Tax Reform with “Too many pigs for the tits”?

Biden panned Trump’s tax cut & urged “tax equity” by soaking the “rich” more. Flat or nat’l sales tax ideas have also long been panned as favoring the Got Rocks. As Abe would say, “Truth is, thar’s always gonna be too many pigs for the tits.”

History 101: Tax reform let alone equity has been a pipedream since introduced to pay for the US Civil War. Anyone recall how the top tax rate was once 91% until millionaire JFK led the charge to a 70% rate? Jimmy Carter also liked tax cuts as much as Trump. Fast forward, to Joe’s SOU, in which he insisted the “rich” finally pay their “fair share.” But, as a commentator belatedly pointed out in a Fox Business piece: “If you look at who pays taxes … the bottom 50% of earners in the US pay 2.3% of tax collected & the top 10% pays over 70%,” with some thanks owed to “how the Trump administration redid the tax code in 2017.” Wonder why Fox reported Monday, “House GOP leaders tear up Biden’s new $7.3T budget proposal [as] reckless [pork] spending.”?

Well, we could argue tax policy until Abe’s pigs come home. But, as Cruise might ask, can you handle the truth? Isn’t the biggest roadblock to tax reform not so much on the revenue side (where tax cuts have usually triggered MORE revenue than tax increases), but in the fact BOTH piggish parties keep spending more money than is in Uncle Sam’s wallet … until the national debt is now over $34.5 trillion & is rising by $1T about every 100 days? The CBO’s most recent estimate is that “debt held by the public” will “reach $45.7 trillion or 114% of GDP by 2038.” A huge junk of that, it warns, will simply go to paying off this incredible debt. You can almost see a resurrected Abe shaking his head & explaining to his forever scandalized wife: “The pigs, Molly, got to get the money from somewhere & the oinkers ain’t gonna let that windfall materialize by insisting the current tax code be replaced by the other’s trough.”

Davd Soul