Republican economics

Charlie Rangel unveiled his tax proposal yesterday and... well I haven't the foggiest idea what to think of it. Haven't even looked it up online! But I did notice something about the instantaneous reaction from the GOP.

"Imposing higher taxes at this time will doom our economy, put people out of work and cost the federal government revenue that is badly needed, if in fact we're going to balance the budget," said House Minority Leader John A. Boehner, R-Ohio.

I think the plan hadn't been on the table for an hour before the most powerful Republicans in the country were lambasting it for violating Laffer principles. Consider this another entry in the "Megan McArdle was badly wrong" blogger series. Meanwhile the plan is supposedly revenue neutral, which means Boehner is a liar and has no idea what he's talking about.