Wednesday, December 08, 2010


artistdogboy on The Deal...
I'm not saying you shouldn't be swallowing hard on this. God knows the rich should be paying more taxes. But given the circumstances Obama has at least shown the ability to pull the trigger instead of just posturing some purist position and get something in return while the Democrats still control the lame duck Congress. The alternative is a tax increase for everyone, complete uncertainty and loss of bargaining power after the Republicans retake power in the house and gain even more power in the Senate January 1st.
I don't know if the deal the President cut is the best deal possible, but Congressional Democrats have a chance to make it better if they can. If they can't, the combination of maintaining middle class tax rates and some new stimulus measures is worth the hard swallow.

I say that as someone in favor of top marginal rates and inheritance taxes that most of you might consider confiscatory. That's my ideal. One thing I've learned, though, is that the ideal choice is rarely the best choice, because it's rarely a choice at all.

Obama's done his best. Congress has its chance. There are a number of interesting amendments being circulated - a debt ceiling raise, a longer unemployment extension, adjustments to the inheritance tax provisions - that would be improvements if Congress can get them done, but when the time comes to do something, the administration deal is, on balance, worth doing.

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