The Tax Foundation has created a website where you can enter your tax information and see what your tax burden will be if Congress allows the Bush tax cuts to expire.
Remember, these were just tax cuts for the rich:
“Congressional Republicans — eager to return to the ‘exact same agenda’ of failed Bush economic policies that put us into this mess — continue to call for an extension of the Bush tax cuts for the wealthiest few despite the staggering $678 billion cost to the deficit, after voting against tax cuts for small businesses and 98 percent of working families,” House Speaker Nancy Pelosi said in a release Wednesday.
“President Obama and Democrats in Congress are committed to sustaining a strong national economy through fiscally responsible tax policies — including ensuring middle-class American families and small businesses continue to see tax relief.”
However, with just a few clicks, I see this:
Let me tell you how that will play out and how it will hurt the economy.
I have plans for that $3,225. As you know, I am renovating a house.
That $3,225 is equal to about 16 new windows. That helps Lowe’s keep people employed as they make a profit. It also helps Pella windows because Lowe’s has to order the windows from them. Pella can then employ someone in Shenandoah, Iowa. Maybe someone who lives in my home town.
That person, now employed, can then go start spending his paycheck rather than living off a government handout.
Granted, my $3,225 isn’t going to do all that. It’s me and all the other working stiffs who take their property, aka money, and spend it as they see fit.
And it doesn’t have to be windows. I don’t need 16 new windows. I need to rent a sander for hard wood floors. So the guy who rents it to me has a job. The company that makes pads for the sander earns a little change and so on..
If the government decides to seize that money, we can’t introduce it into the market, and people can’t get hired.
And let’s not pretend government spending will lead to job creation. Most of those tax dollars will be thrown down the rat hole we call Social Security.
Ponzi schemes don’t create jobs.
Hat Tip: Publius Forum
