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Thursday, September 22, 2011

What a Novel Idea. Let's Raise Taxes.

Daniel Henninger:
This week, the president proposed a $1.5 trillion, 10-year tax increase and called it a path to reform. As night follows day: The Obama tax proposals, if passed, would ruin tax reform for years. More's the pity, because on taxes bipartisan support exists for reform to a degree absent on nearly any other major issue. If this president wanted to run for re-election with a pro-growth tax reform in the works, it would be his for the asking. He isn't asking.

There are no permanent tax cuts for anyone. That's off in the undefined future. The rhetoric and substance of the actual tax proposals are presented in the same angry anti-wealth rhetoric Mr. Obama has been using since his first economic message.

This is tax reform from Dr. Jekyll and Mr. Hyde. If passed, it would kill any chance of achieving the reform of the current tax system that is regarded by everyone else as a worthy goal.

The Obama proposal would leave the current anti-growth tax morass intact, other than the higher taxes and the Buffett Rule. What he wants are wealth taxes, period. If he got that, does anyone believe he'd revisit reform in a second term?

Conventional media spin, encouraged by the Obama campaign, holds that "anti-tax" Republicans make compromise impossible. It is true, remarkably so, that an unprecedented degree of agreement has emerged among the Republican presidential candidates on lowering taxes. Less remarked is how close the GOP is now to the tax-policy ideas of the Democratic center. House Speaker John Boehner last week called for revising the tax code very much along the lines of Bowles-Simpson and Domenici-Rivlin.

Barack Obama and his perpetually angry Democratic "base" are the outliers on comprehensive tax reform. And on much else. 
Someone needs to get through to our president and explain the facts.  Those being that we're not going to raise taxes - either corporate or personal - one bit.  As long as America continues on its slide into third world status, making it more difficult for the economy to rebound will be catastrophic.  The dude was, we're told, a college professor once.  That tells us he's smart enough to comprehend the realities of the situation.

If not, November, 2012 is approaching fast enough.  The American people will explain it to him then.