CBO: Raising Taxes Would Stifle Growth, Jobs

By August 20, 2010Economy, General, Taxation

The Congressional Budget Office just released latest numbers on the economic outlook. While most of the report is focused on looming deficit numbers – which are alarming – they also make the point that we’ve been arguing now for months. Allowing taxes to increase at the end of this year will stifle economic growth AND result in higher unemployment numbers. There is no doubt that Congress must address the looming crisis associated with spending and entitlement programs – and the tax code will have to be part of that discussion. But, we should all agree that given this week’s news about jobless claims and news of an anemic economy – now is not the time to raise taxes.

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