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January 16, 2005

GOP Plan: Taxing Work

Tax "reform" is Bush's other big idea after privatizing Social Security. Part of his "ownership society", the main headline is expanded tax-free savings accounts. But if savings and their returns are untaxed, something's got to be taxed. As this long and indepth analysis emphasizes:

In theoretical terms, Bush's cuts have brought the United States tax code closer to a system under which income from savings and investments aren't taxed at all and revenues would be raised exclusively from taxes on labor. The consequence of those policies is that a greater proportion of tax revenues now come from what the middle class earns and a smaller proportion from what the wealthy earn.
That should be the frame for progressives.

The GOP plan is to tax work, punish work. If you work for a living, the GOP wants to tax your sweat.

Don't let them emphasize what they aren't taxing. We need to emphasize where the tax burden is going to fall.

Posted by Nathan at January 16, 2005 05:34 AM