I don’t mean to scare you, but I found out some stuff this morning. Man! I don’t even want to tell you guys. It’s just so horrible. Ezra Klein writes, 11 Shocking, True Facts About Simpson-Bowles.
See your home interest deduction vanish!
Feel capital gains cuts taxed as income!
Scream at defense budget cuts!
See Night of the Simpson-Bowles if you dare!
Yes kiddos, the Simpson-Bowles plan is more liberal than you probably know. But that’s not because it is liberal. (There is a proposal that I will write about later, but it ain’t Simpson-Bowles.) It is just that with the conservative bias of debt discussion even on liberal MSNBC, their proposal doesn’t look that bad.
Klein lists 11 items that are supposed to shock us. In fact, most of them are not even surprising. But a few are:
- Simpson-Bowles ends the the Bush tax cuts for income over $250,000 (I know)
- There are a lot of tax increases in Simpson-Bowles (I know)
- There are so many tax increases that the plan is nearly 1:1 (hmm)
- Simpson-Bowles taxes capital gains and dividends as normal income (great)
- Charities, homes, health care and states (needlessly complicated)
- Simpson-Bowles raises the gas tax by 15 cents (good)
- Congress has already passed 70 percent of the discretionary cuts (not surprising)
- Simpson-Bowles cuts security spending by $1.4 trillion, not including drawing down the wars (yep)
- The Social Security changes (I know; the cap raise is great)
- Paul Ryan voted against Simpson-Bowles (I know)
- Simpson-Bowles went down in the House, 382-38 (not surprising)
So there is really nothing shocking in this list. It is nice to see that the Simpson-Bowles proposal is not quite as bad as I’d thought. But mostly, it was fun to do the poster.