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September 19th, 2010
11:33 PM ET

CNNMoney.com - Economists: Extend Bush tax cuts for everyone

Editor's note: Tune in Monday to American Morning at 6:00AM Eastern for a live interview with Paul LaMonica, editor-at-large for CNNMoney.com for a discussion on this article.

NEW YORK (CNNMoney.com) - With income tax rates set to go up on Dec. 31, Congress is hotly debating what to do next. But most economists agree: Keep them where they are.

One option, to let the tax cuts passed during the Bush administration expire for only the richest 3% of taxpayers while renewing them for everyone else, is popular among Democrats and the choice of the Obama administration.

But a panel of leading economists surveyed by CNNMoney.com disagreed.

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Filed under: American Morning • CNNMoney.com • Economy • Tax cuts
soundoff (7 Responses)
  1. mrsc

    The politicians in my opinion are using the "middle class" as shills for the moneyed groups. To continue the current tax cuts will mean larger classroom and loss of physical education, language and arts programs in school and parents will have to pay more for their kids to play sports in schools. The rich can afford the best schools. Infrastructure in the USA is falling apart because less revenue for states, so when folks start complaining about roads maybe they should think about sending some moeny to their state governments. The tax cuts need to expire because this country's quality of life is suffering.

    I am amazed how religion gets tangled into the discourse of everything in this country. I am sick of religion being used as a whipping stick to have politicians tow the line. Religosity makes me run for the first door. I am not atheist, agnostic, nor unchristian. I am just sick of religion ruling the day in a country founded on religion freedom.

    CNN reporter interviewed a "born again christian." Well I have my opinions of why that person was born again.

    September 20, 2010 at 8:54 am |
  2. Dennis Coburn

    There seems to be so much confusion surrounding the expiration of the tax cuts, and for me, most of that surrounds the definition of "small business", and "the middle class". It's hard to talk about the issues without clearly defining the terms. I wish CNN would make an effort to do just that, define the terms. Bring in some experts, economists, etc., and have them give us some hard numbers. For most of us, the true "middle class", $250,000.00 is an astronomical income, even as a combined income for two working adults. I am a "small" business person, owning a retail store, for twenty five years, and very happy when my wife and I have a combined income of $50,000.00, which we live on quite comfortably. So, when the conservative politicians talk about the negative impact on small business of allowing these tax cuts to expire, I don't think they know what they are talking about. They are actually talking about preserving tax cuts for the very wealthy, as anyone approaching a quarter million dollar salary, is just that, very wealthy, and as we all know, or should know, giving the wealthy more money, only causes them to invest overseas, or put the money in the bank, or buy more high end items for their own use. It does not cause them to expand their business, hire more workers, or invest in the future of this country. Trickle down economics is the same as trickle down irrigation, it never reaches the roots, and eventually leads to the death of the entire crop, in this case the death of the middle class. Dennis Coburn

    September 20, 2010 at 7:43 am |
  3. Dan

    So, I am married with 2 kids. We make approx 90K/yr.
    We would be paying an extra $2,600.00/yr in taxes. We are already struggling to make ends meet.
    That's it, let uncle Sam add to our already lack of extra spending.

    September 20, 2010 at 7:33 am |
  4. pfriday

    is the objective revenue or increasing tax rates on the hated rich (or those that earn more than 250k

    September 20, 2010 at 7:01 am |
  5. Bob in Florida

    The reality is that taxes will have to go up. They are too low and have been for a while. Right now, increasing the tax burden on the middle class, is extremely dumb. Increasing it on those that can afford, makes sense. But, eventually, all will have to pay more in taxes and we will have to address reducing Federal spending. I don't think the Repubs are offering anything other than slogans and the Dems are, at least, looking for some direction by the deficit commission.

    September 20, 2010 at 6:08 am |
  6. nemo

    Our economy is driven by spending . Leaving money in the hands of those who proportionally spend a larger % of their earnings is the right thing to do.
    Purchasing by the lower income classes will then put the money in the hands of business owners, who can then invest in production. (material, labor, and r&d). Giving higher earning tax payers money upfront does not give them the incentive to invest in creating jobs or ordering materials without spending increases. It would only be an incentive for them to hold on to their money until spending increases.

    September 20, 2010 at 1:07 am |
  7. John McClure

    Let's be clear... This is not a tax INCREASE, it's the end of a tax CUT that has been in place for ten years! $700 billion dollars is a lot of money that could go towards paying down the deficit, but it is HUGE when you think about adding it on to an already enormous amount. The conservatives (?) choose not to see it as adding to the deficit, but of course that's exactly what it would do. Then they will all cry about how in debt Obama has put the country!!!

    Spare me. How deep in China's pockets do we want to be???

    September 20, 2010 at 12:15 am |