Bill Clinton: Extend all tax cuts temporarily

[jmowreader]

18. As a tactical move for the election, it makes sense

Folks, we are not running against Mitt Romney this year. We're running against Grover Norquist, even though he's not on the ballot.

If we do not say something like this, Norquist will run a billion dollars in ads claiming the Democrats want to raise YOUR taxes, even though it's not true--the people we want to raise taxes on aren't going to notice the difference.

What I would really like to see come out of the next Congress is a bill that locks spending increases to the inflation rate, reduces taxes on the working class, keeps the Bush personal tax rates where they are, and limits the amount of income taxable at the capital gains rate to $250,000. We also need a clause that revokes the citizenship and deports anyone using overseas tax shelters to evade more than $500,000 in federal income tax.

This is how it works: We know Mitt Romney made $25 million last year and most of it--let's say $24 million just to make it easy--was taxed at the 15 percent capital gains rate. Under my plan, Romney will pay 15 percent on the first $500,000, and 35 percent on the other $23.5 million. And if he buries a lot of money in Switzerland to avoid paying Uncle Sam his fair share? That's fine; he can just pack his shit and go live with his money...and he will then find that the cost of living in Switzerland makes American income taxes look pretty damn cheap.