I don’t think the deficit commission’s recommendation put out yesterday is all bad. I like the overhaul of the tax code that eliminates a number of deductions in exchange for lower tax rates (though even with the lower rates we end up paying more in taxes). But there’s no doubt that the draft recommendations (not the commission’s final recommendations) do a lot more tax hiking than spending cuts.
In fact, there are nearly $1 trillion in tax hikes in the bill, though you’re not going to hear much about that from the liberal media.
Nearly $1 trillion. Certainly that’s a big enough tax hike to warrant prominent mention in a broadcast evening news show – especially after an election fueled by anger against government overspending and potential tax hikes.
Yet, only one of the three broadcast evening shows mentioned that number in its report about the debt commission’s preliminary recommendations that shook Washington on Nov. 10. The preliminary report called for tax cuts, tax increases, a rise in the retirement age, some spending cuts, and changes to Social Security and Medicare.
That night, CBS’s Chip Reid was the only reporter to point out that “overall taxes would increase because many popular tax breaks would be slashed.” One of the tax breaks in jeopardy: the home mortgage interest deduction. Reid cited the $961 billion cost estimate (over 10 years) from Americans for Tax Reform in his “Evening News” report.
We, as a nation, can’t afford more in taxes. Tax hikes should be off the table.
Any tax reform should be revenue neutral, because the problem isn’t that we’re not taxed enough. The problem is that we’ve got more government than we can afford.