Sunday, December 6, 2009

Let them all expire

At the end of 2010, the disastorous tax cuts proposed by President George Walker Bush are scheduled to expire.

Let them

All of them

Not just the ones affecting people who make more than $250,000.

All of them

No one likes tax increases and I am sure that there would be a huge outcry from many, mostly conservatives, at any hint of a tax increase. But the simple fact is that we need to raise taxes. Though I expect that President Obama will actually continue work of the type that happened under the Clinton administration where the size of government actually shrank, unlike under the President in between. I take the president at his word that he will only propose new spending if he could also propose ways to pay for that spending. Pay as you go is something Democrats got pretty good at under Clinton and can do again.

A return to the tax rates in place during the strongest and most prolonged expansion since the Great Depression seems like it might even lay the foundation for another period of sustained broadly shared growth, unlike the narrowly focused growth in the Bush years that literally only benefited the rich.

Let them all expire.

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