It’s Monday and time for the Tax Fairness news round up. Over the weekend the Courier-Journal gets historical, Mark Zandi gets it, and Obama slams the GOP over the House’s attempt to extend the Bush tax cuts for the wealthy.
Who can forget Mr. Norquist, on Comedy Central’s “Colbert Report,” choosing lower taxes over saving the nation’s grandmothers from terrorists? “We can console ourselves with the fact we have pictures,” Mr. Norquist said, to jeers from the audience.
The Philadelphia Inquirer, Mark Zandi, 7/29/2012
My answer: Extend the tax cuts for everyone except high-income taxpayers. The economy isn’t great, but it is strong enough to handle higher tax rates on the wealthy. And we need the extra revenue, which under reasonable assumptions would reduce the federal deficit by nearly $1 trillion over the next decade.
The Hill, Meghashyam Mali, 7/28/12
“Republicans in Congress and their nominee for President believe that the best way to create prosperity in America is to let it trickle down from the top,” said Obama. “They believe that if our country spends trillions more on tax cuts for the wealthy, we’ll somehow create jobs – even if we have to pay for it by gutting things like education and training and by raising middle-class taxes. They’re wrong.”