Business Economists Support Cuts, Higher Taxes

New York, NY, Sept. 24, 2012 -- Business economists say the best way to reduce the federal deficit is through higher taxes and spending cuts, according to the National Association for Business Economics.

NABE's members also say that because of the sluggish economy, the country needs more fiscal stimulus through 2013.

A majority of the economists favor extending payroll tax cuts, current marginal income tax rates and current tax rates for dividends and capital gains for most or all taxpayers through 2013.

However, the economists are more split when it comes to making those cuts permanent. They are almost evenly split about whether to make the tax cuts on income, dividends and capital gains permanent.

The biggest economic worry for the group was political indecision in Washington, which they say is holding back the economy.