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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
Apr 24, 2015
The Rev. Jamal Bryant leads a rally outside of the Baltimore Police Department's Western District police station during a march and vigil for Freddie Gray, Tuesday, April 21, 2015, in Baltimore. (AP)

Loretta Lynch gets a vote. Race and anger in Baltimore. Migrant crisis in the Mediterranean. Petraeus, sentenced. Our weekly news roundtable goes behind the headlines.

Apr 24, 2015
Dick West (Dr. Walter Richard West, Wah-pah-nah-yah or Wapah Nahya, Light Foot Runner), 1912−1996, Southern Cheyenne, Oklahoma. Cheyenne Sun Dance—The Third Day, 1949. Paper, casein, 24 5/8 x 35 1/8 inches. © 2013 Philbrook Museum of Art, Inc., Museum purchase, 1949.20, Photo: John Lamberton.

Artists of earth and sky. Rawhide, bear claw, eagle feathers and the glory of America’s Plans Indians, on display at the Metropolitan Museum of Art.

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Apr 24, 2015
Dick West (Dr. Walter Richard West, Wah-pah-nah-yah or Wapah Nahya, Light Foot Runner), 1912−1996, Southern Cheyenne, Oklahoma. Cheyenne Sun Dance—The Third Day, 1949. Paper, casein, 24 5/8 x 35 1/8 inches. © 2013 Philbrook Museum of Art, Inc., Museum purchase, 1949.20, Photo: John Lamberton.

Artists of earth and sky. Rawhide, bear claw, eagle feathers and the glory of America’s Plans Indians, on display at the Metropolitan Museum of Art.

 
Apr 24, 2015
The Rev. Jamal Bryant leads a rally outside of the Baltimore Police Department's Western District police station during a march and vigil for Freddie Gray, Tuesday, April 21, 2015, in Baltimore. (AP)

Loretta Lynch gets a vote. Race and anger in Baltimore. Migrant crisis in the Mediterranean. Petraeus, sentenced. Our weekly news roundtable goes behind the headlines.

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