CNBC Poll: Raise Taxes to Pay Down the Deficit?
Few, if any, politicians like to raise taxes, and those who do often pay dearly for it.
Raising taxes, however, is sometimes a necessary evil, because there is simply no other way to raise revenue or reduce a deficit.
President George H.W. Bush may have lost re-election in 1992 because he went back on his promise of "no new taxes" with voters.
The fact that deficit reduction needs and legislation required it didn't help.
President Obamafaces similar circumstances, except for two major factors. The nation's debt problems have reached a critical stage and voters are so deeply divided over tax policy that the debate has a tinge of class warfare; some would raise taxes on the top one percent of taxpayers; others think tax cuts — for all — will solve the revenue problem.
It's not simply an ideological or political question; tax policy affects investment, as well, and the end result can influence what investors do with their portfolios. For instance, tax rates on stock dividends and capital gains make a big difference on stock market profits.
So, tell us what you think?