The New Tax and Spend Conservative

Allen  Sloan's column in the Washington Post focuses our attention on the President's Advisory Panel on Tax Reform, which is currently holding hearings. Americans of every stripe know that the tax code is too complicated and there is likely widespread support for the idea of simplifying it. The mandate of the panel is to advise the President on options to reform the tax code to make it simpler, fairer, and pro-growth. Sounds good. It even sounds good that the panel has to make sure that any proposed reforms are revenue neutral - they won't increase the deficit since tax cuts have to be balanced with tax increases.

It sounds good, at least, until you realize that the tax cuts favored by this adminstration all go to the wealthy. That means the tax increases hit the middle and lower classes. Popular "reform" options include eliminating estate and dividend taxes and allowing business investments to be fully deductible. These all reduce the taxes paid by the wealthy. But the government needs to replace the money lost with a new income stream. That might come from a value-added tax - a national sales tax. Or perhaps the idea to count the cost of employer paid health benefits as taxable income will increase the taxes paid by those lucky enough to have health insurance. Maybe they'll succeed in eliminating the deduction for state and local taxes paid, again increasing everyone's tax bill.  (See details here, here, and especially here). Whatever the new tax, you can be sure that it won't be paid by the wealthy, the investor-class. The most popular proposal is the VAT.

And that's where we find the conservatives taking over the label "tax and spend". You'll get taxed on what you earn and what you spend. You'll just have less to spend.

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