From RICHARD ESKOW
The Smirking Chimp
Forget the “Buffett rule.” It’s not enough. What’s more, “letting the Bush tax cuts expire for the rich” isn’t enough either – although it might get us halfway there.
As for that “Simpson Bowles” so-called “deficit reduction” plan: It’s a hoax, another ploy to give the ultra-rich yet another huge tax cut – unless you believe that the lobbying fairy will magically grant a wish that’s never been granted before: an end to billionaires’ loopholes.
If you buy that – which I don’t – then the plan’s just grossly unfair.
The real moment of truth Washington won’t face is this one: It’s time to admit that we can’t rebuild our economy – or balance the Federal budget – without raising taxes on the very wealthy. That’s what Simpson, Bowles, and all their highly-funded friends won’t tell you: We need to raise their taxes a lot.
And by “a lot,” I mean doubling them.
Left Is Right
Let’s be clear: I’m not talking about imposing sharp increases on incomes over $250,000 or even $500,000, at least not until the economy’s healthier. At those levels an expiration of the Bush tax cuts would probably be enough. But once you hit income of a million dollars a year and over, we should go back to the higher tax rates that were in place for millionaires during the Nixon years.
That’s right: When it comes to taxes, Nixon’s the One.