Tuesday, March 18, 2014

Short: What I missed in the Camp tax proposition

I missed a huge story concerning Dave Camp's tax reform proposal. What I saw was that Camp couldn't make the math work for a 25% highest tax bracket. I also thought at the time (though I didn't write it), that Camp's tax reform was doomed because other Republicans won't accept the reality of the numbers.

Here's what I missed:

  • Wall Street took exception to taxes on too-big-to-fail banks. Their lobbyists brought out the big guns (albeit behind the scenes) and made lots of GOP reps denounce or disavow Camp's tax proposal. 
  • The anti-Wall Street populists in the GOP (Tea Partyers) are true to form. They don't understand and don't care about policy, so they aren't supporting these provisions on banks ... because all Tea Partyers know how to do is scream or bluster. (Confirmed again by the only article in HotAir on the issue, and its cra-aa-azy comments.)
  • Tax reform was always a long shot, but we can kiss it good-bye. The chairmen of the applicable committees are changing, and the incoming ones aren't likely to pursue tax reform. 
Did we gain anything? Did we learn anything? TBD but not likely.

Image: cpn-news.com

Hat tip: Jonathan Chait again.

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