The Congressional Research Service (CRS) is the public policy research arm of Congress.
Last week the CRS issued a report titled “Raising the Tax Rates on High-Income Taxpayers: Pros and Cons”.
The report, which will be cited by both sides during the Congressional debate on extending the Bush tax cuts, notes the following:
“Congress faces decisions:
• whether to permit some or all of the Bush tax cuts to expire as scheduled on December 31, 2010;
• whether to extend some or all of the tax cuts and, if they are extended, whether temporarily or permanently; and
• whether to modify some of the tax provisions before extending them—by adopting some or all of the Obama Administration’s upper-income tax proposals, for example.”
The report offers a number of reasons for extending all of the current rates including 1) its bad timing in a weak economy; 2) we should cut spending instead of raising taxes and 3) the negative “incentive” for small business.
We agree with all of the above.
Tomorrow – the CRS Report reasons for not extending the top rates.
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