Romina Boccia is the director of budget and entitlement policy at the Cato Institute, where she writes about government spending, the debt problem, and entitlement reform.
No doubt failing to understand how damaging this massive 12.4% marginal income tax increase would hurt economic growth.
Or that even if for the sake of argument we accepted that this would “fix” Social Security (it wouldn’t actually bring in enough money), that he and his leftist pals also want massive tax increases on the rich to pay for several other things.
I do not consider Ryan a hero. First because he berard more of the blame for the Tax Cuts for the Rich and Deficits Act of 2107" than even Trump. Second, his approach to deficit reduction was focused almost entirely on expenditure reductions. We need rather to increase low deadweight loss taxation like on net CO2 emissions and Personal income taxation (with some dead weght loss prevention tweaks like indexing capital gains instead of rebasing them on inheritance. replacing deductions with partial tax credits for favored forms of consumption (mortgage interest, charitable donations) and replace the wage tax with a VAT for social insurance transfers.
But regardless, even if you were correct on all your suggestions (most of which I disagree with), the politics of envy makes the Constitutional Amendment required to replace the income tax with a VAT (the one idea I *do* mostly support in theory if we really got to just redo things from scratch) COMPLETELY IMPOSSIBLE POLITICALLY to accomplish.
Horrible ideas leading to old people dying in the streets. Eliminate the cap on income subject to the payroll tax, and this problem goes away.
What a clueless leftist response.
No doubt failing to understand how damaging this massive 12.4% marginal income tax increase would hurt economic growth.
Or that even if for the sake of argument we accepted that this would “fix” Social Security (it wouldn’t actually bring in enough money), that he and his leftist pals also want massive tax increases on the rich to pay for several other things.
🙄
I do not consider Ryan a hero. First because he berard more of the blame for the Tax Cuts for the Rich and Deficits Act of 2107" than even Trump. Second, his approach to deficit reduction was focused almost entirely on expenditure reductions. We need rather to increase low deadweight loss taxation like on net CO2 emissions and Personal income taxation (with some dead weght loss prevention tweaks like indexing capital gains instead of rebasing them on inheritance. replacing deductions with partial tax credits for favored forms of consumption (mortgage interest, charitable donations) and replace the wage tax with a VAT for social insurance transfers.
Imo you are wrong on Ryan.
But regardless, even if you were correct on all your suggestions (most of which I disagree with), the politics of envy makes the Constitutional Amendment required to replace the income tax with a VAT (the one idea I *do* mostly support in theory if we really got to just redo things from scratch) COMPLETELY IMPOSSIBLE POLITICALLY to accomplish.