President Obama will soon meet with the congressional leadership of both parties to reach some agreement about whether or not several critical tax rates will suddenly increase on Jan. 1. He says his "first priority is to make the middle-class tax cuts permanent." Those words conceal a well-crafted trap for Republicans.
The president can't possibly make any tax change permanent, since his term of office ends in two years. The lame-duck Congress can't possibly bind even the next Congress, much less all future ones.
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Alan Reynolds, a senior fellow with the Cato Institute, is the author of Income and Wealth (Greenwood Press 2006).
Filed by Grant Davies,
Regular Columnist, THL
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