New York Times reports that President Elect Obama is considering, in light of the economic downturn allowing the Bush tax cuts expire as they are currently scheduled in 2010 and thus the first year of increased taxes would be 2011. If this is true, the impact on the economy could be significant.
Also if a proposal put forth by the Republican leader of the house, John Boehner (R- OH) and discussed today on Fox News Sunday with Chris Wallace (see transcript here), “. . . Why not lower capital gains taxes for — and corporate income taxes for corporations in America to help keep jobs here? . .”
The speed of getting the money in the hands of tax payers and to investors and corporate America could not be done faster than this. The impact could be very significant. Once these two steps are taken they could be the strongest incentives to the stabilization of the markets.
Boehner further said, “. . . And if we’re really serious about creating jobs in America, why wouldn’t we do the American Energy Act, our “all of the above” plan that will create a million new jobs over the next five years and keep more of our energy money here in the United States?. . .”
Much work remains in Washington, in Chicago and on Wall Street to reestablish confidence in our ability to lead the financial markets out of this malaise.
The Lee’s Summit Conservative