Today, senior members of the White House economic team are carrying an important message to Americans: the 2001 and 2003 tax cuts have helped the U.S. economy to thrive, with steady job creation and strong economic growth.
But the central provisions of these landmark tax bills are scheduled to expire over the next five years, which means that taxes will rise dramatically for most taxpayers.
"If the tax cuts of 2001 and 2003 are allowed to expire, millions of working families will see their economic prospects dim, their job opportunities diminish, and economic uncertainty rise," write Rea Hederman and William Beach of the Heritage Foundation's Center for Data Analysis.
Hederman and Beach present new Heritage Foundation projections of state-level job growth and income growth if the 2001 and 2003 tax cuts are made permanent--growth that will be forgone if the tax cuts are allowed to expire. As many as one million jobs per year are at stake, along with hundreds of billions of dollars in economic growth, household savings, and disposable income.
"The need for Congress to make the 2001 and 2003 tax cuts permanent is clear," conclude Hederman and Beach.
Read Make the Bush Tax Cuts Permanent
by William W. Beach and Rea S. Hederman, Jr.
Also:
When Would the President's Tax Cuts Expire?
by Andrew M. Grossman
Now Is (Still) the Time to Permanently Repeal Federal Death Taxes by William W. Beach
Grading the Tax Reform Panel's Recommendations
by Daniel Mitchell, Ph.D.
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