Time to end Washington's banana republic budgeting | Washington Examiner

Link:Time to end Washington's banana republic budgeting | Washington Examiner


House Speaker John Boehner caved yesterday and agreed to drop House demands for a one-year extension of the payroll tax cut. Instead, he agreed to the two-month extension backed by Senate Majority Leader Harry Reid and Senate Minority Leader Mitch McConnell. That spares millions of Americans from a tax increase that otherwise would have arrived Jan. 1.

But it also guarantees this whole sorry spectacle will be renewed in March 2012. Will Congress reach a permanent resolution of the issue then? Not likely. And even if it does, the tax code will still be jammed with hundreds of temporary tax provisions. The Joint Committee on Taxation says 84 tax provisions were scheduled to end this year if they aren't renewed. That's 10 times as many temporary provisions as expired in 1999.



Read more at the Washington Examiner: http://washingtonexaminer.com/opinion/editorials/2011/12/time-end-washingtons-banana-republic-budgeting/2028266#ixzz1hTX1bt7F