With the economy still sluggish, debate is focusing on how to deal with the Bush tax cuts set to expire at year’s end. Advocates say extending all of them is necessary to bolster the recovery. Critics say fiscal responsibility dictates extending only some tax cuts.
Edited by Robert Schlesinger
Republican senator from Iowa, ranking member and former chairman of the Senate Finance Committee
The preferred approach by the administration and congressional allies is more of the same. They want to raise taxes on upper earners and use those proceeds to fund more government spending. This is a bad idea. People are eager for reliable, well-paying jobs. Entrepreneurship provides those jobs. And entrepreneurs often pay taxes at...
Democratic House member from Michigan and chairman of the Ways and Means Committee
According to the nonpartisan congressional Joint Committee on Taxation, extending the tax cuts for families making more than $250,000 would add $38 billion to the federal deficit next year alone. Of that amount a full $32.7 billion would flow to 315,000 American families making more than $1 million per year and provide each...
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