...yeah, you know what's in it already, don't you? That "People's" bit is what we call a tell: a promise of big, honking wholesale confiscation of Other People's (Not Really The Real People) Money. And lo! - this is precisely what the Congressional Progressive Caucus wants to do:
- Increase payroll taxes. Both sides.
- Reintroduce the tax hikes on small businesses that were threatened last year.
- Impose new tax hikes on highest bracket, reaching 47%.
- New taxes on foreign earnings.
- "Crisis responsibility fee." Which sounds better than "Soak stockholders of banks for accepting TARP money tax."
- "Financial speculation tax." Which sounds better than "the twenty-first century equivalent of the Stamp Act:" it's a tax on electronic stock transactions.
- $1,450,000,000,000 in new spending.
- Public option.
- Cuts to military.
...well, OK, the Democrats are threatening to do that last one today with the shutdown; but the rest is only not appalling because it's probably unlikely that the Democratic party is generally going to even acknowledge that this plan exists. They should, though, given that it's the only darn plan that they apparently even have. If you are a Republican, this lack of an alternative probably amuses you; if you are a Democrat, this really should appall you.
Reactions? Philip Klein (who got leaked the plan) thinks that if the Democrats don't embrace this plan (or any plan), then that itself is telling. Megan McArdle is politely appalled, and makes the obvious statement that no entitlement reform = tax hikes on the middle class. Q&O aptly sums up these people with one word: "Fools." Me? I question the timing. This is a heck of a point in history to come out and say "Hey! Let's take money away from the troops!"
Then again: progressives. "Can't live with them, pass the beer nuts."
Moe Lane (crosspost)