As they debate how to resolve the federal deficit, lawmakers need to avoid any additional tax increases, Heritage Foundation scholar Curtis Dubay argues.
“There will be plenty of revenue coming into Washington over the next 10 years,” Dubay explains. “Additional tax hikes would not address the problem of excessive spending but instead give more money to Congress and President Obama to spend.”
And tax increases would slow economic growth and limit opportunity:
Higher taxes on the rich from loophole closing, far from simply soaking the rich, would hurt middle- and low-income workers because they would further slow economic growth and job creation. This reduced opportunity would be on top of already diminished opportunity these families and workers are experiencing from the fiscal cliff and Obamacare tax increases.
For many in the middle class, another round of tax increases would slow economic growth, making it harder to find better paying, more rewarding jobs that would help them better provide for their families. Without that higher income, they would be less able to move to better neighborhoods with better schools for their children.
Do you think new tax increases should be on the table?