Obama to Allow Bush Tax Cuts to Expire on Schedule

Al Reuters ^ | February 21, 2009 | Staff Writer

[Diana in Wisconsin]

WASHINGTON (Reuters) - President Barack Obama will allow tax breaks given to wealthier Americans under his predecessor, George W. Bush, to expire as scheduled rather than eliminate them sooner, an administration official said on Saturday.

Obama, who promised during his White House campaign to roll back tax cuts on people earning more than $250,000, also plans to boost tax collections from about 16 percent of the economy this year to 19 percent in 2013, the official said, confirming a Washington Post report on Obama's budget proposals for the 2010 fiscal year.

[Diana in Wisconsin]

And I’m free, free fallin’
Yeah I’m free, free fallin’
And I’m free, free fallin’
Yeah I’m free, free fallin’
And I’m free, free fallin’
Yeah I’m free, free fallin’

We’re so screwed.

[Sir Gawain]

Thanks for reminding the market to drop again Monday Ogabe.

[mware]

So that $13 dollars we are suppose to see on our paychecks will not even be visible since they are going to tax us on the old scale.

[anniegetyourgun]

Great, more tax increases....upon the ones he’s already planning....and the ones our lib/dem governor is planning.

[Neoliberalnot]

More dumping on the taxpayers when they are already suffering during this recession—depression is his goal and succession will be states’ reaction. Let the monkey rule somebody else.

[wewereright]

Did you notice that no figures were provided.

Who is considered a wealthy American? O promised to lower taxes on those making less than 250K but bushes tax cuts helped persons making much less!

[jveritas]

Every income tax bracket will increase by at least 3% once the Bush tax cuts expire in 2010 and not just the wealthier Americans unless by wealthier they mean anyone making over $ 15,000. These people cannot stop lying. It is beyond insane.

[ProudFossil]

...also plans to boost tax collections from about 16 percent of the economy this year to 19 percent in 2013,...

Is the great zero still president in 2013???

[ErnBatavia]

...came upon this one while image searching for "flim flam man"....it'll do.

[Mad_Tom_Rackham]

There’s a shocker!

[Texas Eagle]

What al-Reuters conveeeeeeeniently forgot to mention is that by allowing President Bush's tax cuts to retire, Present Obamalamadingdong will be increasing the bottom rate from 10% to 15% and the 20% bracket to 25%.

Do the math with me. Raising the 10% bracket to 15% represents what percentage of increase? Hint: The correct answer is NOT 5%.

Raising the 20% bracket to 25% represents what percentage of increase? Hint: The correct answer, again, is NOT 5%.

Finally, raising the 35% bracket to 39% represents what percentage of increase: Hint: The correct answer is NOT 4%.

Extra credit question: People in which tax bracket will see the largest percentage of increase in their taxes?

Extra extra credit question: People in which tax bracket will see the smallest percentage of increase in their taxes?

[Vaquero]

who’d a thunk it.

[Diana in Wisconsin]

“...but Bush’s tax cuts helped persons making much less!”

They sure did! He put THOUSANDS back into our pockets over the past 8 years.

[Myrddin]

The liar is in full bloom again. My back of the hand calculation shows the rollback will take $1,000 of net income out of my family budget each month. Small business owners will be laying off at least one minimum wage employee to counter the tax increase. Consumers losing $1,000 each month won't be spending it in the economy. That may call for additional layoffs with reduced business. I see lots of layoffs coming.

[misterrob]

Hey, it’s great if you are short!!

[Kryn-Man]

I do not like this man. He has no clue what he is doing. Can we impeach him yet?

[Centurion2000]

Let's see .... economy in trouble ...

Raise Taxes (check)
Spend $$ we don't have on pork (check)
I'm just waiting to see what POS gun control laws come next. Oh wait ... those will come AFTER April 15th so that people can't effectively protest it.

[A. Morgan]

[Diana in Wisconsin]

“I see lots of layoffs coming.”

Yep. Layoffs and no jobs to be found to replace them, even at a lower wage.

And this is just a tiny *blip* from al reuters! I haven’t seen it in any other newspapers or on-line papers. Announcing this news on a Saturday night. Gee. Think they’re trying to hide something?