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Obama May Delay Tax Hike On ‘Wealthy’

From a dismayed Reuters:

Obama may delay tax-cut rollback for wealthy

By Randall Mikkelsen

WASHINGTON (Reuters) – President-elect Barack Obama may consider delaying a campaign promise – to roll back tax cuts on high-income Americans – as part of his economic recovery strategy, two aides said on Sunday.

David Axelrod, the Obama campaign strategist who was chosen to be a senior White House adviser, was asked if the tax cuts could be allowed to expire on schedule after tax year 2010 rather than being rolled back by legislation earlier. “Those considerations will be made,” he said on “Fox News Sunday.”

Bill Daley, an adviser to Obama and commerce secretary under former President Bill Clinton, said on NBC’s “Meet the Press” that the 2010 scenario “looks more likely than not.”

President George W. Bush’s tax cuts are set to expire at the end of 2010. After that they would revert to 2001 levels, when the top individual tax rate was 39.6 percent.

Obama has called for reducing taxes for the middle class, but requiring the wealthiest Americans to pay more than the current top rate of 35 percent.

His aides’ comments suggest Obama may be wary of imposing any additional tax burden at a time of deep crisis, despite the outlook for record budget deficits and mounting national debt. He may also be seeking to bolster Republican support for his recovery measures…

The Anointed One is most merciful.

And yet one wonders why taxes should ever be raised, if they are bad for the economy.

Of course who knows if they even will delay the hike.

It’s all just words.

This article was posted by Steve on Sunday, November 23rd, 2008. Comments are currently closed.

15 Responses to “Obama May Delay Tax Hike On ‘Wealthy’”

  1. 1sttofight says:

    Q; How do you know when Obama is lying?

    A; His purple lips are moving.

    Where is he going to get the money to cover the check he is going to send me to pay my mortage and fill my gas tank and pay my liquor bill and my Ho’s and buy my Crack and support my dozens of bastard kids and buy my penis enlargement pills and my Ho’s breast emlargement surgery, etc if he doesn’t soak those rich bastards who made all their money off me breaking my back everyday sweating on the corner selling drugs while the man was trying to keep me down?

    Life just ain’t fair.

  2. proreason says:

    None of Obamy’s tax schemes impact the wealthy more than a flea flick.

    The wealthy are in Treasury secuties and bonds.
    The impact will be 3% of the dividends and interest they collect
    FICA tax increases won’t affect them. They have no income subject to FICA.
    Capital gains increases won’t affect them. The truly wealthy don’t need to take risks.
    Business tax increases won’t affect them. They don’t operate businesses. Too risky.
    The increase in estate taxes won’t affect them. They have staff lawyers and will never pay a dime of estate tax.

    So all of Obamy’s tax increase leave the vast majority of the truly wealthy untouched.

    Why do you think that might be?

    The people affected are the people on the cusp of wealth…people making a few hundred thousand a year, and investing in the capital markets to make their savings grow faster. For them
    The income tax hike will cut 3%
    Lifting FICA will add between 6.4% and 12.8% depending on their business status.
    Capital Gains increases have a huge impact because they are investing for the future.
    The increase in estate tax will devastate their children because they cannot afford the type of legal help necessary to avoid that tax.
    Other elements of the tax code will also impact them negatively

    Obamy’s tax plans are designed to create a 2-class society: Him and his wealthy benefactors, and the rest of the country.

  3. BronzePage says:

    I told everyone this was going to happen.

    I voted for McCain, and I got McCain — in the form of Obama — just without the stories of the Hanoi Hilton.

  4. Diane says:

    Honestly, I find this a hopeful sign. Maybe the prospect of actually being President has caused Mr. Obama to open his eyes a little at the probable effects of most of his campaign promises. This is one time I really don’t mind a politician breaking promises.

  5. VMAN says:

    Just remember TIBS can’t afford to have much of his presidency go through a bad economy. It wouldn’t surprise me if he looked like a down right conservative as far as the economy goes. There are allot of other areas however that he can damage severely such as gun ownership, home schooling, abortion, gay rights and much more. If the economy recovers, and it will despite him if he just keeps his mitts off of it, all the idiot masses will think he is just wonderful. The important thing is that he is a one termer.

  6. Colonel1961 says:


  7. brad says:

    Obama is so……flexible, even-kieled, not-rigid, keeps his options open, able to adjust to the situation. Tax incentives to help the economy is good (when Democrats give the rich, and businesses tax breaks)

    Definitely not a liar, smarmy politician, breaking promises, or any of the other words usually kept for Republicans, and when they stimulate the economy is, “Tax breaks for the rich!” (Dick Gephardt’s only known words the entire time he was in Washington)

  8. U NO HOO says:

    Give to Caesar what is Caesar’s, unless you can talk Caesar into giving to you.

  9. BillK says:

    A lot of tacit admissions flying under the RADAR of the MSM this week.

    First we had Michelle Obama’s spokeswoman admitting that the DC-area public schools weren’t good enough for the Obama kids, and now we have the admission that lower taxes are good for the economy and may actually bring in more revenue than would be obtained by raising tax rates. Perhaps even an allusion to the fact that higher tax rates cost jobs.

    An awful lot of people at Kos must be disillusioned about now…

  10. Colonel1961 says:

    BillK, you’ve nailed it above. And as I have been saying, BHO is a political pragmatist, if nothing else. He told the fruits and nuts what they wanted to hear in the primaries and now he’s governing very much down the center-left. Everything’s gonna be all white. Er, um, right.

  11. BillK says:

    Colonel1961, I’m not so sure.

    Pelosi and Reid are already fighting to see what the most offensive change is they can make in the first few days to prove real change has come.

    With all that’s going on Pelosi has said more than once that federal funding for embryonic stem cell research is one of the top three items on her post-inaugural agenda.

    I wish I was kidding, but there are too many interest groups demanding payback.

    I suspect “card check” elections for unions may be even higher on that list.

  12. proreason says:

    “I wish I was kidding, but there are too many interest groups demanding payback.”

    What is it in Obamy’s background that would lead anybody to think he is anything but a extreme leftist. Hopey-changey?

    Exactly what middle-of-the-road policies did he espouse prior to the Dem convention?

    When has he ever been patriotic, defended the military, supported the Constitution, supported free-markets, supported limited government, supported American mainstream social values, picked rational advisors.

    His army of advisors are telling him that if he lurches left now and the economy dives into a Depression, it can break his halo.

    But to think he is middle-of-the-road and will govern from the middle? What a daydream.

  13. 12 Gauge Rage says:

    Here’s very wishful, albeit naive hoping, that early in his administration he’ll have a significant epiphany that makes him reconsider his grand ambitions. Because if he succeeds in what his liberal heart desires it’ll drag the entire country, conservative, liberal, and independents alike down the tubes. By the way, should we start a pool to see how long it takes for the media to get around in publishing an article that’s critical of their anointed one? For I’ve yet to see one from the media.

  14. Lipstick on a PIAPS says:

    When that giant sucking sound you hear over in Switzerland was becoming deafening, you got some sense out of the Democrats. Guess you can teach some old dogs new tricks. ROFLMAO

  15. 1republicanscientist says:

    no one ever annoyed me so much……obama——and ^%$#%$#, his 12 years haven’t even started yet.

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