Vad Yazvinski has a cunning plan.
Hey, who's up for a gas tax increase so we can cut the corporate tax rate?
Yes, even though I believe government intervention is usually a bad thing, establishing a variable gasoline tax that ensured gasoline never declined below $4 a gallon could alter the dynamics of the global economy and help the U.S. maintain its economic leadership status for years to come.
Economist Gregory Mankiw has estimated a $1 tax increase on gasoline could raise $100 billion in revenue that could (and should) be used to reduce the ridiculously high U.S. corporate tax rate. That, in turn, could lead to more jobs and better pay in virtually all domestic industries.
Let's see--a guaranteed price floor for gasoline, which obliterates the working of the market and institutionalizes the economic crunch for people who have to drive--in return for cutting the corporate rate and the *possibility* of economic growth.
I suppose this is a more efficient way to inflict economic pain on American families than visiting each household individually, flamethrower at the ready.
Yeesh. You know, I don't consider myself a class warrior, but this is about as regressive a taxation scheme as it gets. A Dennis Moore plan if ever there was one. It might just be me, but something tells me (1) Vad lives in the big city and (2) takes the train to work.
While, yes, he does make certain good points, the actual proposal is so poisonous that it ruins the whole package. To praise any of it is akin to saying, "Yes, he pissed in the coffee, but he served it in such *lovely* china!"