A few thoughts on Tax Day

April 15, 2010

1) Dems have ripped the Bush tax cuts yet want to keep 95 percent of them.

2) Even the middle class ones may only be extended through the 2012 election by Congress. That will make for a nice presidential campaign issue!

3) New research shows that raising taxes on rich may now cost more revenue than it produces. We are on the wrong side of the Laffer Curve, people.

4) If WH thinks Americans consume too much and save too little, why do they want to raise taxes on savings and investment?

5) Why raise taxes on capital when the first quarter of 2010 saw the lowest commitments to venture capital since 1993.

6) These tax hikes (letting the Bush tax hikes expire on the so-called wealthy) would hit the bulk of small biz profits.

3 comments

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Because it’s politics Mr. Pehtokoukis. When have politics ever made sense? No matter what side of the aisle someone says they are from it always comes down to whatever is in the best interest of the party at the moment, contradiction and hypocrisy be damned!

Posted by iflydaplanes | Report as abusive

Your statement, “New research shows that raising taxes on rich may now cost more revenue than it produces” lands squarely on the belly side of the laugher curve.

Why not just stop taxing everyone? They can get all the education they’re ever gonna need under Wal*Street from the same place that research came from, off of a box of Cheerios.

Posted by HBC | Report as abusive

I like your 6 points, and add my own.

7) Only cutting spending is not sufficient to cut the national debt, despite Senator Ryan’s nice looking plan.

Posted by drewbie | Report as abusive