Though economist Douglas Holtz-Eakin spent the 2008 presidential campaign advising Sen. John McCain to defend the Bush-era tax cuts, he now thinks they should be allowed to expire on Dec. 31, 2010 due to “the prospect of an Argentina-style fiscal meltdown.”
Said Holtz-Eakin: “If you ask: ‘Who pays the taxes?’, it’s the first step toward not having the answer be: ‘Our kids.'”
He’s right though. There’s no reason that a struggling middle class family making only $50,000 a year should be forced to subsidize a tax cut for someone making millions of dollars. Tax cuts are expensive, they don’t pay for themselves, and they don’t increase revenue.
If conservatives want tax cuts, then they should open the discussion by at least following their own talking points and find ways to offset the spending with cuts in federal spending.