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Friday, August 13, 2010

Big Names from Past Weigh in For Tax Hikes

It looks like our elected officials in the nation's capital might finally get around in September to debating the issue of the 2001 and 2003 tax cuts that are due to expire at the end of December. Nothing like waiting until the last minute.

Over several years, from a Republican White House and a Republican Congress to a Democratic White House and a Democratic Congress, nothing was done to make these tax measures permanent. That restrained the benefits of tax relief, and as the end of 2010 crept ever closer, helped weigh down the economy.

Unfortunately, contrary to making these measures permanent parts of the tax code, the push is in the opposite direction by President Obama and Democratic leaders in Congress. They are looking to impose huge tax increases directed at upper-income earners, but which would hit many entrepreneurs, small businesses, and investors, and therefore, affect business expansion, economic growth and job creation.

Some big economic names from the past recently chimed in on the issue - supporting the current effort to jack up taxes...

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