Obama says he'll tax the rich, roll back Bush cuts and aid middle class

The New York Daily News ^ | November 9, 2008 | KENNETH R. BAZINET

[CedarDave]

For the rich, the party is over - as promised.

Despite speculation to the contrary, President-elect Barack Obama will act on his campaign promise and roll back the Bush administration's tax cuts for the wealthiest Americans, an Obama senior adviser told The Daily News.

The Obama camp rejected the overnight analysis by some pundits who speculated the language at his first news conference Friday suggested the President-elect was backing away from his tax plans.

"No change to the tax plan - at all," the aide said.

Obama plans to raise taxes on the wealthy by asking the Democratic-controlled Congress to allow President Bush's tax cuts to expire at the end of 2010. When they expire, it could pump in about $72 billion a year toward balancing the budget, according to the Urban-Brookings Tax Policy Center.

The President-elect also will move quickly with his promised middle-class tax cut, even before the taxes on the rich expire, top Obama and congressional aides confirmed Saturday.

[kcvl]

You are going to try to explain that to someone whose biggest accomplishment in life was a community organizer?

I doubt that free law school provided him with any economic advice either! We are in for a long four years of nothing but h*ll! You can count on that!!!

[attiladhun2]

I heard a guy on the radio who predicted both the stock market crash of the late 1980s and the current debacle. He said this current economic crisis could possibly surpass the last depression. He foresees a total collapse of the economy, food riots, martial law, etc. He may be an alarmist, but I think we are definately in deep economic doo-doo. At the very least, I think we will see a return of the stagflation of the Carter years.