September 22, 2004

TO A DEMOCRAT THERE'S NEVER A BAD TIME FOR A TAX HIKE:

Middle-Class Tax Cuts Extension Approved (MARTIN CRUTSINGER, AP)

House-Senate negotiators late Wednesday approved extending three popular middle class tax cuts and Republicans, anxious to get the bill to President Bush, predicted swift passage in both chambers of Congress.

The conference panel approved the bill after overriding objections from Democrats who said the tax cuts should be paid for by tax increases in other areas, limiting its impact on the government soaring budget deficit.


This will be the President's fourth tax cut in four years. By a similar point in his first term Ronald Reagan had raised taxes at least twice.

Posted by Orrin Judd at September 22, 2004 11:53 PM
Comments

Always a good idea to get on record via a vote right around election time which party wants lower taxes and which party wants higher taxes. I don't like an increased deficit either but history has shown the deficit issue doesn't usually resonate with voters (Perot being an exception).

Posted by: AWW at September 23, 2004 12:10 AM

Even with the extension of these tax breaks, if we assume that the economy will grow by around 4% next year, and that military expenditures will be much lower in Iraq, then the '05 Federal Budget Deficit ought to be around $ 150 billion, or about 1.3% of GNP.
Not bad.

What taking out Syria, Iran, North Korea, and pacifying the Sudan will cost, I dunno, but LOTS.

Posted by: Michael Herdegen at September 23, 2004 1:11 AM

Michael:

As soon as the President figures out how much it costs, I'll be happy to write a check.

Posted by: Rick T. at September 23, 2004 10:18 AM
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