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Tax increases on the way for tax payers?
Posted: 06.23.2010 at 10:32 AM
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AMARILLO, TEXAS -- The tax cuts enacted under former President George W. Bush are set to expire at the end of the year. With America facing serious debt, raising taxes has become a big topic in Washington and around the country.
U.S. House Majority Leader Steny Hoyer has suggested tax increases will eventually be necessary to deal with the nation's mounting debt.
Panhandle Congressman Mac Thornberry thinks we really ought to try something else.
"It's the worst thing to do to raise taxes in a recession, my preference would be make the law permanent, so that everyone knows what it is and we don't have to play these games and it goes up and down. There could be efforts to continue some of the tax laws but let others expire so that some taxes go up, but again increasing taxes at this time is particularly bad for the economy."
The tax cuts are expected to be a key topic in many congressional elections this fall. It will be a difficult election year issue for Democrats trying to retain control of Congress.