Taxes

A recent CBO report on the long-term budget outlook has reheated deficit hysteria. But the points of fiscal stress the CBO highlighted were misleading, its alternative budget scenarios lacked range or nuance, and its treatment of "excess" growth in health care costs cavalier.

Despite the fact that revenues in many states are recovering, budget cuts that were once described as undesirable but unavoidable are being left in place (or even exacerbated) as numerous state legislatures opt to double down on tax cuts.

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An NYT piece suggests that unprecedented tax hikes for all Americans may be coming in January. In fact, what we have is basically a rerun of 2010. The central question once again: will President Obama stand up to the GOP and allow tax rates on the wealthiest Americans to return, as scheduled, to their Clinton-era levels?

It's the corporate tax reform mantra these days — at least on the Democratic side of the aisle. But serious questions have been raised about the underlying premises, fiscal prudence, and ultimate revenue neutrality of proceeding concurrently.