On March 27 the U.S., like a lot of its citizens, will reach its credit limit – which is fine, since everyone wants smaller government. Unless, you were planning on using a government service or getting a government check.
But since we know when it will happen, Congress has time to act as it did last week when it compromised in a higher tax on the wealthy so that tax revenue is now a done deal.
“Is it done now?”
“No. It is not,” responded Rep. Nancy Pelosi on “Face the Nation.”
See, and that’s the problem. On “Face The Nation” you had the top Democrat in the House, Nancy Pelosi, talking about reforming the tax code, but reforming it in a particular way.
“Looking at the tax code, putting everything on the table from the stand point of closing loopholes,” she described.
What kinds of loopholes would she be putting on the table?
“Let’s put it on the table: what it is that we can to increase revenue.”
The kinds of loopholes that if you close them, they would bring in more money.
But when the top Republican in the Senate, Mitch McConnell, talks about tax reform, he defines it differently.
“I think tax reform is a good idea, but now that we have resolved the revenue issue, tax reform ought to be revenue neutral,” described McConnell.
So Representative Pelosi’s idea of tax reform is to do things that raise more new revenue, and Senator McConnell’s idea of tax reform is to raise no new revenue.
These two goals are what I believe we would call OPPOSITES. Oil and water. Fire and ice.
What I’m saying is, I know it’s kind of cold, but if you’re planning on visiting a National Park, you might want to go sooner rather than later.
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