Taxpayers just dodged a bullet. Even though Republicans on the so-called supercommittee were willing to break their promises and support a tax hike, a 1990-style budget deal was not possible because Democrats demanded too much and offered too little in exchange. This is good news for fiscal responsibility. Simply stated, any agreement would have been a typical inside-the-Beltway pact featuring real tax hikes and empty promises of future spending cuts. And if the 1990 tax-hike deal is any indication, that would have resulted in more red ink rather than less…. For fiscal conservatives there is no possible compromise with either the hard Left or the rational Left. Both of those camps want bigger government. Both want higher taxes. And both oppose real entitlement reform. The only real debate on the Left is how quickly to race in the wrong direction.
Mitchell is the co-author of Global Tax Revolution: The Rise of Tax Competition and the Battle to Defend It.