White House takes aim at GOP calls to extend all tax cuts

[sabra]

Source: The Hill

The White House strongly disputed GOP arguments for renewing high-end tax cuts on Tuesday, arguing that extending them would do little to aid the economy.

Christina Romer, a top economic adviser to President Obama who serves as the chairwoman of the Council of Economic Advisers, made the administration’s case for letting tax cuts set to expire at the end of the year run out for high earners, while extending them for middle-class families.

“Recently, some have argued that extending the high-income cuts is necessary for the economy,” Romer wrote in an official blog post. “This is simply wrong.”

Extending tax cuts for high earners would do little to strengthen the economy and add jobs, Romer said, while maintaining the cuts for lower earners would provide an immediate stimulus.

“If lawmakers are truly concerned about job creation, as they should be given the painfully high rate of unemployment, many approaches would be more cost effective than extending the Bush tax cuts for high-income earners,” she said.

Read more: http://thehill.com/blogs/blog-briefing-room/news/111459-white-house-takes-aim-at-gop-calls-to-extend-all-tax-cuts

[JuniperLea]

1. VooDoo economics does not work...

It didn't for Reagan, and it didn't for Bush II. Too bad W wasn't more like HW.

[ShockediSay]

2. What did the hi end tax cuts do for our economy in the not too distant past?

Lot of wealthy individuals bought big expensive houses subsidized by the ordinary taxpayer, thereby inflating the housing bubble

AND our economy basically fell on top of those individuals seeking jobs

AND our deficit expanded

[bobburgster]

3. Absolutely no good!

[Thav]

4. you forgot...

AND they walked away from the mortgages when the investment wasn't viable anymore, adding to more collapse.

AND the rich still have money, even more than before.

[ShockediSay]

5. Welcome aboard mate

[opihimoimoi]

6. Tax cuts for the past 10 years resulted in losing 9 million jobs

The PIGs want more in the trough...more and more...they are gluttonous

[bluestateguy]

7. I think the White House is for real on this matter

If even Geithner, Emanuel and Summers are on board for end the high income tax cuts, then I think it's safe to say that the White House will follow through.