Bush Abandons Tax Reform, Washington Gets Uglier (Bloomberg)

[norml]

Bloomberg Columnists


Kevin Hassett is director of economic policy studies at the American Enterprise Institute. He was chief economic adviser to Republican Senator John McCain of Arizona during the 2000 primaries. The opinions expressed are his own.

Bush Abandons Tax Reform, Washington Gets Uglier: Kevin Hassett

Dec. 12 (Bloomberg) -- Last week, the Bush administration tossed in the towel on tax reform.

Treasury Secretary John Snow put the matter off indefinitely. ``We are not going to put an artificial timetable on this thing,'' he said. ``We are going to give the president well-considered proposals and then he will decide where he wants to go.'' In other words, tax reform is about as likely as a French military victory.

The wholesale retreat, despite the well-executed work of the president's tax reform panel, tells us a lot about the likely contours of the economic-policy playing field over the next three years. The view isn't pretty.

Given President George W. Bush's weakened state, there were two possibilities. The more optimistic one was that he would return to his Texas roots, and try to work closely with moderates in his own party and Democrats to forge bipartisan reform modeled after Ronald Reagan's 1986 tax success.

Mistrust and Venom

This path was clearly the one selected by the tax panel, which put forward two plans attractive to Democrats and Republicans alike. It was also the path this humbled columnist discussed as a possibility three weeks ago.


snip


http://quote.bloomberg.com/apps/news?pid=10000039&refer=columnist_hassett&sid=aTMJOxXuiimg

[cliss]

1. Get used to it, George.

You've got 3 more years to go. I just rubbed my crystal ball, and it said that you will not have any more victories.

Like a tapeworm that's drained its host and hatched millions of eggs in the host's intestines, your time has run out.

I'm going to enjoy the next 3 years.

[Uncle Joe]

2. Why are you slamming tapeworms? n/t

[rodeodance]

3. it is probably a good metaphor as Jr as sucked the nation dry!