Should taxes go up on those earning $250,00 and more?

Posted Sept. 13, 2010, at 4:04 p.m.

President Barack Obama wants the Bush tax breaks to expire, as they are scheduled to do, for those earning over $250,000. But he wants to retain the rates for those below that threshold.

Is that a defensible political position? Will those people (most Americans) who earn less than $250,000 embrace that change, or will they sympathize with the wealthiest 1 percent or 2 percent who would have to pay higher rate?

Do tax cuts for the wealthy lead to jobs? Or do the wealthy tend to take their tax savings and invest them in stocks? If the federal deficit is a problem, shouldn’t some group pick up the tab through taxes? Or

will new tax revenue from a growing economy solve the problem?

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