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Jane Galt Says George W. Bush Is a Leveling, Redistributionist Mole!

Jane Galt says that the Bush tax cut will, in the end, be progressive:

Asymmetrical Information: You say "Progressive", I say "Regressive": There are four ways that I can think of for the US to deal with its debt burden.... 1) Raise taxes to pay it off. This will be a burden on America's relatively poorer members only to the extent that the tax burden falls on them. But while overall withholdings are only very mildly progressive in America (thanks to Social Security payments), income tax is extremely progressive.... Is the tax system likely to change? Colour me sceptical. "Raise taxes on the poor" just doesn't have much of a ring to it.... I find it much more likely that we will see another Clinton style increase on the top earners, while keeping Bush innovations like the 10% tax bracket, meaning that the rich will be doing the bulk of any debt repayment...

The argument that a tax cut for the rich is ultimately progressive because it runs up the deficit and creates a political backlash that ultimately leads to bigger tax increases for the rich than the tax cut--that is not one I've heard before. Yet it does have a certain plausibility, now that I think about it.

George W. Bush, redistributionist mole!

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