How's That Deficit Commission Working Out?

[Project Grudge]

"Sens. Ron Wyden (D-Ore.) and Judd Gregg (R-N.H.) are striding onto the dark and bloody ground of tax policy...

Wyden-Gregg would reduce the number of income-tax brackets to three—15, 25, and 35 percent—and would cut the corporate tax rate, currently the second highest in the industrial world (it is lower than Japan’s), to 24 percent. More than 95 percent of small businesses—those with gross annual receipts of less than $1 million, which are crucial to creating jobs—would be allowed to expense all equipment and inventory costs in a single year...

Also, Wyden-Gregg would encourage personal saving in a nation in which almost a third of all households have no retirement savings. It would enable a married couple to contribute up to $14,000 a year to tax-favored retirement and savings accounts."

Link To The Newsweek Column

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I'm not interested in the actual article, it's just your run-of-the-mill George Will garbage. However, if this is really the policy being considered then I know why Senator Gregg would say "'there is no philosophical push-back' against the proposal on the GOP side." Is this what's considered bi-partisan in the Senate?

[sandnsea]

1. Ugh. Wyden.

That would have told me right from the gate it would be shit. He is horrible at financial policy.

Cut taxes for corporations and raise them to 15% for the lowest income. Who can put $14,000 a year in a retirement account? And isn't the highest tax bracket 35% now?? What happened to repealing the Bush tax cuts?

This is like the Bush tax cuts on steroids.

:argh:

[Project Grudge]

2. Agreed

When I first read about the $14,000 a year retirement account, I thought to myself people already have IRAs and 401K plans. This is just an old idea that's been repackaged. But as you point out, the problem is lack of income, not having enough places to put it.