Federal tax reform that doesn’t bring in any more tax revenue is a joke.
That’s just what Rep. Dave Camp (R-MI) has proposed this week with his
ultra mysterious revelation of the biggest tax overhaul proposal in three
decades.
And by the way, every Republican leader in Congress has already
declared that Camp’s tax package has approximately zero chance of being
officially debated, let alone being actually passed, before the November elections.
You know, Congress is all about getting re-elected right now, there isn’t much
governing going on.
And anyway, here’s the thing:
First-pass analysis of Camp’s comprehensive “tax reform” bill indicates
that, after it cuts personal and corporate tax rates (reducing taxes owed) and
eliminates scads of personal and corporate tax deduction (increasing taxes
owed), this public policy disaster will INCREASE OVERALL FEDERAL TAX REVENUE BY
ONLY ABOUT $3 BILLION DURING THE NEXT DECADE.
I know, $3 billion is a lot of money to you and me, but $3 billion is
more or less peanuts when we think about the money we need to spend for
infrastructure repairs, environmental cleanup and protection, education, health
care, national defense…..
What happened to all the talk about “reducing the national deficit” and
“reducing the national debt”?
We can’t put our national government and our national economy on
sounder footing without spending more money, and that means raising taxes. I
know it. You know it. We’re not going to “fix” the national debt by sending some
welfare cheats, and some Social Security cheats, and some corporate bad guys to
jail.
This “tax reform” proposal is a charade.
It’s a talking point for politicians who are heading out on the
campaign trail.
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