Von Aldo

Eat the Rich. Oh, That's Right, Rich Peeps Are Good for the Economy

The Tax Foundation website and blog are worth bookmarking. This excerpt from the Tax Foundation's blog on the fight over extending the Bush tax cuts is worth reading and perhaps even sending to clients (those clients who like to talk politics anyway). It should be noted the Tax Foundation is non-partisan; it simply advocates a rational national tax policy and will whack Democrats and Republicans when they spew irrational (but politically attractive) tax policies.

The Foundation writes on its Tax Policy Blog: "Overall, looking at the long-term horizon that the country's finances face, the Democratic rhetoric of the past 10 years that has helped ingrain in a large fraction of the population the myth that we can just go after the rich to solve our fiscal problems is just that...a myth. Sure, it sounds good for Democrats to play class warfare, but if they are serious about preventing the U.S. fiscal system from falling off a cliff in 30 years, they are going to eventually have to resort to supporting one of two policies (or a combination of the two):

(1) Cuts to Medicare and/or Medicaid

(2) Tax increases on those making less than $250,000"

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