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- Oct 12, 2009
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They're not as the end result is the same. Adding a new tax or letting a tax break expire is the same ... with the same result... taxes will be raised. Now how does that affect a nation which is embarking on it's 2nd year of a recession, with thousands of foreclosures each day, with unemployment still at 9.5%, and with costs of goods/services still increasing, with a soft banking system, a record national debt, more debt spending planned, insolvency of major welfare entitlements such as welfare, social security (insolvent), fannie/freddie (insolvent), medicare/medicaid (getting insolvent), continued funding of 2 wars, a new healthcare plan and cap/trade (cap/tax) on the way.Its not jacking up taxes, its the expiration of something that should never have been. Jacking up taxes means action (voting for a bill) while letting something expire means no action. I see that as different.
The end result will be people will be spending more on taxes that were waived before - therefore they will have LESS money, and will be giving MORE to Uncle Sam. The rest is semantics. A good thing to do given our national economic situation? I don't think it is a good thing, I think it stinks.
It reduces financial freedoms, it reduces the amount of money spent (back into the economy) it reduces the capabilities of business which buy/re-sell or manufacture as the income is not generated. When these people fire their meger amount of employees and go on extended unemployement while filing bankruptcy because they lost their businesses... I find it hard to realize Nancy Pelosi's words that 2 years of unemployment benefits will increase jobs. It's like saying, spitting out your car window will create an ocean... :shrug:However to your larger point, I disagree that removing unnecessary income from those who don't need it reduces any sort of real freedom.
We're already in conditions similar to the 1930's.I disagree. Regulation is necessary for an economy to function better, without it, I believe we would return to conditions similar to the 1930s.