Here's another interesting blog that you guy may or may not like. 411mania.com: Politics - 411 Political Feedback: Should Congress and the Obama Administration Allow the Bush Tax Cuts to Expire? Possible thoughts?
He's incorrect in his argument that raising taxes necessarily increases revenue. Raising taxes, at this point, would more likely than not decrease revenue. More taxes means less jobs means fewer taxpayers means less revenue. That's not to say letting them expire or extending them is the right idea, I'm more inclined to think extending them is the better one however, but his argument for letting them expire is fallacious. If his concern is the national debt he would be better served by advocating for severe cuts in spending, which isn't likely to happen.
What a quandary. Liberals spent most of a decade talking about the evil Bush tax cuts. Now, they are fully in control and if they let them expire the economy hits a brick wall and we double dip into a depression. If they extend them, they admit they were wrong all along and the tax cuts are good for the economy. It a lose-lose. Personally, I think most of them should be made permanent. The real solution is de-funding the government.
Just to be clear how big of a deal this is. 2011 will be the largest tax hikes in American history: Six Months to Go Until<br> The Largest Tax Hikes in History Personal income tax rates will rise. Higher taxes on marriage and family. The return of the Death Tax. Higher tax rates on savers and investors. ObamaCare taxes: The Tanning Tax The “Medicine Cabinet Tax” The HSA Withdrawal Tax Hike. Brand Name Drug Tax. Other taxes: The AMT will ensnare over 28 million families, up from 4 million last year. Small business expensing will be slashed and 50% expensing will disappear. Taxes will be raised on all types of businesses. Tax Benefits for Education and Teaching Reduced. Charitable Contributions from IRAs no longer allowed. This doesn't include other taxes the administration has said they want such as the VAT. Yep, the greatest experiment in liberalism America has ever known is set for 2011. Will it bring us back from the brink of depression and we'll all live in Utopialand? We will know soon enough.
Just to back this up... Check these videos out :shake: How is government taking our money going to help anything? Demand side economics does not work... you can't take money from people/business (via taxes) to give to others and expect them to spend that money at that business that had that money taken from them and expect a net gain on it. It is revenue neutral which stalls everything. YouTube - Jim Quinn on Taxes YouTube - Jim Quinn on Retirement
