The Tax Increase Issue….No Good Solutions

Posted By on November 21, 2010

So,  there will probably be a new vote in congress for unemployment benefits before year end, seeking a simple majority to pass, unlike the recent legislative tactic brought by the Democrats requiring a super majority (2/3’s) vote…..which failed!  As for the tax issue vote, it’s anyones guess.

The Administration has said it wants all tax increases to be pushed into the future for at least two years.  There is now some doubt as to what they are collectively thinking.

The Congressional Budget Office looks at the impact of any legislation. Doug Elmendorf, the boss at the “non-partisan” CBO gave a speech on Friday on the topic of what to do with taxes. It’s not a pretty picture. Consider this slide that attempts to define the consequences on employment of a variety of actions the government could take.

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