Overall, the American economy is sound and will continue to grow. Over the next few months, however, Congress must take the necessary steps to stimulate the economy and prevent a recession. Happily, the best and quickest way Congress can grow the economy is to provide retroactive cut taxes, which will allow working families to keep more of their own money to spend. The notion that tax cuts are needed to head off a recession is not just a Republican idea. The death tax has been identified by the National Federation of Independent Businesses as a substantial cause of businesses closing their doors, resulting in employee layoffs, when the owner dies and the business must be sold to pay the death tax.
Federal taxes are at their highest peacetime rate in history.
This year, it will take Americans more than four months of paychecks to pay their tax burden. While most people agree they would like a tax cut, some are wary of tax relief. Two main reasons are most often cited. First is a concern by individuals that they will not actually see any tax relief for themselves, or that the middle class will not receive much in the way of tax relief. Second is a fear that tax cuts will lead to deficit spending.