The Hill: "Dems embrace new strategy on taxes"
Democratic leaders are embracing a new strategy for tax reform that leans on President Obama's State of the Union call for tax fairness and economic equality.So instead of trying to broaden the tax base to increase revenues, we have this political strategy that is sure to go nowhere fast. As for punishing those outsourcing companies, Hit & Run covered that one: "Obama's daft plan to insource jobs back to America."
The new strategy diverges from the 1986 formula, the last time Washington successfully tackled tax reform, and focuses on raising tax revenue from the wealthiest taxpayers and businesses that funnel jobs offshore.
Aside from the bogus case for tax "fairness" do Americans really understand the magnitude of our debt problem? Scaling back the Bush tax cuts will produce an extra $70-80 billion in revenue a year, or about what we're borrowing every three weeks. The 30% millionaires surtax is a laughable drop in the bucket and one that can be easily sidestepped by people like Bill Gates who earn their compensation in Microsoft stock.
Speaking of Bill Gates, did you hear what that awful miser did with his filthy lucre? He's a monster.