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Ken Bezozo in Politico: How Congress can hurt the economy
Having a divisive Congress back in session could produce some nasty side effects for the nation’s still struggling economy...
Set to expire at the end of the year are reduced income tax rates first put in place during George W. Bush’s presidency. Obama favors restoring higher rates for wealthier Americans, which could add about $950 billion to the federal coffers through 2021.
If Republicans regain control of the White House, the lower rates most likely would be preserved, but all of that rests on a potentially volatile presidential election this fall.
“The Bush tax cuts are the difference between a Republican administration and a Democratic administration,” said tax lawyer Ken Bezozo, a partner at Haynes and Boone. “Do you want government to spend [that sum], or do you want the private sector to spend it?”
Excerpt from Politico, Jan. 17, 2012. To view the full article, click here.