Tax Guru-Ker$tetter Letter
Wednesday, July 24, 2002
Tax Cuts Are Needed Now
In typical fashion, the leftists are telling their lies and trying to blame as many problems as they can (budget deficit, stock market crash, corporate bankruptcies, etc) on the supposedly huge & irresponsible tax cuts passed last year. Many are calling for a repeal of the cuts.
As Stephen Moore very eloquently explains, this is complete hogwash for several reasons. First is the fact that we have actually only seen a very tiny fraction of the tax cuts. The main parts aren't going to take effect until 2005 & 2006. Blaming anything on a future promised tax cut is insane. This is why I have never trusted any tax break that is delayed. There is always the very real likelihood that our rulers will change their minds before the tax breaks kick in. It has happened too many times in the past to deny the probability.
I have to agree with Mr. Moore that the economy and market are suffering more due to the uncertainly surrounding the future tax cuts. The solution is to have our rulers pass a law making all of the tax cuts permanent and effective immediately.