We have now seen two American presidents enact a Federal tax cut in a economic environment of increased federal spending, and national deficeits, and inflation. This is true VooDoo economics. Former president Bush, with his tax cut for people making over $100,000.00, and now our current president Obama with his proposed tax cut for the middle class. I have stated earlier on this thread that federal taxes must be raised across the board if America is to balance its trillion dollar national debt and budget deficeits. America can not, and must not continue on this gimmick course of tax cuts, while spending billions of dollars from the U.S. Treasury. It is bound to have a catastrophic effect at some point in the future for Americas economy. America needs to create new areas to tax, and must increase taxes now to avoid a future economic nightmare and catastrophe. 52ndStreet.