Here’s the substance behind Mitt’s tax plan.
New York Times 28-Jun-12: “Supreme Court Lets Health Law Largely Stand.”
I was both wrong and right about the Commerce Clause argument against the individual mandate: wrong that the better argument supports its constitutionality, right that the commerce clause argument is a close call. The Court held that the mandate exceeds Congress’s Commerce Clause power and is not valid under the Necessary and Proper Clause. The Court instead construed the penalty imposed on individuals who do not purchase health insurance to be a valid exercise of Congress’s taxing power. I’ll cheerfully admit I’ve thought little about this argument, mostly because my insight into the Constitution’s taxing provisions is slightly better than my understanding of string theory.
My quick reading of the Court’s syllabus of the opinion showed me that a quick reading of the opinion will not suffice to understand its many components. It’s one of those opinions where I will need to map in a matrix the outcome of each of the issues. That’s not happening this afternoon. The sun is (mostly) out and my individual mandate requires completing my projects and errands.
From Warren Buffet’s 14-Aug NY Times Op-Ed “Stop Coddling the Super-Rich:”
But for those making more than $1 million — there were 236,883 such households in 2009 — I would raise rates immediately on taxable income in excess of $1 million, including, of course, dividends and capital gains. And for those who make $10 million or more — there were 8,274 in 2009 — I would suggest an additional increase in rate.
My friends and I have been coddled long enough by a billionaire-friendly Congress. It’s time for our government to get serious about shared sacrifice.