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Deficit, Taxes and the Middle Class

We’ll talk about the back and forth over the deficit and taxes, and what it means for the middle class.

The Internal Revenue Service processed 142,196,000 individual income tax returns last year. (AP)

The Internal Revenue Service processed 142,196,000 individual income tax returns last year. (AP)

Bad to worse yesterday on the debt ceiling front, on the rising crisis in Washington.

The President and Republicans part ways, again, at the White House. The Fed chief is forced to warn of “calamity” and say he may again try throwing rescue cash at the economy. Moody’s said it’s reviewing America’s triple-A bond rating for a possible historic downgrade.

The agenda today for White House summitry: taxes.

The GOP says no way. The President says revenue belongs on the table. My guest today says we’ve had a free lunch, and the bill is coming.

This hour On Point: debt, and taxes.

-Tom Ashbrook

Guest:

David Leonhardt, Economic Scene columnist and staff writer for The New York Times Magazine. His latest column is “Why Taxes Will Rise in the End.”
Sara Murray, economics reporter for the Wall Street Journal. Read her article “Budget Solution: Squeeze the Middle” (WSJ subscription only).

Peter Coy, economics editor of Bloomberg Business Week.

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ONPOINT
TODAY
Sep 19, 2014
No campaigners celebrate as results come in at the Scottish independence referendum count at the Royal Highland Centre in Edinburgh,Scotland,Friday, Sept. 19, 2014. Scottish voters have rejected independence and decided that Scotland will remain part of the United Kingdom. The result announced early Friday was the one favored by Britain's political leaders, who had campaigned hard in recent weeks to convince Scottish voters to stay. It dashed many Scots' hopes of breaking free and building their own nation. (AP Photo/David Cheskin)

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Sep 19, 2014
Joseph O'Neill (courtesy of the author)

Author of “Netherland,” novelist Joseph O’Neill is back, with “The Dog,” on globalization, capitalism, and self-discovery in Dubai.

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Sep 19, 2014
Joseph O'Neill (courtesy of the author)

Author of “Netherland,” novelist Joseph O’Neill is back, with “The Dog,” on globalization, capitalism, and self-discovery in Dubai.

 
Sep 19, 2014
No campaigners celebrate as results come in at the Scottish independence referendum count at the Royal Highland Centre in Edinburgh,Scotland,Friday, Sept. 19, 2014. Scottish voters have rejected independence and decided that Scotland will remain part of the United Kingdom. The result announced early Friday was the one favored by Britain's political leaders, who had campaigned hard in recent weeks to convince Scottish voters to stay. It dashed many Scots' hopes of breaking free and building their own nation. (AP Photo/David Cheskin)

ISIS and arming Syrian fighters. Scotland rejects independence. NFL turmoil. US troops and Ebola. Our weekly news roundtable goes behind the headlines.

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On Point Blog
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