Monday, July 07, 2008

When Economists Go Bad

And his son is such a nice guy.
The McCain campaign also sent out a memo, reinforcing the point. "This year, Barack Obama returned to the United States Senate twice to vote in favor of a budget resolution which raises income tax rates by three percentage points for the 25, 28 and 33 percent tax brackets," Holtz-Eakin writes in the memo. "This would mean a tax increase for those earning as little as $32,000. While Barack Obama campaigns on a promise of no tax hikes for anyone but the rich, we once again find that his words are empty when it comes time to act. In both March and June, Barack Obama could have put the force of his vote behind his words. Instead, he decided that 'rich' now means those making just $32,000 per year."

But NBC’s Ken Strickland spoke with a Democratic aide at the Senate Budget Committee who said there was never a budget vote that said: Let's raise taxes. What the budget vote did do was estimate how much additional revenue would be needed, and then it would go to the Finance Committee to determine how to raise that amount (raise taxes, close loopholes, etc).

So this was a vote to basically have the committee score the various possibilities.