The Budget Battles on Which His Reelection Depends

The Republican Party today is obsessed not merely with not raising taxes but with lowering them further, chiefly on the rich. Since the advent of the Tea Party, Lafferism has yielded to Ayn Randianism, and so the theology is rapidly becoming the conviction that redistribution of any sort is not merely unsound policy but is fundamentally immoral. Paul Ryan’s proposed cuts to entitlements have received the most press attention (the budget plan he has crafted is perfectly logical and even moral from a Randian perspective). But if anything his tax cuts are far more outrageous—$4.5 trillion, the vast majority of which would go to the top earners by reducing the top marginal rate to 25 percent.

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