"Not.. gonna.. do it."
Posted on 11/25/2006 11:04:56 PM PST by Zakeet
During the recent off-year elections, the president repeatedly pointed to the booming economy and noted that his tax cuts were responsible. With growth strong and unemployment low despite the ending of the stock-market bubble, terrorist attacks and the war in Iraq, he had every reason to be proud. Moreover, both economic theory and the actual timing of the economic revival support his claims regarding the tax cuts.
That is why it is so odd that rumors swarm around Washington that the president may be willing to raise taxes as part of a "deal" on entitlement reform. In particular, the rumors suggest the president might be willing to get rid of the provision that caps the income level used to compute Social Security taxes and benefits. These rumors aren't without substance; last year the president would not rule out raising the cap when asked.
Doing so would raise the marginal tax rate on the entrepreneurs that Mr. Bush credits for having led the economic recovery by more than 10 percentage points. The new effective rate would be five percentage points above the level when he took office. Moreover, in 2011, the rate would go up a further 4.3 percentage points to an effective 53% marginal rate on entrepreneurial income. The president would thus be not just raising taxes on entrepreneurs to well above the levels that prevailed in the Clinton administration, but to a rate higher than that which prevailed in the Carter administration. Most of the improved incentives for entrepreneurship and work brought about under Reagan would be repealed.
Should the president do this, he doubtless would be thinking that saving Social Security would be worth the price. He would be wrong.
(Excerpt) Read more at opinionjournal.com ...
The question is whether Bush will repeat his father's error -- which resulted in Clinton. The "business as usual" GOP congressional leadership selections -- despite the clear signals sent by voters in the recent election -- does not bode well.
This is an impossibility.
How can a newspaper like WSJ writes an article based on Rumors?
The only "reform" necessary for entitlements is to GET RID OF THEM! As for taxes on SS, the money that was stolen from a person's paycheck all those years WAS TAXES! So now they're taxing our taxes. It's total insanity!
Rumors confirming our worst fears are selling like hot cakes these days. Even in the once rumor-resistant bastion, FreeRepublic.
If he removes the cap I will come unhinged.
Taxes are the last positive issue held by the GOP. They've thrown just about everything else overboard to become democrats lite.
It will also be the end of the road for the GOP. At least for me.
Contact him at comments@whitehouse.gov
Considering the past do you really believe that this is so unlikely? His daddy did it.
Don't know where the "strong cowboy" went after 9/11, but he lost his spine. Now, if this is true, rather than going down fighting the rats on every issue, he will be giving in without a fight.
I agree, last straw for a lot of GOPers if he caves on this one! I guess he figures, he's outta here in 2008, so why should he care!!!!
If this turns out to be true, I will lose all respect for the president.
Sad, but true.
Traitorous Bush! (yawning, stretching arms, I've just emerged from a cavernous cave...now swinging a Louisville).
A lot of name-calling around here lately, but have you considered that Bush is the one that left us??? We were behind him 100% when he represented what the GOP stood for, but if he caves to what the RATS want, why should we support him? Would be the same as supporting Pelosi!
I'm NOT a BUSH TRAITOR, but caving to the RATS is the last straw!
Considering the past do you really believe that this is so unlikely? His daddy did it.
Okay. If you want to simply predict the likelihood of GW Bush raising taxes based on what his "daddy" did, then just do that.
Why bring up meaningless statements in general circulation that can't be confirmed (a.k.a rumors)?
Because a LOT of lefties write for that paper, which is something few here either know, or will admit to, if they DO know it.
LOL
A lot of misinformation around here lately. Maybe that's why you here the name-calling such as "don't be a dope" a lot.
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