The President has proposed to avert the fiscal cliff by replacing the fiscal cliff law with a new law, the main provision of which would be to rescind the Bush tax cuts for anyone earning less than $250,000 a year. This is opposed by conservative Republicans on the ground that the President is proposing a tax increase for everyone earning $250,000 or more. That is incorrect. Their taxes will rise beginning on January 1 if the fiscal cliff is not averted; the President’s proposal therefore does not alter their tax liability, as the law would go into effect the same day that the fiscal cliff (if not replaced by his proposed law) would raise everyone’s taxes.Posner's logic is, as usual, air-tight, but does he overestimate the ability of logical argumentation to alter the minds, and votes, of tea-party Republicans devoted to Grover Norquist's utopian vision of anarcho-capitalism?
Monday, December 24, 2012
Obama's Plan Will Not Raise Anyone's Taxes
So say's Richard Posner at the Becker-Posner blog (here):
Posted by Daniel H. Cole at 9:32 AM