Charles Krauthammer: The Grand Compromise - Republicans are right not to budge on taxes until...

NATIONAL REVIEW ONLINE ^ | April 15, 2011 | Charles Krauthammer

[JaneNC]

Wrong. GOP should not cave on it ever...

DO NOT RAISE TAXES in a recession.

[GeronL]

Taxes are too high as it is, there is no reason to raise them higher. ever.

We shouldn’t even be using the word “taxes” until at least HALF of the deficit is deleted.

[r9etb]

DO NOT RAISE TAXES in a recession.

Did you even read the article?

[American Quilter]

I’m perfectly willing to mention taxes as long as it’s in the phrase “significant reduction in tax rates.”

[Siena Dreaming]

A very good column.

Thanks.

[econjack]

Real tax reform strips out exclusions, deductions, credits, and the innumerable loopholes that have accumulated since the last tax reform of 1986. The Simpson-Bowles commission, for example, identifies $1.1 trillion of such revenue-robbers. In one scenario, it strips them all out and thus is able to lower rates for everyone to three brackets of 8 percent, 14 percent, and 23 percent.

If we could get a max income tax rate in the country of 23%, the IRS would be awash in income tax receipts. We'd have such an influx of capital--including the Pacific Rim--with a resultant explosion in employment, it would make the libs head spin. So, why don't we do it? Because the politicians fear it would take their power to give YOUR money away.

[Thane_Banquo]

I think a simpler tax code without all these bifurcated credits, deductions, and so on, would be excellent. I’d accept lower rates coupled with elimination of all of these deductions, even if it meant I had a slightly higher annual tax bill. The reason I’d accept it is that 1) simplifying the tax code has a positive monetary value for me in terms of planning, filling out tax returns, etc, and 2) it would end a lot of economic distortions caused by the tax code, and in the long run that would mean a higher standard of living for all of us.

[Buckeye Battle Cry]

They are right not to cave, but Boehnor will weep as he caves complaining that the GOP only has 1/3 of the non-judicial branches of government. Lyndsey will weasel in the Senate and mew about reaching across the aisle to his friends.

Cave they will. Make bank on it.

[Carley]

Wonder what is the real reason O wants to strip deductions for charitable giving.

Red Cross
Salvation Army
Fischer House
Ronald McDonald House
Wounded Warriors
St. Jude’s Hospital

Seems to me that this one deduction ought not be eliminated. The consequences are too serious.

[jagusafr]

So how does a flat tax of 23% affect me if my AGI is just over $100K but with deductions, etc., my effective tax rate is 7%?

Colonel, USAFR

[neverdem]

Lyndsey will weasel in the Senate and mew about reaching across the aisle to his friends.

Roll Call Vote - NAYs ---19

Coburn (R-OK), Crapo (R-ID), DeMint (R-SC), Ensign (R-NV), Graham (R-SC), Hatch (R-UT), Inhofe (R-OK), Johnson (R-WI), Leahy (D-VT), Lee (R-UT), Levin (D-MI), Paul (R-KY), Risch (R-ID), Rubio (R-FL), Sanders (I-VT), Shelby (R-AL), Toomey (R-PA), Vitter (R-LA), Wyden (D-OR)

Grahamnesty did the right thing! A conversion on the road to Damascus, or lousy reelect numbers?

[Thane_Banquo]

So how does a flat tax of 23% affect me if my AGI is just over $100K but with deductions, etc., my effective tax rate is 7%?

Not well. Although I haven't heard of a flat tax proposal of 23%.

[Private_Sector_Does_It_Better]

I love “The Hammer!!”

[neverdem]

Wonder what is the real reason O wants to strip deductions for charitable giving

The left has a history of being cheap creeps with respect to charities. They just want control so they can spend other peoples' money.

[Colonel_Flagg]

Republicans are right not to budge on taxes until...

...the sun goes nova and our atmosphere spins off into outer space.

[Carley]

Imagine those charities.........depending upon the government. Rationing of support favoring political cronies.

I think Ryan’s flat 25% tax is a good idea, even eliminating deductions. Just not taking the deduction away from charities.

[jagusafr]

I’ll admit it’s Friday afternoon and the Battle of Flowers Parade is going on in San Antonio, so I may not have read as carefully as I should...

Colonel, USAFR

[doc11355]

So how does a flat tax of 23% affect me if my AGI is just over $100K but with deductions, etc., my effective tax rate is 7%?

It may not affect you, directly, too much. But, that's not the point.

It would have a massive investment incentive effect, however, on those in the top income brackets, especially millions of small business people, hence the expected huge boost to economic activity and prosperity.

[hinckley buzzard]

For over a hundred years, "progressives" have opposed private charity on the grounds that this is goobermint's responsibility and private good works let gubmint off the hook. Really. That's because progressives are generally tightwad deadbeats, as the data from innumerable sources reveals, and want to spend other peoples' money, not their own.