Sen. Charles Schumer (D-N.Y.) noted that many of the reform plans that are under discussion in Washington would cut tax rates for everyone by eliminating or reducing deductions — the same model that was used during the last major rewrite of the tax code in 1986. “But in the upcoming talks on the fiscal cliff, we ought to scrap it,” Schumer said. Schumer said the “best shot” for avoiding the tax increases and spending cuts that are set to take place once the "fiscal cliff" begins in January is the negotiations taking place between the bipartisan "Gang of Eight" in the Senate, but he urged those lawmakers to set aside the notion that tax reform should lead to lower rates for everyone. “Our needs are different from 1986 and we cannot take the same approach we did then,” he said. [The Hill]
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In a political move akin to etching your name in to the conservative, low government Book of Life, GOP Presidential nominee Mitt Romney has signed the Grover Norquist’s sacred Taxpayer Protection Pledge.
It’s not a terribly surprising move, as this play will cater to the tax-hating Tea Party crowd as well as the tax-hating-rich-people-not-so-unlike-Mitt Romney crowd.
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Of course what this move also does is protect Romney from any sternly worded letters or other communication from Americans for Tax Reform that would place him the squarely in the camp of that taxpayer Judas, Tom Coburn. Regardless of some people having the audacity to deem the Pledge meaningless.
[via ATR]
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