The dog days of summer are almost upon us, and as autumn approaches and the midterm elections loom, the American people have many important issues on their minds. One of the most important issues is whether Congress will elect to extend the Bush-era tax cuts, which are due to expire on January 1, 2011. President Obama has made clear his opinion that the tax cuts should expire for families making over $250,000 a year. Some liberal economists and pundits go further, pointing to our skyrocketing deficits and budgetary woes as compelling reasons why none of the tax cuts should be extended. Thus, as a new year – and a new chapter in our nation's political and economic history – looms, Americans in every socioeconomic bracket face a potential tax hike.
Is a tax increase the answer to the worst economic crisis since the Great Depression? Is it the best way to stimulate economic growth, create jobs, and renew confidence in the American dollar at home and abroad? How one answers these questions depends, fundamentally, on one's belief about the role of government and its relationship to and impact on the economy. Is government the greatest engine of economic growth and prosperity or should the fate of America's financial future be determined by the ingenuity and entrepreneurial spirit of the American people?