first_img Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoNoteabley25 Funny Notes Written By StrangersNoteableyUndoZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen HeraldUndoBetterBe20 Stunning Female AthletesBetterBeUndoAtlantic MirrorA Kilimanjaro Discovery Has Proved This About The BibleAtlantic MirrorUndoautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comUndoOpulent ExpressNewborn Quadruplets Left Doctors Staggered — They Are One In A MillionOpulent ExpressUndoElite HeraldKate Middleton Dropped An Unexpected Baby BombshellElite HeraldUndoMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesUndo Tags: NULL whatsapp THE US economy would see a two per cent annualised hit to household income, or roughly 1.3 per cent of GDP, if the Bush tax cuts were allowed to expire as scheduled at the end of this year, according to a note published by Bank of America Merrill Lynch chief North American economist Ethan Harris yesterday. That hit could trigger a double-dip recession, he said. Democrats and Republicans are fighting over the provision, with the Obama administration wanting to permanently extend lower rates and permanently raise the two upper rates, while Republicans want the tax cuts extended. “We don’t find either view compelling,” Harris said. “The longer this game of chicken goes on, the bigger the risk of an economic accident.”Harris says there’s a 55 per cent probability of a compromise after the mid-term election and a 35 per cent chance of gridlock without any compromise.Bank of America said Congress was failing to heed the lessons of Japan, which raised consumption taxes in 1997 before recovery was strong enough. It suggests that it was because of this tax that Japan ended up in deflation. KCS-content Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proofcenter_img Monday 23 August 2010 7:43 pm Show Comments ▼ BoA warns end of Bush tax cuts to cause slump whatsapp Sharelast_img read more