James Osgood: Threat of tax hikes is stifling what should be a booming economy

To The Daily Sun,

Now that the infrastructure bill has passed Congress, what’s next? Lawmakers led by the Democratic majorities in the House and Senate have to find ways to pay for these plans. There is a lot of talk about tax hikes, and recently corporate tax hikes have been a popular option. But that carries a cost to all of us.

In a recent report from Bruce Thompson, a former assistant secretary of treasury and long-time worker at Merrill Lynch, he says even the threat of a massive tax increase hanging over the economy “has slowed what should be a booming recovery. It has disrupted economic growth. Over the last six months, businesses and workers have been bombarded with stories out of Washington about the coming tax increases and the potential negative impact on the economy. These potential tax increases, as well as the prospect of more deficits and debt, have created real economic headwinds, affecting investment and hiring decisions, and crushing consumer confidence.”

Prices and inflation are rising, why would we consider massive tax hikes, which will only further stunt any recovery we are all hoping lifts us past the impact from the pandemic and economic slowdown?

Our Senators need to oppose any corporate tax hikes and save our economic recovery.

James Osgood

Laconia