If Congress allows Bush-era tax cuts to expire, New Year's Day will usher in the nation's biggest tax increase since the end of World War II, tax watchdog says, and that may be only the beginning.
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4 comments:
Best compromise that will never happen in the current political envrionment:
Keep all tax brackets at their current state for 2-4 years with an increase in income tax on the rich only after year 4 to preBush levels. Cut out all net positive tax returns for those who do not pay income tax. Eliminate capital gains tax on the middle class and make drastic cuts to capital gains on the rich.
Thats a very misleading stat. Tax rates in the 60's and 70's were well in the 70 or higher percent range. How about letting the tax cuts expire for the rich (that measely 3%) and give them tax credits and deductions for creating new legitimate jobs and raising payrolls? Seems like a win-win for everyone.
Rob S
2:46-The rich consume more, we are a consumer based economy. The more the gov't gets, the less that is spent in the private sector. Raising taxes doesn't create jobs.
I can't wait to hear the liberal's spin on how this tax hike jibes with Obama's promise NOT to raise taxes on the middle class. It WAS one of his MAJOR campaign themes, wasn't it??
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