The debate over tax cuts is really the same debate we’ve been having for months about stimulus versus deficit control. Only now it’s all upside down.
When it came to government spending, the Democrats said we needed more to head off an economic collapse. The Republicans said, No way, we need to show the world that we can be responsible about our deficit.
Now we’re talking taxes. The Democrats say we need to raise taxes on high-income households to be fiscally responsible. The Republicans say we need tax cuts to, well, head off an economic collapse.
Still, the White House seems to be staking out a reasonable middle ground. Keeping today’s low tax rates comes with a cost in badly needed tax revenue. Keep them low for all taxpayers, and the cost is some $3.7 trillion over 10 years. But keep them low for all but the wealthy, and the cost is just under $3 trillion, or nearly $700 billion less.
FULL STORY: http://cnnmoneytalkback.blogs.cnnmoney.cnn.com/2010/08/05/bush-tax-cuts-which-side-are-you-on/
Do you Want to say something?