Tuesday, August 10, 2010

Calls growing louder to let the Bush Tax Cuts expire

The message is clear and the calls are growing louder from professional Economists.  Let The Bush Tax Cuts Expire.  Not only is this coming from former Federal Reserve Chairman, Alan Greenspan, but others that generally favor tax cuts like former Reagan White House Budget Director David Stockman, former Treasury Secretary Paul O'Neil (who was fired for opposing the Bush Tax Cuts in the first place) and former Clinton Treasury Secretary Robert Rubin. 

Now, each one of them is advocating different approaches and degrees of expiration, but the consensus is that the price is too high for these tax cuts to continue and the national debt needs to be addresses NOW. 

The White House, most Democrats and some Republicans are pushing and extension of the tax cuts for everyone making less than $250,000 a year and letting them expire for everyone else (which is the top 2%).  That would recover around $700 billion over the next 10 years

Greenspan and Stockman are pushing for the complete repeal of the whole tax cut, which are costing the nation $3.7 trillion over that same period.  Simply put, we can't afford them.  Here's Greenspan on Meet the Press: 

Rubin backs the White House position and is also suggesting bringing back the Estate Tax, stating he "would put an estate tax in place right now, immediately. I would increase the tax on the higher brackets."

O'Neil is advocating wholesale Tax Reform, because at the end of the day "it's still the same stupid tax system." 

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