Monday, November 8, 2010

Learn More about the Bush Tax Cuts

President Obama stated last Wednesday, November 3, 2010, that he was prepared to negotiate the Bush tax cuts, set to expire December 31.  Obama wants to continue cuts for those with incomes less than $250,000.  Republicans want the cuts to continue for every taxpayer, including the "filthy rich" top 2%.  Now some Democrats are prepared for compromise by continuing tax cuts for those making less than $500,000.
A Washington Post article from August pointed out five falsehoods in the tax cut issue.  Good information to disappoint both parties.  The myths are listed below, but  we urge you to follow the link to read the whole article.
Five myths about the Bush tax cuts
The Washington Post
By William G. Gale
Sunday, August 1, 2010

1. Extending the tax cuts would be a good way to stimulate the economy.
2. Allowing the high-income tax cuts to expire would hurt small businesses.
3. Making the tax cuts permanent will lead to long-term growth.
4. The Bush tax cuts are the main cause of the budget deficit.
5. Continuing the tax cuts won't doom the long-term fiscal picture; entitlements are the real problem.
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