Abstract: The Obama Administration’s $862 billion stimulus bill was an expensive failure that increased the federal deficit, contributed to America’s deteriorating fiscal health, and failed to reduce unemployment. Instead of repeating this mistake, Congress should alleviate business fears and economic uncertainty by maintaining the current tax policy (extending the 2001 and 2003 tax rates) and freezing costly new regulations.
Abstract: Since 1996, Congress after Congress has voted to lighten the tax burden on Americans. The current Congress will decide this fall whether to continue this policy or to significantly raise personal income taxes. President Obama has advanced a plan that reverses the long-standing successful policy: The President and his supporters are calling for tax increases, primarily on upper-income taxpayers and businesses including small businesses, the primary job creators in the country.
Abstract: On January 1, 2013, the Bush tax cuts will expire and other new taxes that congressional leaders have recognized would damage the economy will take effect. President Barack Obama’s proposal to increase taxes on only “high-income earners” would also be economically destructive, reducing economic output by an average of $196 billion per year over 2013–2022 relative to current tax policy. Congress and the President would better serve the country by reforming the tax code in a pro-growth, revenue-neutral way and by reducing federal spending.