Speaking of Pork...
I forgot to blog my letter to the editor that was published in The Wall Street Journal Monday of last week.
Congress Bids Farewell With Some Pork SnacksYour Dec. 13 editorial "Their Final Bow " rightly noted that Congress indeed went out on a high note. Too bad the members sounded so many sour notes in the late night legislative jam session. While we tip our hat to the actions to scrap earmarks, expand trade, make health savings accounts more appealing and explore for natural gas, Congress couldn't resist taking too many special interest requests in the closing days of the session.
Buried in the must-pass bill was a new $4.9 billion entitlement for miners' health care, part of more than $10 billion in new spending not in the budget. As Sen. Judd Gregg noted, it is "a direct transfer of payment from the corporate coal companies' obligations to support the health care of these miners to the American taxpayer."
On the tax side of the bill, Congress decided to serenade too many special interests rather than promote simple taxes with lower marginal rates. For example, Congress extended the 54 cent a gallon tax on imported ethanol, helping keep gas prices high. And it created a new, and complicated, deduction for mortgage insurance, an inefficient way to lower taxes or promote growth.
Let's hope the next Congress can carry a better tune.
Posted at David Keating at 10:26 AM | TrackBack
