Wednesday, October 06, 2004

Maybe articles about tax policy make your head swim, but you might want to look at this one from the business section of today's New York Times. First, look at this chart:

Now read this:

As he campaigns for re-election, President Bush is vowing to lead a bipartisan effort to overhaul the personal income tax and make it "simpler, fairer and progrowth."...

Mr. Bush has not provided specifics on what he means by "fundamental tax reform," but many Republicans and some of his campaign advisers view his call as one that would replace the income tax with a system that would basically tax personal consumption, effectively eliminating levies on investment and savings.

Got that? Look at how much of the income of the rich comes from investments. Now look at the fact that Bush might rfecommend that we stop taxing all that income.

Bush bashes Kerry for wanting to raise taxes on the rich. Somebody -- maybe on Friday night? -- ought to ask Bush whether he wants to eliminate taxes on a huge percentage of the income of the rich (and the majority of the income of the super-rich).

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