When it comes to "austerity," most people with common sense think "frugality," "reduced spending," and generally going on a diet of lower consumption.
Louis Woodhill reminds us here that what people without economic common sense mean by it is tax increases. Which is why Obama, and some Republicans, want to raise yours.
Woodhill knows we're already in the toilet, and thinks raising taxes now is tantamount to flushing it.
He makes a good case for repatriating capital by lowering corporate income tax rates. In view of the fact that corporations contributed only about $300 billion to federal revenues in 2008, he might very well be right: most of their money is "over there," escaping taxation.
