The HOT Tax

What do you think - would this turn out to be a bipartisan opportunity...or just a hot mess?

Republicans should enact the HOT Tax. The Higher-Rate Optional Tax would satisfy liberals who don’t like their taxes cut.

“I am in the highest tax bracket,” an unidentified woman said in a November 30 MoveOn.org commercial that attacks the Obama-GOP tax-cut compromise. “We don’t need the money. The country does.”

No American should be forced to accept an unwanted tax cut. So, the HOT Tax would require new language on IRS tax returns: “If you believe your tax bracket is too low, please indicate the higher rate at which you prefer to be taxed. Multiply that rate by your Adjusted Gross Income. Send in that higher amount.”

The HOT Tax would spare tax-cut opponents from accepting undesired tax relief. The rest of us can enjoy the lower taxes we need to pay our bills and take care of ourselves and our loved ones. Everybody wins.

Republicans should ask congressional Democrats to support the HOT Tax. If they would deny guilty liberals the chance voluntarily to pay even higher taxes, let them vote accordingly.

I'd support it.  While Murdock has been kicking the idea around for some time, I think the confluence of a new Congress and a mounting fiscal crisis gives the concept new relevance.  It's voluntary and it might help address deficits.  I'd also love to see the attempt at a fiscal estimate from the CBO.