U.S. needs more taxes, spending cuts, economists say

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Monday, September 24, 2012

The best way to reduce the deficit is through a combination of higher taxes and spending cuts, economists say.

The 236 members of the National Association for Business Economics recently surveyed say the country needs more fiscal stimulus through 2013, but by 2014 it should be time to throttle back. The reason for the delay: the sluggish nature of the country's economic recovery.

A majority of the economists favor extending payroll tax cuts, current marginal income tax rates and current tax rates for dividends and capital gains for most or all taxpayers through 2013. Deep tax cuts that were passed under President George W. Bush expire at the end of December unless Congress takes action. At the center of debate: extending the cuts for everybody. or just households earning less than $250,000 a year.

Read more at The Statesman Journal.

{biztweet}spending cut{/biztweet}

 

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Guest
0 #1 Do economists create jobs?Guest 2012-09-24 18:40:24
When job creators see opportunity they will invest and as a side-effect will create new jobs. For many of us who create jobs our income is pass through - meaning we get taxed personally on all business earnings, even those earnings plowed back into the business as retained earnings. If I were taxed less I could grow my business quicker - which adds jobs. Economists (and journalists) don't create jobs - they just theorize about it.
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