Sorry to be a broken record on the soon-to-expire tax cuts that we got in 2001 and 2003 when Dubya was in office, but lots of folks seem fixated on the upcoming Dec. 31, 2010, deadline of late.
The most recent piece I've seen is from William G. Gale, senior fellow at the Brookings Institution and co-director of the Urban-Brookings Tax Policy Center. Gale debunks five myths about the Bush tax cuts in an article for the Washington Post.
I'll let you go there for details, but as a quick preview, here are the myths themselves:
- Extending the tax cuts would be a good way to stimulate the economy.
- Allowing the high-income tax cuts to expire would hurt small businesses.
- Making the tax cuts permanent will lead to long-term growth.
- The Bush tax cuts are the main cause of the budget deficit.
- Continuing the tax cuts won't doom the long-term fiscal picture; entitlements are the real problem.
As you can see, Gale's take on the cuts and what to do about them is probably going to upset folks who are for letting at least some of them expire, as well as those who want them made permanent, although pro-cut folks take a harder hit in this myth buster piece.
- Colbert: Defusing the coming 'tax bomb'
- Your 2011 tax burden
- Tax cuts or total tax reform?
- 2010's expiring tax cuts likely to be dealt with by a lameduck Congress
- How to raise $1.9 trillion in taxes
- Today's taxes aren't too bad
- Federal tax law changes (PowerPoint)
- A look back at the decade in taxes
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