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Give Obama his “tax the rich” win

by Greg Krehbiel on 19 November 2012

I’m for lower taxes and lower government spending. Giving more money to Congress is like giving a drunk the key to the liquor cabinet. And I’ve always said it would be best to cut spending first, then raise taxes if necessary, because what Congress usually does is raise taxes now on the promise of future spending cuts — that never happen.

However, politics is the world of the possible. There are no perfect solutions, there are only trade-offs. And it seems to me that failure to address the country’s fiscal problems is a far bigger problem for business than increasing taxes would be.

Take a look at this. Investment Falls Off a Cliff: U.S. Companies Cut Spending Plans Amid Fiscal and Economic Uncertainty

Uncertainty is killing any chance of a recovery, and one big part of that uncertainty is a lack of confidence that lawmakers can come together and make a deal.

I think the Republican leadership has to say that they don’t want higher taxes, but if Democrats are going to be obstinate on that point then it’s better to get a half decent deal — that provides some certainty for business — than to keep stumbling along with patches and temporary measures.

-- 2012-11-19  »  Greg Krehbiel

Talkback x 5

  1. RootCzar
    19 November 2012 @ 7:51 pm

    overwhelming number of reputable polls show that “the american people” that boehner and mcconnell like to claim as their legislative allies much too frequently, clearly want the wealthiest of us to pay more in taxes; the “job creators” thing is abject bust. obama claims that middle class taxes won’t go up and 97% of small businesses won’t see an increase either, i believe.
    so … it’s not democrats just being obstinate … it’s what the republic wants.

  2. Greg Krehbiel Greg Krehbiel
    19 November 2012 @ 8:00 pm

    Be careful appealing to “what the public wants.” They also want Obamacare repealed and they want to outlaw partial birth abortion.

    My point is that right now the most important thing is stability, and continuing a fight that’s been going on for two years isn’t helping. Both sides need to give, and the Republicans should make a virtue of necessity and make their compromise on this point seem noble.

  3. Derek
    19 November 2012 @ 9:22 pm

    The definition of “rich” needs to change to a higher level however. $250,000 is not rich in many areas of the country. If the Republicans fight for anything they should fight to have this number increased to $1 million.

  4. Greg Krehbiel Greg Krehbiel
    19 November 2012 @ 9:47 pm

    The idea of a national standard of “rich” or “poor” is, as you point out, very dumb. That applies on the upper end with the top tax rate and on the lower end with the minimum wage. Unfortunately liberals don’t seem to understand that.

  5. John Krehbiel John Krehbiel
    20 November 2012 @ 1:15 pm

    The top income quintile starts at $88,000 or so. I think $250,000 is ridiculously high.