Posted on 11/09/2008 8:22:24 AM PST by 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.
(Excerpt) Read more at nydailynews.com ...
A month???:-))
You and I are on the same page here. People who don't want to read just want to be spoon-fed doggy crap in the form of bright pictures and glimmering spectacles and emotional rags sopping wet with liberal sophistry and blaming everything and everyone other than themselves for their messed up lives. I only watch TV when I want to see a pretty face or have a good laugh(at what people try to pass as serious analysis).
And that $72 billion will be offset by $120 billion tax revenue reduction due to reduced growth.
the middle class is back ? I thought the RATS said it was gone...
I have heard differing reports. Sorry I can’t produce the link, but some reports have said only the two top income tax categories will be allowed to increase when the Bush tax cuts expire.
Anyone have a source that we can trust? If we are going to rip president zero, lets get our facts straight.
LOL. I remember them having a bit of trouble defining who the middle class are.
Now you know the truly rich are never gonna go for that.
Especially if all the tax loopholes are done away with (not even Warren Buffet would go for that).
We need to keep a close watch on who is getting tax exemptions and who is not.
Does anyone want to be making $35,000 a year and be taxed 42% not including all the other taxes you have to pay including property taxes, utility taxes, taxes on food, clothing; other essentials?
I remember the Carter years and waiting in line for gas. I told one of my friends who had just gotten a really good raise; just you wait. He didn’t believe me until he saw his paycheck and almost fainted and with a baby on the way.
He thought what he deemed the rich didin’t have a hard time and the rich weren’t making anywhere near what they appear to be making now. He became a believer really fast. You mess with peoples’ money and their rights you are in deep you know what.
A man, who for 20 years attended a church that preaches a “Disavowal of the Pursuit of “Middleclassness”” now tells us he wants to help the middle class.
With friends like him....
The only difference between Bush and the Democrats regarding the economy was that Bush cut taxes, spent more than the Democrats, and borrowed it all from the Chinese.
Obama’s plan is to raise taxes, spend just as much as Bush and borrow from the Chinese to bankrupt future generations.
What about Warren Buffet???
Do you think he’s going to all HIS $$$ AWAY FROM HIM??
Why not???
What they will do is take the jobs offered by an expanding government, including the new well armed security force that will enforce love of "The One".
Since none have passed, by default they will all expire at the end of 2010. The 2009 budget passed by the House is dependent on letting them all expire.
http://www.usatoday.com/news/washington/2008-03-13-senate-tax_n.htm
This was a recent response from Obama or his minions that all Bush tax cuts would be left in place except for the top two brackets.
I’ll have to look for it again. I’m not out to defend Obama, but we should not look like Democrat loons.
I know that Obama’s tax calculator took into account the Bush tax cuts being in effect through 2009, but there was no mention of the tax cuts being extended.
Considering how quickly the people who were going to get a tax hike went from $250,000 to $100,000 I am sure he is going to "try his hardest" but the budget depends on letting all the cuts expire.
It's the latter, I'm afraid. Some of his comments during the primaries indicated that he wants high capital gains taxes. Even when economists pointed out the impact they would have in increasing tax revenue would be minimal, he pushed forward. He really hates business and individual enterprise; it must be the government in control, always.
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