Ed Butowsky, Managing Partner of Chapwood Investments Management, appears live on Fox & Friends Sunday on Fox News Channel to discuss the Bush tax cuts set to expire in January. More importantly, should the President allow these cuts to be extended or allowed to expire? Could a tax cut extension help or be a debilitating affect on this economy?
Ed Butowsky explains that the worst thing this administration could do is to allow these tax cuts to expire. Is this worse than the recession news itself? Ed further describes that the biggest player in this economy is the wealthy – they buy, sell, and create new jobs. Without their part this economy could slow down even further.
FACT – The Top Taxes on Top Earners (based on IRS income tax reports):
- 2007 Tax Year – The top 1% of earners paid 40.42% of Income Taxes
- 2007 Tax Year- The top 5% of earners paid 60.63% of Income Taxes