Congress is gone, President Obama is still campaigning as opposed to leading, lobbyist and lawyers have fled, school is out, traffic is light-- so Washington is normal for August.
Last week I took a break for a few days. I flew from the Baltimore airport to a small airport in New England. The plane was about three times the size of my car. Of course, I had to endure the indignities of “airport security”. This meant waiting in line, taking off my shoes, emptying my pockets and removing my belt. I also had to show my photo ID (which I must do to board an airplane but do not have to produce to vote) and have someone root through my carryon bag.
I have to say, these procedures are annoying. They are demeaning and intrusive. As a society we have relinquished our privacy and freedom because madmen changed all the rules. So-be-it.
The U.S. Senate yesterday failed on a vote to proceed to the consideration of a provision submitted by Senator Sheldon Whitehouse (D-RI) to impose a new tax on taxpayers with more than $1 million of income. The proposal is not that simply stated but it has taken on an isolated life of its own. Known as the Buffett tax or Buffett rule depending on your point of view, it has become the war chant for liberals and Mr. Obama and a rallying point for no-tax Republicans.
The proposal was scored by the Congressional Joint Committee on Taxation to increase taxes by about $46 billion over a ten-year period, a sum representing about 12 days of current deficit spending. Let’s say that again. The solution by the Democrats to reduce the federal deficit running at over a trillion dollars a year will be filled over the next ten years by a provision covering 12 days of current deficit.
Here are the latest grades for our government, not sure things will improve anytime soon.
Administration: The IRS intimidation, coverups, press tapping, credibility shot, Not going well for White House. Reaffirming grade but not by much
Grade D minus
Senate: Not much improvement here but moving on Immigration, IRS and Apple hearing good. Seems to be fighting or ignoring fires caused by Administration
Grade C
House: IRS Investigation moving forward Got the debt ceiling and budget to come. Not much else going on here.
Grade B
Tax Reform? What is it and How it should be!
I have developed a three-part series on what is wrong with the tax system and suggestions to fix it. Not your usual plan but one making choices to improve the system. Become tax czar with me for a day and suggest your changes with some unexpected ideas.
Jack O. Nutter is a Washington DC attorney and a principal
in the consulting firm Nutter & Harris, specializing in political
and strategic advice with notable experience in tax, energy,
environmental and climate issues.
Mr. Nutter was previously Tax Counsel
to the US Senate Finance Committee and has been involved in several US
presidential campaigns.
He has been in private law practice and worked
in the former Soviet Union, Europe and Africa for 15 years on private
investment and government projects.
He holds a Master of Laws
(taxation) from Georgetown University Law Center and a Doctor of
Jurisprudence from the University of Arizona College of Law. He has been
published in numerous tax journals and magazines.