We Should Phase Out the Bush Tax Cuts

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Matt Yglesias alerts me to an “excellent idea” from Maine’s newly-elected independent senator, Angus King:

I was in favor of ending the Bush-era tax cuts immediately, but after continued poor employment numbers, we need a more nuanced approach. We should consider pegging the sunset of these tax cuts to something non-arbitrary, like a certain amount of GDP growth, or a lower level of unemployment. This would avoid the unproductive brinkmanship that Congress engages in over this issue — and could prevent our fragile recovery from being further slowed down.

I appreciate the sentiment behind this, but it’s too technocratic to succeed. It also sets up some really bad incentives: if you really hate higher taxes, does this give you a motivation to oppose policies that would be good for the economy?

But something similar would be nearly as good: let all the Bush tax cuts expire, but phase them out. Maybe a third in 2014, a third in 2015, and a third in 2016. That would be good for the economy now, and good for deficit reduction in the future.

I know, I know: this isn’t going to happen. I’m just looking for something to write about during the hours in which we continue to know nothing about how the election is going. You may now return to your previous TV-watching activities.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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