The Senate plans to hold a cloture vote today on the tax deal between President Obama and Senate minority leader Mitch McConnell. TWS supports the deal, for reasons explained in our editorial. Here are some more reasons to support the deal, from some of our favorite bloggers.
If someone had told me, the day after Election Day 2008, that tax rates on income and capital would not increase for the next four years, I would have laughed at them. Now it’s about to come true, and Presidents Obama and Clinton are helping make it happen.
And some want to oppose it because it’s not enough?
At the very least, I think that conservative critics of the deal have gone way overboard in attacking the deal as some sort of second coming of the economic stimulus boondoggle. If some conservatives still feel that the unemployment subsidies and tax credits are not worth swallowing, that's one thing. But we should still recognize that an overwhelming majority of the deal is stuff that conservatives have either been actively campaigning for or would be perfectly comfortable with.
"One bit of good news that has not received much attention. The tax deal ends the “Build America Bonds” tax preference, which was one of the most destructive provisions of Obama’s so-called stimulus.
It's the holiday season. Let's be merry and keep taxes low for another two years, opening the door for reductions in government spending next year and major tax and entitlement reform after that.