Obama's Imaginary Tax Cuts | Richard W. Rahn | Cato Institute: Commentary

Obama's Imaginary Tax Cuts | Richard W. Rahn | Cato Institute: Commentary: "The tax increase of $725.7 billion dwarfs the tax cuts of $373 billion, leaving a net tax increase of $352 billion. But it gets worse. Just $107.6 billion of the tax cuts are permanent — the rest are temporary — but all of the $725.7 billion increases are permanent."

"The vast majority of these tax increases fall on middle- and lower-income people."

"'If Democrats are being truthful, why did they not enact the tax cuts before adjourning to campaign for re-election, when such an act would have been to their political advantage?' The answer is that they did not have a majority of Democrats who could agree on any specific tax-cut measure.

Remember, the lame-duck Congress will contain the same members who have been serving, even though, perhaps, 50 or 60 of them will have lost the election. What incentive do they have at that point to agree suddenly to tax cuts they previously opposed? Yes, the people might have spoken in favor of the cuts through the electoral process, but many of these defeated members will be more interested in returning home well before Christmas rather than spending time in Washington, debating tax-cut legislation. They also would be beholden to the president for appointments to new jobs."