July 30, 2010
Bartlett: Keep the Bush Tax Cuts for NowBruce Bartlett (The Fiscal Times), Keep the Tax Cuts for Now:
Congress could have used the expiration of the Bush tax cuts to reform the tax system, but extending the tax cuts may be the only viable option for now.
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A better approach would be to let the Bush tax increases go into effect for the wealthy (Those with AGI over $1 million pay aggregate federal income tax of less than 20% these days, according to this blog.) Use the money to pay for a payroll tax cut.
I think I agree with this much; the dangers of running a contractive fiscal policy outweighs the dangers of a financial run caused by high deficits. Its certainly debateable, though.
I've seen this same nonsensical argument pop up all of a sudden in a lot of different contexts: "Even if the tax cut was a policy mistake from the get-go, we must maintain it for the sake of predictability."
Maybe the GOP should quit blasting the president about deficits if they want him to extend huge deficit-increasing tax cuts to them. Its tacky.
Posted by: jimharper | Jul 30, 2010 3:14:06 PM
No one pays attention to Bartlett. He blows in the economic wind like a cheap kite.
Posted by: Jake | Jul 30, 2010 10:21:45 PM