Tax Hikes (Labeled as Reforms) Go to Washington
An article by Lawrence Hunter and Phil Kerpen in the Hawaii Reporter begins:
The President’s Advisory Panel on Tax Reform got hijacked this week and is heading toward the White House loaded up with tax increases mislabeled as “reforms.” If the president accepts delivery of this toxic cargo, it could poison the well for tax reform for years to come.
We hope the president learned a lesson when his Social Security Commission got hijacked back in 2001: Shoot out the tires of run-away panels and commissions before they dump their loads on your doorstep.
In a public meeting on Tuesday, Panel Chairman retired Senator Connie Mack made clear that the panel has rejected any form of fundamental tax reform and has opted instead for old fashioned tinkering. According to Mack, the panel is “getting focused on the income tax as a base”—a fundamental error. Consumption, not income, should define the tax base.
The panel is poised to recommend a massive middle-class tax hike, significant tax relief for upper-class elites, and probably removing even more low-income workers from the tax rolls entirely.
See the full article for more...
And removing more low-income workers from the tax rolls is a bad thing? It hasn’t reached me yet; I earn minimum wage and I’m definitely on the tax rolls. Tax “reforms” usually leave low-income workers worse off, so I’ll be surprised if this one actually removed some from the tax rolls.