EOC: Tax Cuts

When it comes down to it, tax cuts do not affect most Nevadans, only the rich ones. The question asked by the survey asks Nevadans if they want their taxes to be cut. The correct question would be “Would you like for the wealthy to receive tax cuts?” The information given by this survey is misleading. The tax cuts did not accomplish their goal.

“Asked whether they wanted the tax cuts to expire or to continue, 61 percent said "continue" and 29 percent said "expire," in the poll taken this week by Mason-Dixon Polling & Research for the Las Vegas Review-Journal and 8NewsNow.” (Nevadans Say Income Tax Cuts Should Stay. STEVE TETREAULT. Stephens Washington Bureau.)

Tax cuts do not affect the typical American and did not accomplish what they promised. This survey is incredibly misleading because it caused Nevadans to feel that they were benefitted by tax cuts that were never beneficial. The Heritage Foundation has stated that the Bush tax cuts led to the rich shouldering more of the income tax burden and the poor shouldering less; while the Center on Budget and Policy Priorities (CBPP) claims that the tax cuts have conferred the "largest benefits, by far on the highest income households.” The underlying policy has been criticized by Democratic Party congressional opponents for giving tax cuts to the rich with capital gains tax breaks while acknowledging some benefit extended to middle and lower income brackets as well.

In late July 2010, analysts at Deutsche Bank said letting the tax cuts for those earning more than $250,000 expire would greatly slow economic recovery. However, Treasury Secretary, Timothy Geithner, said that allowing the expiration would not bring a slowing. The Obama administration proposed keeping tax cuts for couples making less than $250,000 per year. Economist Mark Zandi found that making the Bush tax cuts permanent would be the second least stimulative of several policies considered.