Too Bad We Can't Tax Economic Idiocy

Forbes, Steve
October 2007
Forbes Asia;10/15/2007, Vol. 3 Issue 17, p13
The author criticizes the decision made by U.S. Democrats to let the growth-producing U.S. President George W. Bush's tax cuts of 2003 expire in 2010. The author says that such a massive tax increase would quickly throw the economy into recession and the equity markets, in anticipation of the disaster, would sink long before then. He says the party is clueless about the fact that most small businesses are set up as S corporations or limited liability companies which means all their profits pass through directly to their owners--at personal tax rates.


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