Barron's Writes Obama stating, "Delay Tax Increases"

Discussion in 'Politics & Religion' started by NeoRio1, Nov 17, 2008.

  1. Delay Tax Increases- Barron's by Jim Mctague

    Make it clear that you will delay any tax increases for at least a year. You can raise them on high-income earners, as you have planned, when the economy is growing again and creating wealth and jobs. But you don't want to take spending money away from anybody when we are in a downward, recessionary spiral. That will only make things worse. Taxes were hiked during the Great Depression, prolonging the misery. By all means, give the middle class the tax cut you promised. But, as much as it pains us to say it, don't try to pay for it until later.

    There are serious problems with raising taxes on the wealthy. These folks tend to plow a lot of their money into family businesses and publicly traded stocks, helping create jobs. That activity can slow when Uncle Sam increases his take from the rich, studies have found. And that's to say nothing of fewer shopping trips to Neiman Marcus.

    If, in the opening months of your administration, you feel compelled to raise taxes, raise them on gasoline. That would give us all more incentive to buy fuel-efficient cars and trucks.

    Eventually, of course, the country will have to pay its debts. It is to be hoped that, when you do finally raise taxes, you will employ a simpler, more economically rational, and more equitable system than the one now in place.