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GOP needs to learn how to declare victory

July 5, 2011

I’m not trying to become the next doomsday prophet, but as I read the newspaper over breakfast this morning I was certain that the apocalypse is near.

I agreed with David Brooks.

In today’s New York Times, conservative columnist Brooks makes no secret of his frustration with the way Republicans are handling the debt and budget negotiations.

Basically, they don’t know how to declare victory and move on.

As Brooks notes, GOP leaders have forced Democratic counterparts to:

  • Tie budget cuts to the debt ceiling bill,
  • Agree not to raise tax rates and
  • Accept a roughly 3-to-1 rate of spending cuts to revenue increases.

That last point, says Brooks, is “an astonishing concession.”

But rather than take such a win and move on, preventing the catastrophic consequences if the United States defaults, Republicans are demanding more.

Really? What the heck is wrong with you people? You’re willing to let the country crash and burn rather than compromise?

It’s the same question that Brooks ponders:

“If the Republican Party were a normal party, it would take advantage of this amazing moment. It is being offered the deal of the century: trillions of dollars in spending cuts in exchange for a few hundred million dollars of revenue increases.

A normal Republican Party would seize the opportunity to put a long-term limit on the growth of government. It would seize the opportunity to put the country on a sound fiscal footing. It would seize the opportunity to do these things without putting any real crimp in economic growth.

The party is not being asked to raise marginal tax rates in a way that might pervert incentives. On the contrary, Republicans are merely being asked to close loopholes and eliminate tax expenditures that are themselves distortionary.

This, as I say, is the mother of all no-brainers.”

Unfortunately, no brains are what the ideologically fixated GOP apparently is using right now.

Again, Mr. Brooks:

“The members of this movement do not accept the logic of compromise, no matter how sweet the terms. If you ask them to raise taxes by an inch in order to cut government by a foot, they will say no. If you ask them to raise taxes by an inch to cut government by a yard, they will still say no.”

Finally, he cuts to the chase: “The members of this movement have no sense of moral decency.”

Thank you, David Brooks.

I only hope that the GOP leadership, which has taken a midterm election injection of extremists into their ranks way too seriously, will soon find their way back to sound governing and effective policies for the whole country.

I appreciate Brooks’ argument that if they don’t, Republicans will eventually pay the political price. But I don’t think I and the country can wait that long.

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You’ll find ways to do just that on the Tax Tips page (see the More Tax Posts drop-down menu at the top of the blog), as well as the separate tax tip pages for each month, notably October through December. If you’re on the Tax Tips page, you’ll find a monthly list at the end of this column. If you’re on another blog page, you can head straight to the October tips; at the bottom of that tips page you’ll find links to all the other 11 months’ collections of tax advice.

Not to spoil what you’ll find in that tax advice, but it does cover such things as tax deductions for charitable donations, investment moves that could reduce tax due, and ways to max out your tax-favored retirement savings. 

Finally, as the year winds down, things get hectic. There are lots of other things to occupy our time, like the much more fun upcoming holidays. But don’t lose sight of taxes, since timing is key. To be of use, most tax moves must be made by the end of the tax year. That’s Thursday, Dec. 31, which also is the last business day of the year. 

So that you don’t miss that final tax year deadline, also keep an eye on the countdown clock below. It will keep you on top of just how much time is left to make important, tax-saving moves. (Note: I’m in the Central Time Zone, so adjust accordingly for where you live.)

Comments
  • Republicans don’t stop because they frankly have no clue what they are actually arguing.
    When they go on stage, they repeat the same thing over and over and over. These repeated phrases are general, broad statements that make little to no sense in reality
    “We need MASSIVE CUTS!” ….then never remotely explain where the cuts come from
    “We need to NOT raise the debt ceiling!”…uh, why did you not say this the multiple times we raised it under Bush?
    I mean, the list goes on with basic facts that they can’t answer….and they can’t even REMOTELY discuss because they frankly are not intelligent enough

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