1. But smaller deficits brought on either by spending cuts or higher taxes reduce purchasing power. 2. Distributions are subject to ordinary income tax, and taking too large a distribution could propel you into a higher tax bracket. 3. Higher taxes and higher inflation were a lethal combination. 4. Higher taxes are likely to discourage investment. 5. Higher taxes encourage people to economize on fuel. 6. Higher taxes will reduce consumer spending. 7. Higher taxes will slow down consumer spending. 8. Homeowners voted against new bonds and higher taxes. 9. I do not know how the money would be found, except from higher taxes or higher electricity prices, or both. |