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Monday, November 1, 2010

End Of Tax Breaks?

Not if you listen to the GOP and the Democrats. They are both promising extensively that there won't be tax raises. (Can anyone say, Ronald Reagan?) But with the economy to recover, switch promises are foolish. Most tax experts are saying that the government should rethink the more than two hundred tax breaks that are in the code. Yes, that includes all those really popular ones. These breaks make up one trillion dollars. To give you an idea, basically, this is about one third of our budget. The Bipartisan Committee for a Responsible Federal Budget have a plan (thank heaven that someone does.) put out a paper of ideas that could raise 1.7 trillion dollars over ten years. The problem, however, is not getting everyone to agree that tax cuts need curbing. the problem is getting agreement on which should be ended, or at least trimmed. I don't know, how about all of them? We may finally get back to having a surplus. Either that or cut some services.

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