The Good Times Just Keep on Coming...

Do you think these two stories might be linked in some way?

Obama asks Volker to Lead Panel on Tax Overhaul

White House to Hunt for New Tax Revenues

A few details from Story No.1:

President Barack Obama is putting former Federal Reserve Chairman Paul Volcker in charge of a tax- code review aimed at closing loopholes, streamlining the law and generating revenue, budget Director Peter Orszag said.

Volcker, 81, who heads the president’s Economic Recovery Advisory Board, is being asked to take a look at the laws in an effort to rebalance the tax system.

Orszag said the review, given a deadline of Dec. 4, is being ordered to make recommendations on steps to simplify the code, built over the last 96 years, in ways that would reduce tax evasion and what he called “corporate welfare.”

“There are hundreds of billions of dollars in uncollected taxes each year,” Orszag said in a conference call. The Volcker board “will be examining ways of being even more aggressive on reducing the tax gap.”

Do you suppose members of Congress will actually get to read any of these tax law changes before they are stampeded to vote for them at some point down the road?

Senate Finance Committee Chairman Max Baucus, a Montana Democrat, said the tax reform panel should “outline core principles” and leave to lawmakers the task of drafting a tax code overhaul. “We’re the Congress,” he said.

Is this where they will eliminate the mortgage deduction for "the rich" -- or the rest of us, if they decide that they need the money?

Details from Story No.2, which mentions the Volcker task force:

WASHINGTON -- The White House said it would launch a search for new tax revenues, as Congressional leaders moved to scale back proposed spending increases and tax cuts in President Barack Obama's ambitious budget. [snip]

Lawmakers also were effectively excluding several middle-class tax-cut pledges that Mr. Obama made in his budget, including long-term relief from the Alternative Minimum Tax, and even long-term extension of his Making Work Pay credit. Extending AMT relief and the Making Work Pay tax credit could run around $200 billion each over the next five years. Both are in effect now but expire soon.

The proposals giveth, the actual legislation may taketh away.

If you voted for Mr. Obama, or anyone in Congress who said they would be fiscally responsible, did you think that meant ramp up your taxes?