180 Economists Call for Obama to Back Off Tax Hikes

Wednesday, 12 Dec 2012 10:02 AM

By Newsmax Wires

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
A letter to Congress from the National Taxpayers Union, signed by 180 economists, urges members to refrain from approving any tax increases.

President Barack Obama is demanding a tax hike on the wealthy as part of a deal to avoid the fiscal cliff of automatic spending cuts and tax increases set to begin Jan. 1. Some Republican congressmen have expressed a willingness to accept that.

“Increasing taxes would likely slow or reverse our nation's fragile economic recovery and undermine long-term growth,” the letter says. It recommends spending cuts instead. That “would help stabilize the government's fiscal imbalance and create a more conducive environment for robust expansion.”

Signers of the letter include Douglas Holtz-Eakin, Congressional Budget Office director under President George W. Bush, and Jim Miller, White House budget director under President Ronald Reagan.

“In particular, Congress should avoid raising marginal tax rates on income and taxes on investment, such as capital gains and dividends taxes,” the economists state. “These types of taxes most directly and meaningfully affect job creation.”

The experts also oppose cutting itemized deductions for the wealthy and raising taxes on a particular industry, like energy for example. “Such policies are merely revenue-raising ploys when executed outside the context of comprehensive tax reform that includes correspondingly lower marginal rates,” the letter reads.


© 2014 Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

US Hikes Fees for Renouncing Citizenship

Sunday, 31 Aug 2014 22:22 PM

The United States has more than quadrupled the fee to renounce citizenship as record numbers of citizens file to become  . . .

Rabbi Boteach: New York Times Censored Our Anti-Radical Islam Ad

Sunday, 31 Aug 2014 22:13 PM

The New York Times has censored an advertisement taken out by the pro-Jewish group This World: The Values Network, its e . . .

Report: Doctors Bringing Joan Rivers Out of Medical Coma

Saturday, 30 Aug 2014 18:19 PM

Comedian Joan Rivers, who went into cardiac arrest at a doctor's office, was being brought out of her medically induced  . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved