hypocritexposer
Well-known member
A new report from Ernst & Young finds that allowing tax cuts to expire for upper-income taxpayers would cost the economy approximately 710,000 jobs.
The study was released at a time when President Obama and congressional Democrats are calling for the Bush tax cuts to expire for taxpayers who earn more than $250,000 a year, while congressional Republicans argue that the current tax rates should remain in place for taxpayers at all income levels.
The Ernst & Young study argues that if the top tax rates were allowed to increase at the end of the year, along with several other taxes affecting upper-income taxpayers, output in the long-run would fall by 1.3 percent, or $200 billion, in today’s economy. The study also predicts that employment in the long-run would fall by 0.5 percent or, roughly 710,000 fewer jobs, in today’s economy. Capital stock and investment in the long run would fall by 1.4 percent and 2.4 percent, respectively, according to the study, and real after-tax wages would fall by 1.8 percent, reflecting a decline in workers‟ living standards relative to what would have occurred otherwise.
http://www.accountingtoday.com/news/ernst-young-report-tax-cuts-upper-income-boehner-obama-63323-1.html