So today the Republicans elucidated a bit more fully their budgetless-budget of last week during which they embarrassingly offered to cut taxes, maintain entitlements, and address the deficit, all without the use of the One Ring, the Force, or any other ethereal or mystical powers. Anyway, if you thought that was ballsy and transparently ludicrous, clearly you hadn’t considered this possibility.
But the real way that Republicans offer the tax cut without factoring it into the budget’s revenue is to suggest that Americans won’t actually take advantage of the lower rates. Instead, the GOP budget permanently extends President Bush’s 2001 and 2003 tax cuts. A Republican budget committee aid said that the revenues assumed in the GOP budget are based on the current tax structure that resulted from those cuts.
In other words, Republicans are assuming that given the choice between a higher rate and a lower rate, Americans will choose the higher rate.
A lot of people have been referring to this as the “April Fool’s Budget” ironically, but I’m not so sure. Seriously, I really can’t believe how a party that carps endlessly about being ignored would offer this sort of gimmick on April 1st and not be joking. I look forward to truth emerging.