NEW YORK (CNNMoney.com) — The compromise on the Bush tax cuts announced Monday night between President Obama and Republicans could cost between $600 billion and $800 billion if ultimately signed into law — no sure thing given opposition from many Democrats.
This is a good thing. While I didn’t agree with the Bush tax cuts at the outset, I do believe that letting the tax cuts expire will in fact be perceived as a tax increase and I do not believe governments should increase taxes during economic downturns.
It’s like shooting yourself in the foot. Just plain stupid and/or careless.