Monday, May 11, 2009

Republicans are sad that the rich have been deprived of a $340 million tax cut.

Oh, woe:

Gov. Sonny Perdue said Monday he will veto House Bill 481, which would have cut the tax on profits of certain investments by 50 percent. His decision led one business association to call on lawmakers to override Perdue's veto when they are next in session and prompted one of Perdue's political acolytes to declare herself "disappointed."

Disappointed? Not that I don't admire Karen Handel's restraint, but conceding that what has been "a cornerstone of Republican economic policy for decades" would bankrupt the state will not win a Republican primary.

What will? A flight of economic fancy! For that, John Oxendine:

But state Insurance Commissioner John Oxendine said late this evening tha he had no such concerns — and urged an override of the governor's veto by the Legislature when it re-convenes in January.

"Cutting capital gains taxes would have encouraged more investment into the state. It is a sad day when this type of legislation gets vetoed by a Republican governor," Oxendine said in a press release issued about an hour ago.

Nothing says "conservative" like an enduring faith in the curative power of tax cuts for the wealthy elite. And I do believe John Oxendine has that faith.