John Cole’s Debt Solution

Drum roll, please:

Here is my plan- I AM NOT CUTTING TAXES BY TRILLIONS FOR RICH PEOPLE, AND THE TAX CUTS WE JUST EXTENDED WILL EXPIRE. Voila!

And he seems to believe this will actually end our looming fiscal crisis (while accusing me of being a "complete innumerate clown"). He also seems to think that the lower tax rates are unfunded additions to the debt, as Bush's were. But they are paid for by eliminating tax loopholes, shelters and gimmicks. My proposal for more revenue would be to lower the tax rates less and use the extra money from getting rid of tax expenditures for the deficit. The removal of the myriad shelters and loopholes in the budget, moreover, would actually take these boondoggles away from the rich, making the tax environment fairer.

But when Cole is this angry, it's hard to argue with him. And yes, the bold caps are his.