TIMOTHY NOAH NOVEMBER 30, 2011
Three days ago Senate Minority Whip Jon Kyl (R., AZ) said we didn't need a payroll tax cut. Today Senate Minority Leader Mitch McConnell (R., KY) said the GOP "will put aside their misgivings" and Kyl said they'll have a payroll tax-cut proposal by the end of the day. They're still not willing to offset the tax cut with a surtax on millionaires, so it isn't yet clear how they intend to pay for it. Please God don't let it be some new version of their tax reform plan lowering top rates and closing loopholes, once again tied to extending the Bush tax cuts, for a net loss of $1-$2 trillion.