It must be nice to live in Never-Never Land, freed of all chains to reality, all compulsion to make the numbers at least sort of add up. George W. Bush is clearly in such a place. Where losing a war doesn’t foreclose claiming victory. And where the near orgasmic joy of cutting the taxes of the rich, need bear no relationship to anything else that’s going on.
President Bush asked Congress on Monday to slash taxes by $1.9 trillion over the next decade, cementing his first-term tax cuts while changing the way health insurance is taxed.
The lion’s share of the president’s proposed tax reductions would come from making permanent his signature cuts enacted in 2001 and 2003, at a cost of $1.6 trillion over the next 10 years. Those cuts would otherwise evaporate at the end of 2010.
“Well-timed, pro-growth tax policies helped create the right climate for innovation and entrepreneurship,” powering a resilient economy, Bush said in his budget message.
The president also proposed a variety of individual and business tax breaks, including incentives for retirement and health care savings. He asked for an extension of a popular research and development tax credit, at a cost of $117.3 billion over 10 years. The cost of extending Bush’s earlier tax cuts would be $146.5 billion in 2011 alone — the first year after they are set to expire.
Yes, a lovely place to live — Never-Never Land. It’s just too bad that it’s proven to be such a piss poor place to pick a president from.