“The Path to Prosperity” budget resolution was
introduced in Congress yesterday by the Chairman of the House of
Representatives’ Budget Committee.
This budget resolution proposes $5.1 trillion in
federal government spending cuts over 10 years and another version of
comprehensive tax reform to the one President Obama introduced in his budget last
month.
It proposes reducing individual income tax
brackets from seven to two and the corporation income tax rate to 25 percent;
it would also repeal the Patient Protection and Affordable Care Act
(Obamacare).
My first impression is that this April Fools’
Day budget resolution is more a political document than anything likely to become
law. It nonetheless, however, deserves
to be understood for the clues it provides about how this election year and the
bipolar political behavior of our elected officials will compete for our
attention and vote on Election Day 2014.
The final outcome will ultimately affect the income taxes we pay in the
years ahead and which classes of taxpayers and special interest groups will be winners
and losers.
Pax Domini sit semper vobiscum
1 comment:
It doesn't matter what they propose. In the end, the government will print and borrow more money.
We have become a nation of inflationary counterfeiters with a bad credit card addiction.
Throw in the purposeful cultural destruction of the family.
What's left is a very large overcommitted faux monarchically centralized federal government which everyone must obey, just in order to survive.
Post a Comment