Tag Archives: deficit

Nate Silver to Republicans: Raise Taxes

Esquire: Nate Silver to Republicans: Raise Taxes

For Republicans, raising a few taxes may be good policy and good politics. We are now on the verge of the longest period since the creation of the income tax without an increase in what the wealthiest taxpayers pay — fifteen years, matching the no-new-taxes interval from 1952 to 1966. Meanwhile, even the White House’s own figures project several trillion dollars in deficit spending over the next decade, which would greatly exacerbate the roughly $10.6 trillion in debt that Barack Obama inherited from the Bush administration. Deficits are once again hot news. An NBC/Wall Street Journal poll conducted in June found that 24 percent of Americans regard the federal budget deficit as the top economic priority — the highest fraction since mid-1994, when Clinton raised taxes. And even in these dire economic times, Americans seem willing to make some sacrifices to pay the debt down: 58 percent said they care more about paring the deficit than stimulating the economy, according to the same poll.

[…] In April, 51 percent of wealthy voters told Gallup their income-tax bill was about right or even too low — “one of the most positive assessments [about taxes] measured since 1956,” Gallup reported.

[…] Although raising taxes — or at least not trying to cut them — has been anathema to Republicans since the Reagan era, it hasn’t always been so. Richard Nixon and Dwight Eisenhower both largely resisted calls to cut taxes (Eisenhower slashed the top tax bracket all the way from 92 percent to 91), choosing to focus on deficit reduction instead. Both were elected to second terms.

I’d actually consider voting for a Republican that would do this.

It’s more or less clear at this point that inflating the deficit isn’t a party thing. I actually hope Obama reneges on his promise not to raise taxes; it seems like the financially responsible thing at this point.