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Legal Commentary
: TalkLeftObama's Catfood Commission Wants To Raise Taxes On The Poor In Order To Cut Taxes For The Rich
By Big Tent Democrat
In the bad old days of Clinton Triangulation, President Clinton signed the 1993 Omnibus Tax Reconciliation Act. Two provisions of that law:
(1) Raised the top marginal rate on the wealthy and corporations; and
(2) Lowered taxes for the working poor by increasing the Earned Income Tax Credit.
As Brad DeLong notes, the Catfood Commission is proposing to "pay[] for reductions in the top income tax rate by cutting the Earned Income Tax Credit so that there are once again lots of families in America where a parent works full time and yet the kids are still in poverty[.]"
Evan Bayh Democrats like Kent Conrad love this proposal. Does President Obama?
Speaking for me only
Full post as published by TalkLeft on November 11, 2010 (boomark / email).
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