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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Thank you!

We didn't know what to expect when we told you we needed to raise $400,000 before our fiscal year closed on June 30, and we're thrilled to report that our incredible community of readers contributed some $415,000 to help us keep charging as hard as we can during this crazy year.

You just sent an incredible message: that quality journalism doesn't have to answer to advertisers, billionaires, or hedge funds; that newsrooms can eke out an existence thanks primarily to the generosity of its readers. That's so powerful. Especially during what's been called a "media extinction event" when those looking to make a profit from the news pull back, the Mother Jones community steps in.

The months and years ahead won't be easy. Far from it. But there's no one we'd rather face the big challenges with than you, our committed and passionate readers, and our team of fearless reporters who show up every day.

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