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Tax Increases Raise Odds of Double-Dip Recession
Posted by Randy | August 31, 2010
Last week, a top economist said we are facing increased odds of double-dip recession. Mark Zandi, the chief economist of Moody’s Analytics, said one thing Congress and the White House could do to boost confidence in the economy would be to delay any tax hikes until at least 2012. As you may know, the federal income tax cuts passed into law in 2001 and 2003, such as the child tax credit and marriage penalty relief, are set to expire at the end of this year. The current leadership in Congress and the Administration are considering allowing these tax cuts to expire, raising taxes on thousands of American families in the midst of a struggling economy. Zandi has said this would be a gamble.

Zandi’s report echoes what we know to be true - raising taxes will not create jobs and it will not provide the certainty we need for Americans.

That's why I support making current tax cuts permanent. Implementing lasting tax cuts will help to restore economic freedom in the United States and put our country on the path to a brighter future. The Economic Freedom Act (H.R. 5029), which I have cosponsored, would reduce taxes for American businesses and families. Of course, permanent tax cuts are not the only answer. We have to get runaway government spending under control. Read more about my efforts in that area here.
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