Why 'Tax the Rich' Gets No Support

What came over U.S. Rep. John Boehner of Ohio? The House minority leader suggested a compromise with Democrats on taxes.

Within a matter of seconds, it seemed, the knives were out. His own party ripped him, and the White House fell back on that tired political cliche about "the failed policies that got us into this mess." For a scary moment, it sounded like a rerun from the 2008 campaign — Dems and Repubs unwilling to budge.

Nobody in this impasse can claim the high road on fiscal responsibility. Over the last decade, Republicans and Democrats alike have gleefully spent trillions of dollars they never had.

Best course for now?

Extend the tax cuts by one year — all the tax cuts. Then, strike a grand bargain based on the recommendations of President Obama's deficit commission, due out shortly after the Nov. 2 election. With any luck, a wake-up call at the ballot box will bring financial discipline back into style on Capitol Hill.

If Obama's finding his "tax the rich" rhetoric going nowhere, it's because nobody, rich or poor, trusts Washington taxaholics to find a responsible use for any additional revenues they might obtain. Example: The president is still talking about more stimulus spending. He should know by now that taxpayers are sick of being treated like ATMs.

Moreover, Americans understand that higher taxes involve unhappy economic consequences, cutting into job creation and consumer demand.

Business is reluctant to hire and invest for many reasons, but not least is a deep wariness about the federal government's unsustainable borrowing and spending.

Bring on the deficit commission.

Established by executive order and formally known as the National Commission on Fiscal Responsibility and Reform, this public-private group is charged with plotting a course to a balanced budget by 2015.

It's also supposed to figure out how to close the gap between projected revenues and entitlement obligations such as Medicare and Social Security. Assuming at least 14 of the commission's 18 members agree, congressional leaders have pledged to bring their recommendations to a vote.

It's not clear, however, the deficit commission will be able to reach agreement.

But if it does, after an election where voters loudly demand a new direction, Washington will have the catalyst this nation badly needs for a deal to attack the crippling federal debt.

Fiddling with tax policy right now risks further disruptions for employers already buffeted by Washington. After the Nov. 2 election, and after the commission finally speaks, fixes to taxation and federal spending could give Americans a long-range solution to what seem like insurmountable burdens.

REPRINTED FROM THE JACKSONVILLE DAILY NEWS.

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