The Administration released it 2015 budget today, a month and a day late. It might as well been a year late or maybe never submitted at all.
It is a political document and in some ways that can be expected. What it is not is a serious attempt to address the fiscal woes of the government driven by high debt, increasing debt, unchecked and unsustainable entitlement programs.
It is hard to believe the country can tolerate such fecklessness.
In any event, I reviewed the revenue portions of the proposal. Same unrealistic, pathetic stuff as before. Tax the wealthy, closed the same old loopholes (whatever that means) Oh yeah, and the is the best one, increase the Earned Income Tax Credit (EITC), the largest area of abuse in the tax code and just a plain old welfare and income transfer program. It has no place in the tax code, put it where it belongs.
If Mr. Obama wants to fool with the tax code, he should be a player in tax reform. He is not. He only wants more dough to spend, no matter if the economy suffers, remains inefficient, rewards and subsidizes his big corporate donors.
Not going to spend much time on all of this. It is totally forgettable.