- Soldier who hid, bragged about not saluting flag to be punished — in secret
- ‘Maverick’ of the seas: ‘Top Gun’ school for U.S. ship officers to launch
- Putin declares Sochi Paralympics open amid Ukrainian protest
- ‘In Jesus name, we pray’ sparks ire at Ohio council meeting
- Navy’s first laser weapon ready for prime time; drone killer to deploy this summer
- Billionaire backer: Rick Santorum ‘needs to be heard’ in 2016
- Obamacare fallout: 49 percent pessimistic; 45 percent ‘scared’
- DHS accused of holding U.S. citizen at airport, using emails to pry into her sex life
- Seattle socialist: Minimum-wage discussion skewed by ‘right-wing’ GAO analysis
- U.N. warns of Muslim ‘cleansing’ in Central African Republic
LETTER TO THE EDITOR: GOP, don’t fall for ‘tax now, cut later’
The negotiations over the approaching “fiscal cliff” are following a familiar format (“House GOP: We ‘have the votes’ for Plan B to avert ‘fiscal cliff,’ ” Web, Thursday). Republicans are being asked to agree to tax rate increases now in return for the Democrats’ delivery of some higher multiple of spending cuts later.
Maybe it’s time for a new approach. Let the Republicans agree to tax increases later in return for spending cuts now. For example, if the Democrats in power actually enact a budget that reduces federal outlays to, say, Rep. Paul Ryan’s spending path for the ensuing three years, the top marginal income-tax rate would thereafter go up to the Clinton-era 39.6 percent, and dividends would again become taxable as ordinary income. If spending moved above the agreed path, the tax provisions would remain at present levels. If Democrats actually kept the deal, they would have to decide in three years whether they could get more revenue from restoring the Clinton-era rates, or from leaving rates where they were and reveling in the economic growth.
There are other strategies that I prefer, but today’s Democrats won’t countenance them. In the spirit of compromise, let’s give this one a try. At least it wouldn’t end up like the phony “tax now, cut spending later” deals with Democrats that made fools out of Richard Nixon, Ronald Reagan and George H.W. Bush.
© Copyright 2014 The Washington Times, LLC. Click here for reprint permission.
TWT Video Picks
By Tammy Bruce
Get Breaking Alerts
- Bill Clinton cashes in on struggling nonprofit hospital
- Putin has transformed Russian army into a lean, mean fighting machine
- BRUCE: Obama's bizarre immigration rules
- IRS to turn over Lerner emails in tea party targeting probe
- DELAY: A revolution for the Constitution
- Bill Clinton poses for photo with Bunny Ranch prostitutes
- Unemployment insurance vote could happen next week
- Kim Jong-un calls for execution of 33 Christians
- U.S. pilot scares off Iranians with 'Top Gun'-worthy stunt: 'You really ought to go home'
- High schooler suing parents for money shot down by judge
Recent Letters to the Editor
- LETTER TO THE EDITOR: Turkey not committed to Cyprus peace
- LETTER TO THE EDITOR: Spoiled-kid culture creates greedy adults
- LETTER TO THE EDITOR: Obama's flawed Mideast 'peace' plan
- LETTER TO THE EDITOR: Foreign policy would distract Obama from social hour
- LETTER TO THE EDITOR: Hit Putin where it hurts over Ukraine