Rubin has some interesting thoughts, but Im skeptical.
Younger people are simply a lot less likely to worry about future debts — their owm much less the national debt. On top of that, younger people are generally at the low end of incomes in their chosen field (or are still not earners at all), so that they really don’t give much thought to hugher taxes. Why should they when it may be 10 or 15 years before they can get above the lower tax brackets. (Older folksL remember how distant 15 years seemed to you when you were 21?).
As for the charity deductions, it’s a good issue to hammer Obama on — particularly since all the charities are going to be lobbying furiously against the change. The thing is — they’ll probably prevail! In which case, the added revenue “needed” will have to be raised through even higher marginal rates, fewer deductions in other categories, or more business taxes. I just don’t think Congress is going to screw every church, college, hospital, artistic institution and reseach foundation in the country. So campaigning on this proposal may turn out to be something of a Pyrrhic victory.
I blog at:
http://thepurplecenter.blogspot.com/
