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U.S. Constitution

Monday September 27, 2010

Obama Tax Hikes: Economic Harm to All Americans

by William Beach and John Ligon
Heritage Foundation

The end of the August recess brought with it the beginning of a historic tax debate. Congress soon will decide whether to extend tax relief passed in 2001 and 2003 to all income-earning groups or to only some. In the course of making that decision, Congress may set the fate of the U.S. economy for the next decade.

Politically speaking, President Obama and the congressional leadership have framed this debate as one about the “haves” and the “have nots.” But economically speaking, the debate is about something altogether different. Anyone who sees this tax debate as one between the “haves” and the “have nots” is watching the wrong debate. Rather, this is a contest between those who want the blessings of strong economic growth versus those in Washington who would willingly sacrifice those blessings solely to satisfy their appetite for more revenues.

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