Excerpt
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.
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