It was crazy to cut the tax that is meant to fund Social Security, which is headed for bankruptcy, albeit a few years later than Medicare. Despite what some Democrats argue, Social Security is part of the ongoing deficits, since the money raised for it is spent on general government, not saved in a fictitious lock box with our names on it. I’d create the lock box now.
Also, the Alternative Minimum Tax should be indexed for inflation back to 1993, to keep another promise, made when it was created, that it would be charged only on higher incomes.
Next year, during the recession caused by higher taxes, Congress should do “tax reform,” simplifying the code, ending corporate welfare and focusing more on consumption taxes so that both higher- and lower-income Obama voters learn that there is no Santy Claus.
As for spending cuts: Go ahead with the cuts in the “fiscal cliff sequester plan,” including defense spending, but let “men of good will” make the reduction decisions.
Now, all we need are at least Three Wise Men leading the way.
Have yourself a Merry Little Christmas, anyhow.
Barbara Anderson of Marblehead is the founder of Citizens for Limited Taxation and a regular columnist for The Salem News.