Should Taxes Go Up?

One of John Kerry's campaign promises, is that he'll raise taxes on the rich to help balance the budget and pay for new spending initiatives. The Republicans counter that just increasing taxes on the rich won't generate enough tax revenue, and that Kerry would have to raise taxes on the middle class to make up the difference.

Neither side seems interested in addressing the spending side of the equation. Kerry believes we're spending too much in Iraq, and that this money should be used on more social programs. Of course, he also said that we should spend whatever it takes to win in Iraq, so draw your own conclusions if you can figure out what his actual plan is. (Good luck).

As we head into week 2 of the debates, the economy will be in focus and whether or not to hike taxes will take center focus. This is never a popular campaign platform to run on. Both Walter Mondale and Michael Dukakis ran on a platform of higher taxes. But Kerry is trying a new angle, just tax the rich. Bush will probably be very repetitive about Kerry's plan to hike taxes, but if it's just on the rich folks, Bush may look like he's protecting the wealthy at the expense of the poor.

It will be interesting if Bush can counter Kerry's claim that taxes should be increased on the rich. It's a popular message. But to counter, Bush will have to point out who it is that will pay the taxes. Small business owners who provide the majority of this nation's jobs. That'd be a place to start.

The reality is, that while this nation has emerged from the recession, the GDP is clicking along at a slow pace. Raising taxes at this point is not a wise venture. But we'll see how effective Bush is at making this argument.