An old friend emailed last night, asking for some info on the Bush tax cuts. He also wanted some insight on the tax and spend proposals being bandied about by big government Obama, Hillary, and others out there.
Here’s a portion of my response:
Bush cut taxes by 21% for marrieds with 50k; 18% for marrieds with 75k; 17% for marrieds with 125K. Do people know this?
Do people really believe that raising taxes at the top end will reduce taxes in the middle? Or grow the economy? Democrats proposing huge spending plans. Who will pay? Top earners? Or middle earners?
Who will pay to fix social security and medicare entitlements? Or expanded health entitlements?
Do people want a $65b government infrastructure bank? A $150b government bureaucracy for "green tech" projects?
Think of it.