From BLOOMBERG:
Former Federal Reserve Chairman Alan Greenspan, whose endorsement of George W. Bush’s 2001 tax cuts helped persuade Congress to pass them, said lawmakers should allow the cuts to expire at the end of the year.
“They should follow the law and let them lapse,” Greenspan said in an interview on Bloomberg Television’s “Conversations with Judy Woodruff,” citing a need for the tax revenue to reduce the federal budget deficit.
Greenspan’s comments, to be broadcast tomorrow and over the weekend, place him in the middle of an election-year struggle over extending trillions of dollars of tax cuts enacted under Bush…
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Whether you like the man (George W. Bush) or not, most people would agree that raising taxes in a recession is a bad idea.
If you’re one of the people who thinks it’s fine because it doesn’t affect you, think again. If you have a job (or even if you don’t) it affects you because it affects people that employ people. One way or the other, everyone pays for a tax hike.