Tax-Cut Deception

September 27, 2010 08:05


With just weeks to go before the midterm elections, Americans have made it clear they don’t want their taxes raised. So what do congressional Democrats do? Nothing — at least until the elections are over.

IBD Editorials

EXCERPTS:

In a recent Fox News/Opinion Dynamics Poll, 63% want the Bush-era tax cuts — now set to expire at year-end — to remain in place. In the latest IBD/TIPP Poll, 48% favor making the cuts permanent vs. 30% opposed. And as for taxes on the rich, an AP-GfK Poll found that 39% support letting taxes go up only on those earning over $250,000, but 44% oppose the idea.

Running a standard econometric model, Dubay estimates that letting taxes rise just on the rich, as President Obama and Senate Democrats propose, will cost the economy 7 million jobs over the next decade — and nearly $720 billion, or $6,000 per household, in income.

That’s an awful price to pay for envy.

FULL STORY



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