Saturday, December 4, 2010
Common Sense. Does our congress have any?
Cutting both tax rates and tax exemptions looms large in the proposals released by President Obama's deficit commission, and by the Bipartisan Policy Center taskforce headed by former Republican senator Pete Domenici and former Clinton budget director Alice Rivlin. Both commissions recommend cutting the top personal and corporate income tax rates and wiping out most tax loopholes. It's an economically rational way to raise tax revenues.