Tuesday, December 7, 2010

Taxes: Job Creation Is Little Affected by Upper Class Tax Cuts

Politifact fact checks ...

[The National Association of Manufacturers] said that "manufacturers strongly support extending the 2001 and 2003 tax rates for all taxpayers. According to the non-partisan Congressional Budget Office, fully extending the 2001 and 2003 tax cuts would add between 600,000 and 1.4 million jobs in 2011 and between 900,000 and 2.7 million jobs in 2012."
NAM is accurately quoting the numbers on the Republican alternative but conveniently leaving out the detail that the Democratic alternative is nearly as good at creating jobs. It also ignores the CBO's conclusion that extending the tax breaks for upper-income Americans offers diminishing returns. On balance, we rate the statement Half True.

For more, see National Association of Manufacturers Cites CBO Support for Job Creation Powers of Full Bush Tax Cut Extension by Louis Jacobson, December 3, 2010 at PolitiFact.

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