Just got back from over-eating and realized I'd not yet done today's entry. Then, a quick glance at the news told me it really didn't matter much, because there's really not very much new.
However, I did see a quote from NYC Mayor, Michael Bloomeberg who praised Democrats and Republicans alike for offering plans aimed at reducing the deficit and stabilizing the debt. But he then went on to say that letting the Bush tax cuts for households earning more than $250,000 expire, was a mistake at this time. But if Washington ultimately agrees to raise rates, it should be accompanied by "meaningful cuts" in spending.
Now, this is the same argument that's been going back and forth for quite a long time now, and maybe it makes for good headlines. But, as I've been mentioning for just as long, the tax cuts really don't matter either way. Because most of those earning in top brackets are pretty astute folks to begin with, that's why they do so well financially. So all they need do is to study whatever revised tax codes are employed and then they'll quickly figure out how to minimize their exposure within them.
Thus, maybe tax cut revision will look good in the news and perhaps convince some part of the population that government's working for them. But, as a practical matter, its not really going to cost any high earners a dime.
That's it for today folks.
Adios
No comments:
Post a Comment