In today's budget message, President Obama condemns "special interest loopholes" and complains that "for too long we have tolerated a tax system that's a complex, inefficient, and loophole-riddled mess." The solution? More loopholes, including "tax credits for businesses that hire unemployed workers," "tax cuts…for small businesses," "tax credits to help families make ends meet and afford to send their kids to college," "extension of the American Opportunity Tax Cut," "tax incentives" for electric vehicles, "100 percent expensing on the purchase of equipment" (including corporate jets?), and "an extension of the research and experimentation tax credit."
For more on this contradiction, see my February 1 column.
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