The complain from the Left, and I admit that I’m impressed the Left cares about such nonsense, is that the tax cuts will add to the deficit.
But do they?
Maybe. But not by so much as “the experts” tell you.
WASHINGTON (MarketWatch) — Wall Street economists were tapping into their spreadsheets Tuesday, ready to ratchet up their economic growth forecasts for next year in light of the tax deal struck by President Barack Obama and congressional Republicans, particularly the surprise one-year reduction in payroll taxes.
What does this mean? Well, it means that now we all know taxes won’t go up, we can assume that the economy will perform better than it had. And THAT means GDP goes up more than it otherwise would.
When you tax a thing, you get less of that thing.