President Obama’s latest push for dealing with the federal deficit, entitlement programs and taxes isn’t impressing Creighton University Economist Dr. Ernie Goss. He says there are too many exemptions in the federal tax code already.
Obama suggested taxes needed to increase for the wealthy, those making one-million dollars or more wage earners. Dr. Goss says this is a case of history repeating itself. He uses the example of AMT (Alternative Minimum Tax) that passed in 1969. Goss says it was passed to “snare” the rich taxpayers and now it is “snaring” middle-income taxpayers and now the government is spending a lot of money each year to patch it up. He believes that taxing the wealthy will end the same.
Goss is more worried about what he calls the “big gorilla” in the middle of the room no one is talking about. The Bush tax cuts will end in 2012 and that means there will be a huge tax increase for everyone.