Congress should enact a permanent extension of the Bush-era tax cuts to prevent a double-dip recession, says former House speaker and likely presidential candidate Newt Gingrich.
Despite the “utter failure of his economic policies,” President Barack Obama vows to let the tax cuts expire for top taxpayers in 2013, Gingrich writes in The Wall Street Journal
along with financial author Peter Ferrara.
“This means that the rates of virtually every major federal tax will be increased on precisely those who create new jobs and invest in the economy,” they explain.
“That would only throw the economy back into the ditch and possibly bring about another recession.”
The solution: “This year the House Republican majority should pass a permanent extension of the Bush tax cuts,” the duo writes.
“Even that is just a beginning. To touch off a boom — and secure a prosperous future for all Americans — what's really needed are additional, sweeping rate cuts on both individual and corporate income.”
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