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.

[CottonBall]

You’re a lot nicer than me. The MINUTE my son moved out, his old room became my Sewing Room, and he’s not allowed back in, LOL!

Mine is 17 and I'm thinking he should move into the hallway soon! He needs to realize he's on his way out and then I can do something interesting with that room (haven't decided what yet).

[Las Vegas Ron]

Er - elections have consequences?

Ya know, I'm really fed up hearing that

[Star Traveler]

You said — “Well we can let Obama expire in 2012.”

You had better get a significant number of those voters, that voted for him in the last election “unhappy with him”. And they had better be unhappy enough to switch parties on their vote. If you can’t convince them of that, you don’t have a chance this next election. That’s the key — to get them unhappy enough with Obama, that they will actually switch parties in their voting...

That number, by the way was 69,456,897 to 59,934,814. The Electoral College was 365 to 173.

Those are the numbers that will have to change by then...

[jveritas]

Excellent points regarding the percentage of tax increase once the Bush tax cuts expire.

[CottonBall]

I usually find a news item to genuinely piss me off within my first 20 minutes of FR every day. That's on top of this feeling I've had since the election. I don't know what to call it...tension, foreboding, spider-sense...that signal that animals get before an earthquake that something reeeeally bad's on its way.

I've been putting that feeling to good use - stocking up on food, supplies, and precious metals (including lead). And getting an evacuation plan in order when the real violence starts in the city. Let that feeling help you to prepare.

[Texas Eagle]

But Obama voters DO think it's 5%!

Well, hell. Obama voters think they shouldn't even have to pay for the gas they put in their car or pay for their own mortgages.

Or their own schooling or their own health care.

What's next? Their own clothes and their own food?

[Big_Monkey]

"Let the monkey rule somebody else."

That, good Sir, is an insult to Monkeys everywhere!

[anniegetyourgun]

I know...I know...the socialists have taken over.

[CottonBall]

I”m sure many already get foodstamps.

But yes - when things get worse, much worse - they’ll be the ones stealing outright from us.

[tiredoflaundry]

Obama giveth, Obama taketh away.

[Myrddin]

Well, it’s none of my business but you did volunteer the information so may I ask, is there some reason why you SHOULD allow your son to live rent-free?

Because I don't want him living under a bridge in San Diego. His real estate business collapsed and left him with a mountain of debt. I've tried to put him back on his feet so he can earn enough to pay off the debt, then go on his way.

[4yearlurker]

Hah! How many folks who fit in this tax bracket voted for “he who's middle name must not be spoken.”

SUCKERS!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!ENJOY!!!!!!!

[jveritas]

I have a great suspicion that you voted for Barack Obama. You do not criticize him at all but you always criticize those who criticize him.

[Mad_Tom_Rackham]

More dumping on the taxpayers when they are already suffering during this recession

The new Democrat formula: When in a recession, massively increase taxes and force a depression. It's almost time for the torches, axe handles, and pitch forks, folks.

[RetiredArmy]

No worries. Premier Obamamugabe will quickly turn the USA into Zimbabwe. No worries. We will not become a 3d world nation. No WE ARE GOING TO PASS THIRD and go directly to a FOURTH world nation.

[Mad_Tom_Rackham]

Stocks in the tank on Monday...

All except for the gun manufacturers.

[thecabal]

That’s the shell game, baby!

[Jet Jaguar]

Yep.

[Lets Be Frank]

Higher taxes... Yeah... like that’s gonna help.

[Lets Be Frank]

Higher taxes... Yeah... like that’s gonna help.