More and more articles are being written on the upcoming battle with regard to the expiring Bush tax cuts. It will be very interesting to see how much demagogery comes into the mix as taxes are debated just a few weeks before an election. My guess is that we will see a high quantum of nonsense spouted about taxes, whether it is "soak the rich" or other class warfare nonsense from the Dems, or arguments from the GOP that tax cuts will solve the budget deficit problems.
The truth is that serious cuts in federal spending are needed quickly. Since Obama took office, federal discretionery spending has risen 84%. That occurred over the space of less than 2 years. There is no way that any tax increase can raise enough money to come close to paying for such a spending explosion. The sooner we have people in Congress who are prepared to deal with this problem, the better it will be for the country.
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