I don’t get that. The rough draft released by the chairmen of the commission want to lower the top federal income tax rate from 35% to 23% and the corporate tax rate from 35% down to 26%.
There are removals of tax deductions. Cuts in federal benefits. Means testing of programs. New taxes on fuel. Methods of making health care more efficient. Tax hikes on investments. Raising the cap a bit on SS.
But how did tax cuts, esp supply side tax cuts, find their way into a deficit commission? And how do they justify it when they are calling for regressive tax hikes on fuel and cuts to regressive social programs like social security?
And how/why did capping revenue at 21% of GDP get in there?
It seems like a list that in my non-professional opinion has some good ideas, but other ideas make no sense to me.
It’s all about Social Darwinism - socialism for the rich, survival of the fittest for everyone else.
If you assume Social Darwinism as a starting point you can accurately predict EVERY economic move or viewpoint by Conservatives and many other groups of people.
Did you also notice that these suggestions you read about STILL leave us with a $400 billion deficit?
It sounds like something the Republican members of the commission pushed for and the Democratic members agreed to in order to get Republican support for the tax hikes and cuts in military spending the plan includes.
I’m not quite clear on what you are calling “supply side tax cuts”. Can you clarify? Which tax cuts are you talking about, and why are they “supply side”?
http://www.investorwords.com/4825/supply_side_economics.html It is simply the trickle down economics of Reagan Bush and the general Republican party. The sadly mistaken idea that tax breaks for the rich and for giant Corps, will result in jobs for everyone. After it’s dismal failure during Bush, i would think it would be laughed and hooted at.