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Editor: Paul L. Caron
Pepperdine University School of Law

Friday, July 30, 2010

Bartlett: Keep the Bush Tax Cuts for Now

Bruce 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 12:14:06 PM

No one pays attention to Bartlett. He blows in the economic wind like a cheap kite.

Posted by: Jake | Jul 30, 2010 7:21:45 PM