The Washington Post reports Bush's desire to reform tax policy by the end of 2005 has been pushed back a year. Apparently, with his economists working on killing Social Security as we know it, and the need to cut Bush's highest budget deficit ever in half over the next 4 (or 5) years, while continuing to move the national debt toward the expected 10 Trillion dollars by decades end, there just isn't enough brain power to do taxes as well.
It is just as well. Putting off tax reform reminds me of Arlo Guthrie's joke about Reagan sleeping in the Oval Office. Guthrie said, "the more he sleeps, the safer we are". The more reforms President Bush push's off to the future, the better off we may well be. It appears from the Washington Post article that the Whitehouse has decided to adopt the same strategy as with Social Security, an incremental approach. The big question is, incremental toward what end? The President knows a complete overhaul of the tax system in one piece of legislation, will not pass Congressional muster, which begs the question: Why should the public buy an incremental approach?
