really interesting things that has happened to conservatives in the last 20 years or so. Conservative doctrine used to be that all income should be taxed the same. The government shouldn’t show preference for one sort of income over another, on the grounds that it distorts the market.
It is a measure of how far Republicans have come that they now believe that what used to be called “unearned income” should be taxed at a much lower rate. They’re particularly fond of capital gains. They are now in favor of distorting the market, just in a direction they like.
Imagine that: Republicans abandoning their principles. Who would’ve thunk it?