Posted on 09/23/2010 12:52:38 PM PDT by SonOfDarkSkies
No less than 313 economists, including a Nobel Laureate, signed a letter to Congress yesterday saying that letting the Bush tax cuts expire "would constitute a profound and damaging anti-stimulus that would harm our prospects for expansion in the near future.
The letter was co-signed by economists Wayne Angell, a former governor with the Federal Reserve; Nobel Laureate Vernon Smith of Chapman University; Allan Meltzer of Carnegie Mellon University; Warren Coats, formerly with the International Monetary Fund; Clark Johnson with the Defense Dept., and economic professors from Duke University, Princeton University, Stanford University and the University of Chicago.
The National Taxpayers Union (NTU) forwarded the letter on the economists' behalf. The 362,000-member NTU is a nonpartisan, nonprofit founded in 1969 to work for lower taxes and smaller government.
"The promise of a tax increase in January 2011 would create significant economic distortions as individuals and businesses conserve capital or stave off hiring," the economists wrote.
The 10% bracket would vanish, the three middle tax brackets would rise by three percentage points, "heaping heavier burdens on the working class and wealthy alike," and the top marginal rate would rise from 35% to 39.6%, "leading to higher tax bills not just for wealthy individuals but for many small businesses that file their taxes through the individual income tax system," the economists say.
Economic historians have repeatedly said that history shows that raising taxes during a recession would prolong and deepen an economic downturn.
(Excerpt) Read more at emac.blogs.foxbusiness.com ...
Marxist Professors like Marxism. What a surprise.
It's about punishing the people we hate and rewarding the people we like.
song lyric from rock group Ten Years After
Taxing just about everyone remaining who actually has discretionary income will kill restaurants, small local businesses, the arts, etc. The other group that keeps these things going is retirees with decent pensions and not many expenses....and we're being impoverished because of low interest rates on savings.
If Obama wants class warfare, he isn't going to win by punishing those in the media who slant the events. And a real lot of them make over $250,000 a year. Duhhhh......
0bama is on record stating that he would opose lower tax rates even though lower tax rates always increase tax revenue because it is “fair” to raise taxes on the wealth producers.
I thought the lyrics were “tax the rich, feed the poor, until there are no rich no more”.
Obama Anti-Stimulus bump
According to Obama it is more important to punish the wealthy than nurture them even if nurturing them gives him more goodies to redistribute.
The current tax system is more about controlling the population and class warfare than revenue generation.
But Obama said that every economist said that it wouldn’t effect the economy at all. /s
You're correct, I do believe.
Our-Congress-doesn’t-care.
How come the smartest people in the room still haven’t figured that out?
Dimocraps destroying the economy bump....
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