It was further proof that House Republicans are a new breed, less enamored of tax cuts per se than they are driven to shrink government through steep spending cuts.
In part because he has warned in his writings of the dangers of deficits, he is considered to be somewhat less enamored of tax cuts than Mr. Hubbard was.
The influence of "a bunch of liberal radicals" over the Treasury can be seen, he says, in the £5.30 state pension increase, progress towards lifting anyone earning £10,000 or less out of tax, blocking the scrapping of inheritance tax or the 50p tax band for high earners, and ditching the council tax discount for second-home owners.
That is because in recent years, while more individuals, even those with modest incomes, have been skewered by the minimum tax, corporations have found ways to pay less of the tax, according to Robert McIntyre, director of Citizens for Tax Justice.
Goldman Sachs analysts estimate that the rough outlines of the tax deal will translate into $4 trillion dollars less of government tax revenue over the last 10 years.
WHILE supply-side catechism insists that lower taxes are a growth tonic, the theory also argues that if you want less of something, tax it more.
If you want less of something, tax it".
They are a clumsy way to solve externality problems: if you want less of something, tax it.
"We're not going to have high-income people pay less of the tax burden than they pay today.
While most people will be shouldering less of a tax burden, it is not at all clear that this plan benefits a majority of people.
