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Still No Appetite to Share the Burdens of War

Tax cuts in the middle of two wars are OK, but tax hikes to pay the freight of those wars would be irresponsible. That’s the message coming from Rep. Tom Price

Jul 31, 2020
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Tax cuts in the middle of two wars are OK, but tax hikes to pay the freight of those wars would be irresponsible. That’s the message coming from Rep. Tom Price (R-Ga.), head of the Republican Study Committee, who told CNN this morning that a war surtax being proposedby Rep. David Obey (D-Wis.) is “as cynical as it is irresponsible.”
There’s all sorts of money that has been ill-spent to date. I would propose to the president that he begins to decrease spending in non-defense areas, non-defense discretionary areas in Washington where you can save significant amounts of money. A penny on the dollar will get us hundreds of billions of dollars in order to accomplish the priorities that we ought to have for the American people. And one of the priorities absolutely has to be and must be the protection of our land and degrading the resources that Al Qaida has.
And it’s not only Republicans dismissing the war-tax proposal. Sen. Carl Levin (D-Mich.), chairman of the Armed Services Committee, toldCBS’s “Face the Nation” yesterday that it’s not realistic that Congress could push through such a tax in the middle of an economic downturn.
In the middle of a recession we’re probably not going to be able to increase taxes to pay for it. There should have been, as far as I’m concerned, tax increases for upper bracket folks who did so well during the Bush years — that’s where the tax increases should have taken place. But that should have happened some time ago.
Hat tip to The Hill.
Camilo Wood

Camilo Wood

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Camilo Wood has over two decades of experience as a writer and journalist, specializing in finance and economics. With a degree in Economics and a background in financial research and analysis, Camilo brings a wealth of knowledge and expertise to his writing. Throughout his career, Camilo has contributed to numerous publications, covering a wide range of topics such as global economic trends, investment strategies, and market analysis. His articles are recognized for their insightful analysis and clear explanations, making complex financial concepts accessible to readers. Camilo's experience includes working in roles related to financial reporting, analysis, and commentary, allowing him to provide readers with accurate and trustworthy information. His dedication to journalistic integrity and commitment to delivering high-quality content make him a trusted voice in the fields of finance and journalism.
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