Howard Gleckman admits the progressive budget, discussed by the Dish here, is "worthy of some praise." But Gleckman highlights numerous flaws and feels the plan's "greatest sin is that it lacks imagination":
The problem with these very high tax rates [in the progressive budget], of course, is that the wealthy will find ways to avoid them. Some may incorporate and take advantage of those much lower corporate rates. Rich individuals will shelter or defer income, or find ways to move it (or themselves) offshore. Corporations will surely decamp for tax havens.
I was disappointed that, beyond the 28 percent cap on deductions, the plan failed to tackle the $1 trillion in tax preferences that litter the revenue code. You’d think that liberals desperately seeking revenue might find ways to, for instance, make the mortgage interest deduction more progressive by turning it into a credit. But instead they seem happy to try to enhance tax fairness by merely raising rates on the rich—by a lot.
The Dish 