Wednesday, December 12, 2007

Will "Failure To Withhold" Penalties Apply Too?

It's like watching the Cuban Missile Crisis of tax/budgeting policy. Or the World Series of Irony, as both sides claim to be taking a principled stand that is wholly at odds with their historical principles. The House Democrats say all tax cuts must be offset with spending cuts or revenue increases, so let's stop hedge fund managers from using offshore trusts to defer/avoid taxes as a way of paying for the latest one-year AMT fix. (AKA: do it our way or we nuke the middle class.) The Senate Republicans say no new taxes; just drop the AMT that nobody was expecting anyone to pay anyway. (AKA: national debt, national schmedt, let the grandkids worry about it.) They're all throwing around words like "unprincipled" and even "immoral."

While I agree with the democrats on this one in principle -- like being a Jet, if you want to do pay-go you've got to do it from your first cigarette to your last dying day -- this is one mighty dangerous game of chicken. My guess is that the republicans are counting on the fact that it's largely blue-staters who get the biggest state tax deductions and therefore will suffer the most from a failure to reach a compromise. The NYTimes seems to be writing it off to a broader republican strategy that maybe could be called Starve The Beast Part Two. But whichever side prevails, this is not a good way to run tax policy.

42 Comments:

Anonymous Anonymous said...

The real question is are taxes too high? Repubs say no, but they're never high enough for Dems.

When it comes to running a country, the best solution is low taxes, low spending. But when push comes to shove, I'll take low taxes with debt over high taxes (with or without debt) any day. As to our grandkids, I guarantee they'll be better off, materially anyway, so stop claiming you're doing it for them.

3:31 AM, December 12, 2007  
Anonymous Anonymous said...

Sorry, I meant the Repubs say "yes" of course.

3:32 AM, December 12, 2007  
Blogger QueensGuy said...

Ok, so let's stop talking in platitudes and generalizations. In this specific case, the money will be spent. So either it will be paid for by taxing hedge fund managers on their offshore trust investments at the rate of ordinary income, or paid for by our government borrowing the money (largely from the Chinese government). You favor the latter, correct? That's a position I can understand, but how about not hiding it behind buzzwords?

7:20 AM, December 12, 2007  
Anonymous Anonymous said...

Except, QG, the starve the beast approach has been shown to work, sort of, anyway. It's the only thing that's ever imposed any sort of discipline.

SWMBCg,etc.

8:55 AM, December 12, 2007  
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