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.
EDITOR’S NOTE: The Obama Administration agrees with the above, except it would not continue the Bush tax cut for families earning $250,000 or more. Opponents of the administration backed bill want to hold hostage continuation of the Bush tax cuts for the other 99% unless taxes are not allowed to return to pre-Bush administration levels for the most affluent.
Do you really think a small business owner netting over $250,000/yr will layoff people if they have to pay a few thousand more in taxes? Do you think if they got a tax break that gave them a few thousand more that they would hire more people? Of course not. Business will keep employees because they have to, not because they want to.
If the goal of tax cuts for all is really to stimulate business, give businesses the tax break no matter what the income, provided they meet a quota of full time employees.
Many employer’s do not want full time employees and would hire pay by the hour “casual labor” to escape paying health insurance, retirement benefits, and paid vacation and holidays, maternity leave, as well as pay raises.
The “casual employee” therefore, is not considered to be “employed” and would not qualify to buy a home.