Let’s not even go over how nasty Republicans and Democrats have been to one another over the last year. The re-hash isn’t worth the headache.That aside, if you were listening closely enough last night, there was a glimmer of common ground in President Obama’s and in Mitch Daniels’ speeches — it was on tax policies on the wealthy. Both agreed that loop-holes need to be closed, and that rich Americans shouldn’t get a break.
On the Republican side, this talk should please Tea Party populists. On the Democratic side, it should please just about everyone. Either way, this just shows that populism is super hot right now.
Here’s the excerpt from Daniels’ speech:
It’s absolutely so that everyone should contribute to our national recovery, including of course the most affluent among us. There are smart ways and dumb ways to do this: The dumb way is to raise rates in a broken, grossly complex tax system, choking off growth without bringing in the revenues we need to meet our debts. The better course is to stop sending the wealthy benefits they do not need, and stop providing them so many tax preferences that distort our economy and do little or nothing to foster growth
Here’s the excerpt from Obama’s speech:
Right now, because of loopholes and shelters in the tax code, a quarter of all millionaires pay lower tax rates than millions of middle-class households. Right now, Warren Buffett pays a lower tax rate than his secretary…
Do we want to keep these tax cuts for the wealthiest Americans? Or do we want to keep our investments in everything else – like education and medical research; a strong military and care for our veterans? Because if we’re serious about paying down our debt, we can’t do both.