Monday, September 26, 2011
The 2013 Tax Cliff - WSJ.com
I've noticed that politicians give names to things that don't truly represent what the name implies.
Also, legislation passed now often doesn't take effect until some time in the future.
These two items seem harmless, but I think they represent a bit of sneakiness that we could do without...
Also, legislation passed now often doesn't take effect until some time in the future.
These two items seem harmless, but I think they represent a bit of sneakiness that we could do without...
The Wall Street Journal has discovered:
"President Obama unveiled part two of his American Jobs Act on Monday, and it turns out to be another permanent increase in taxes to pay for more spending and another temporary tax cut. No surprise there. What might surprise Americans, however, is how the President is setting up the U.S. economy for one of the biggest tax increases in history in 2013.
Mr. Obama said last week that he wants $240 billion in new tax incentives for workers and small business, but the catch is that all of these tax breaks would expire at the end of next year. To pay for all this, White House budget director Jack Lew also proposed $467 billion in new taxes that would begin a mere 16 months from now."
