Newsflash: We interrupt the Capitol Hill Chorus Holiday Special featuring traditional favorites of “O Holy Tax Reform” “Happy Christmas (Deficit is Over)” and “Have Yourself a Merry Little Tea Party” to bring you this breaking news: There will be no pain on Capitol Hill this holiday season. Faced with European levels of unemployment and debt levels that would make a hedge fund manager blush, our nation’s leaders have decided to spread holiday cheer the way all guilt-laden parents do: by spending money.
“What about that deficit?” asked one sober reporter to a distracted lawmaker. “C’mon, Jack, it’s Christmas and we must appear hard-working and bipartisan. That deficit stuff would just ruin everything. Reagan never let it bother him”
“Senator, you said many times stimulus is a failure and a fraud on the American people, how can you endorse this tax bill?” one journalist naively asked.
“Son, didn’t they teach you any economics in college? Sending checks to families and businesses is like shoveling money into a black hole. Tax cuts for families and business directly translates into job creation.”
Asked about the near universal agreement on the need for base broadening tax reform that would eliminate tax breaks for special interests, one senior staff member put it this way: “Oh, yes. We are absolutely committed to tax reform. My boss wants to make it his signature issue. Next year we will begin hearings. We want to be bold. But right now it is important for the economy to get these hundred or so extenders passed.”
Tax Analysts Blog
Posted on Dec 15, 2010