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Obama tax cut

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Extend Bush's tax cuts or not? It's a hot issue with a lot of downside. If you don't extend them people hate you, some rightly so, some because of the propaganda that your opponents will relentlessly repeat time and again. Also, if you don't extend them, some adverse effect on the economy is definite (even though it may be exaggerated, especially when the tax is on wealthy individuals who will not put money back into the economy anyway).

Since the economy will not improve soon (we all know that), there will be a shadow of blame that it could have been better if the cuts remained.

And finally, Democrats are always labeled as "taxing and spending" addicts, do you want to continue this? Of course, we need a budget deficit addressed, but is now the time to do that?

There is a solution. An Obama tax cut. The total amount of Bush's tax cuts for 2009 is calculated (and we can add a percentage, 5%?). The existing tax cuts expire but are replaced by new, Obama tax cuts. First, the exemption for income tax for farmers is raised by 3%. Second, the small business exemption is raised by 3%. What money remains after those two are calculated is given as the raise of exemption for income tax for everybody.

Government does not take any money out of the economy right now, leaving everything in for recovery. Democrats show that the real tax cut for people who need it is an issue dear to them (not only for rich).

Oh yeah, the deficit will be somewhat helped by economic activity but remains a problem. For that I have another proposal for another article.

Come on, economists, what do you say? Money is redistributed more fairly.

 

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Came to this country from my native Bosnia to do cancer research. When Serbs attacked Bosnia I could not go home so I stayed practicing medicine in very different settings. As a new American citizen and born Bosnian I appreciate both countries. The (more...)
 

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