Saturday, October 28, 2017

Wall Street Journal Blasts Adding a Fourth Tax Bracket: A Socialist Gimmick

The Wall Street Journal editorial board writes:
House Speaker Paul Ryan has said tax reform will include a fourth tax bracket for millionaires above the top rate of 35% in the GOP framework, and now we hear it could be as high as 42%-44%. This bow to the lords of political envy would be a
million-dollar mistake that undermines the purpose and much of the benefit of tax reform.

The “millionaire’s tax” is one of those socialist gimmicks that keeps rising from the dead. Dan Rostenkowski used to float it in the 1980s when he ran House Ways and Means, and it always does well in opinion polls because there are relatively few millionaires...
Of course, while WSJ is against the Socialist Gimmick, they are all in on the Tax Reform Con.

In the same editorial, they write:
 Instead of being defensive about rates, Republicans should argue that the better way to soak the rich is to eliminate their loopholes. The mortgage-interest deduction mainly benefits the affluent, as does the state and local tax deduction. Eliminate those and tens of thousands of higher earners will pay more taxes even if their rate falls to 35%. 
Got that? The WSJ is for the tax reform shell game. They are not against taxes just the method by which they are implemented.


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