By Gordon Gray – “Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passion, they cannot alter the state of facts and evidence.” John Adams said in ‘Argument in Defense of the Soldiers in the Boston Massacre Trials,’ December 1770.
If Obama were to continue those tax policies beyond their scheduled expiration, relative to a current law baseline, he would either have to show those extended policies as major revenue losers, or find a way to offset them. That’s no fun, so maybe just assume they’ll go on forever and not bother paying for them.
That’s exactly what the president did. In his budget for FY2010, the administration includes a policy adjustment of $2,681.3 billion to “Continue the 2001 and 2003 tax cuts.” Similar adjustments were included in the FY2011 and FY2012 budgets. more> http://tinyurl.com/6tw2tgu
- Obama Urges Congress To Extend Payroll Tax Cut (huffingtonpost.com)