THE LAST TAX CUT?….The IRS has finally sent up the white flag in a long running legal battle over whether the 3% excise tax on long distance phone calls applies to calls that are billed at a flat rate (as opposed to calls that are billed based on “distance and elapsed transmission time”). The answer is no, so now the tax goes away and a bunch of (mostly corporate) customers will get several billion dollars in refunds.
I don’t actually care one way or the other about this tax, but I couldn’t resist posting this sentence from the Bloomberg summary:
The courts’ involvement may deliver a victory to tax-cutting Republicans in Washington who are running out of taxes to cut and are facing a projected $300 billion budget deficit for this year.
“Running out of taxes to cut.” It’s funny cause it’s true! And since the entire domestic policy apparatus of the modern Republican Party is based on tax cuts for their campaign contributors, what will they do now?