Here is the fact. During a recession tax breaks/cuts should be given to those who will spend the money - consumers. Unfortunately, the neocons still play the supply-side tax game which has been proven to be a disaster during weak economic times. bush and the neocons have virtually destroyed our economy and financial position because of their supply-side tax programs. The Reagan years proved that supply-side tax cuts when the economy is weak can substantially damage the economy and undermine a recovery.
Economy is weak/recession - give tax cuts to those who will spend them - increase demand which reduces inventories and creates new jobs and substantially helps the tax base. End result - lower unemployment, better wages and lower taxes. Supply-side tax cuts have a negative impact.
Economy is strong - supply-side tax cuts will further boost the economy because demand exceeds supply and wealthy investors and business people are looking for another/cheap source of funds to expand their business to meet the excess demand. Creates jobs and helps the tax base.
Somebody has to make up for the disasterous neocon financial/economic legislation they pushed through the past 7 years. Might as well be those who benefitted most from it.
There is no need to raise taxes. Abolish the Federal Reserve and its 759 billion dollar a year subsidy. Audit federal government spending and save 200 billion dollars a year. I repeat. There is no reason to raise taxes. I haave given enough money to the rich.