Matson: The Tax Cuts Cannot Be Allowed to Expire, It Will Hurt ‘Millions of Americans if They Do’

RUSH EXCERPT:
MATSON: "This is a topic that is near and dear to my heart. Doctor Art Laffer I been president for many years and is on the academic board we were talking about this this morning, the tax cuts have to be preserved, they cannot be allowed to expire. It will hurt millions and millions of Americans if they do do. When they were passed, the people making the top tax bracket it came down but they took away a lot of the deductions such as the state income tax and actually force a lot of people, even though the rates were down to pay higher taxes and I have my Fox News app from this morning just recently Republican senators and congressmen are talking about raising taxes from a 37 to as high as a 47% income tax bracket bracket, that is disastrous entrepreneurs and business creators and job creators. They will seriously hurt capital. It’s not American and anticapitalism. It is destructive, the federal government right now under the current tax bracket. If you look at the maximum tax plus employment tax, plus state tax they want 50% of everything that you make. When you earn money invested they want 30 - 50% and when you die through the estate tax after exemptions is 40% now, some congressmen are talking about raising to 45, 50%. That’s half when you make it, half when you invest, half when you die and that destroys capital industries America. They better do the right thing with the tax law and get it straight and not play favorites and give everybody a break that they deserve."