Washington is consumed with wrangling over how to deal
with the specter of big automatic tax hikes that will hit Jan. 1 when
the Bush tax cuts expire. It's also the day that the sequester kicks in,
which is the budget-wonk term for an automatic process that will slow
the growth of government spending over the next 10 years.
This is the so-called fiscal cliff; it's a fight that has important
implications, particularly since some of the tax increases will have a
significantly harmful impact on incentives to work, save, invest and
create jobs. In a competitive global economy, for instance, it is
bizarrely self-destructive to increase the double taxation of dividends
and capital gains.Read more: http://www.cato.org/publications/commentary/fiscal-cliffs-not-problem
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