Posted by
Jay Adler Comment on Wednesday, December 01, 2010 11:13:14 PM
Of course it makes sense not to raise taxes on anyone in a Recession. Many of these so called wealthy families own small businesses or have very little left at the end of the year because fundamentally we are all mostly in trouble financially. If parents have three kids in college, cars and insurance, utilities and so much more, Congress must realize that everything keeps going up.
Years ago there was an accepted practice called Tax Avoidance where essentially wealthier individuals significantly brought down their tax bills by virtue of their accountants discovering in a shrewd way deduction after deduction, not very publicized but perfectly legal and accepted at the time.If the rich get a tax hike and tax avoidance is still okay, they may be able to erase it.
Jay R