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View Diary: Paul Krugman asks if the election will be honored (266 comments)

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  •  B-S pays for the bush tax cuts (4+ / 0-)
    Recommended by:
    milkbone, Sunspots, 2laneIA, Laconic Lib

    If the Bush tax cuts expire, we don't have a fiscal problem.

    The problem is that the Village has a near consensus on making most of the Bush tax permanent, which benefits primarily the top 10% of earners (about $100k and up, and benefits the Village members themselves.)

    If the Bush tax cuts are permanent, they need to be paid for, and therefore the Village is pushing for Bowles-Simpson to pay for them.

    But if all the Bush tax cuts expire, there is no fiscal need for Bowles-Simpson. (Smaller tweaks, yes, but not the $3 trillion of Bowles-Simpson to pay for the $3 trillion in Bush tax cuts.)

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