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.

[Mr. Mojo]

...roll back Bush cuts and aid middle class

This is what the ingorant hordes in the middle class who voted for Obama just can't seem to comprehend: once Bush's tax cuts expire it'll be the middle class that gets screwed the most, as it was they who got the largest percentage tax break from those cuts.

I can just hear them now...."hey, but Obama said only the rich....."

[AndyJackson]

My family household income is slightly over 150K/year. I live in California

Poor bugger. You are lucky you are not homeless. I left Cali because of the real estate bubble. I figured sooner or later it had to take a flyer. Greenspan managed to keep it going longer than I ever thought possible.

[PISANO]

When the MSM doesn't challenge any lie you can bet it is a lie told by Democrats in general and [for the next 4 years at least], Obama in particular.

The BUSH tax cuts for the rich LIE is now and forever set in stone and the truth that it was an across the board marginal tax rate cut benefiting ALL Americans will never be uttered again.

The middle class will not get a tax break, it will be a WASH at best. Those considered "THE RICH" will probably start somewhere around 75-100k per year also.

Welcome to FDR part II where a depression is now probable rather than almost impossible.

[Old_Grouch]

AU72 wrote: “When millions of tax payers get their first W2 after expiration, it will hit the fan.”

I don’t think anything is going to hit the fan, that’s the whole point. The decades go by, the infringements on liberty get worse and worse, government grows bigger and bigger, regulations expand even more, and nothing happens. People vote in someone who will continue the same trend, even accelerate it, and people just continue to rail against business and against Bush’s unbridled capitalism, as if there aren’t far too many regulations on business now. There are many comments after the above article on the original website complaining about what Bush’s laissez faire capitalism has done to the country. The ignorance is abysmal.

[tiredoflaundry]

Did he ever decide who was the middle class?

Not sure, but I think if you are here legally & have a job, you are considered rich.

[OCCASparky]

When millions of tax payers get their first W2 after expiration, it will hit the fan.

It might not even take that long. One week their paycheck reads X dollars, the next week it's X-y, and all of a sudden it dawns on them that they DID get a tax break under Bush, and now all of a sudden Obummer has just sold them a bridge.

I've always said that true tax reform will never come in this country unless and until we give everyone their ENTIRE paychecks and MAKE them pay their taxes every week/month just like they do every other bill. Payroll deductions are sneaky, devious, and lull the sheeple to sleep.

[Las Vegas Ron]

That $72 billion will be offset by $300 billion in new spending

Better make that 800 billion to account for the drop in revenues to the gubmint.

[A message]

You can’t roll back the tax cuts of 2001 and 2003 and then say you’ll aid the middle class. Rolling back the tax cuts will cost middle class families thousands.

[Cowboy Bob]

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

When will he start taxing the endowments of Universities? Last I heard, Harvard had $35 Billion.

[Son House]

Podesta says it’s true this morning;

LATE EDITION (CNN) : Obama transition chief transition chief John Podesta

Podesta says Øbama’s tax plan will be imposed right away [look out below ]

[Harmless Teddy Bear]

All the way down. If you earned over $11,000.00 you got a tax cut.

Congratulations to all you minimum wage workers. You are now rich.

[silverleaf]

Yeah, we can apply that $72 billion a year toward the nearly 2 trillion dollars in debt incurred JUST IN THE LAST 6 MONTHS s-a-r-c

watch Wall Street- they don't listen to powerful oratories given by an emperor who has no clothes

(excusing the next big BOHICA round of welfare checks being printed up in time for a very merry bush-hussein family Christmas)

[lowbridge]

roll back Bush cuts and aid middle class

Translation: Stop letting them keep more of what they earn, and put them at the mercy of the government through government handouts. Which they pay for.

Gee, I dont want to keep my money and spend it to take care of myself! No sir! I want to give all my money to the government so that they can take care of me in the form of aid! /sarcasm

[kb2614]

I want my mortgage paid off
I want my car paid off
I want that equity loan for home repairs paid off
I want a more powerful PC so I can buy Fallout 3.
Will those taxes on the rich, rolling back those naughty Bush tax cuts aid me?? Well will it, Obama??? Its all about meeeeeeeeee!!

Oh, sorry, just trying to keep up with the times!!

SOCIALISM, CATCH THE FEVAH!!!

[silverleaf]

and that is just the FED rate

watch state and local rates also climb

my advice- get out of debt as fast and and much as you can because incomes taxed at near 60% or more, will not easily stretch to cover debt service (credit lines, car payments and mortgages) AND taxes

[kcvl]

When millions of tax payers get their first W2 after expiration, it will hit the fan.

And do exactly what?! The election is over and there is absolutely nothing they can do to stop it now. The people who voted for Obama will be the beneficiaries of the 'tax the rich' plan so it won't bother them.

BTW, I hope the same people who voted for this idiot are proud they will be paying for GM's union insurance promise (including retirees), since that is part of the reason they are bankrupt, when they're bailed out with taxpayer's money!

"GM seeks $50bn bailout to avert meltdown"

When times were good, the automakers did not take on the UAW, which the companies say drove up their labor costs to $30 per hour more than Japanese companies paid their workers. The figure includes pension and health care costs for hundreds of thousands of retirees.

[AU72]

We have a former community organizer, who won 3 elections with no oppostion, now the most powerful man in the world.

Ther real power will reside in those closest to him.

[hflynn]

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

One little problem Kenneth, when O-clueless gets through defining who is rich Americans making 35K are going to be a little puzzled.

There is a strong smell of a one time presidency in the air months before it even begins. By 2010 we may all be quacking back at the earliest lame duck presidency in history.

[silverleaf]

middle class is anyone who works hard enough to cover the bills and too hard and long to spend time complaining

[Son House]

Grow the Economy, Stupid