In life only death and taxes are certain, and Congress is always fiddling with the tax code. If you are in business, you know that life is uncertain and you try to make allowance. The Republican argument that the job creators need certainty in the tax code before they will create jobs is a load of bs. If there is demand for a product or service unfilled and an opportunity for profit, some businessperson will fill it. The true reason for the slow recovery is that the true job creators, consumers with money to spend, don’t have enough disposal income.
Our economy was sustained for years by the middle class borrowing to maintain their life styles at a time of stagnant income growth. People borrowed against increasing home values and 401Ks to continue spending when their incomes were flat-lining. Only the 1% witnessed increasing incomes, and they tend to save incomes in excess of their immediate needs. To fix this situation, increase the minimum wage which will drive up everyone’s income, and tax the 1% at higher rates.
- 5 tax questions for Romney (politico.com)