Posted on 08/24/2010 1:24:17 PM PDT by blam
The October Surprise: Is Obama About To Announce A Massive Shift Towards Cutting Taxes?
Joe Weisenthal
Aug. 24, 2010, 2:35 PM
For some time, the Obama administration has made it pretty clear that it's got no interest in extending the Bush tax cuts, at least not for the wealthy.
The line from Tim Geithner has been: the US needs to show a credible commitment towards deficit reduction.
But with the yield on the 10-year dipping below 2.5%, and the market now CLEARLY more worried about a double-dip than the US debt, Geithner's justification for hiking taxes sounds silly.
Barron's Steve Sears Tweeted that "trading desk chatter" he's heard is that Obama will reverse course, and actually we can see it happening.
Obama needs a shock & awe kind of move to restore confidence in the economy and his administration, and a reversal on tax cuts would actually do it. All the claims about the administration being anti-business (and thus creating an uncertainty that was preventing hiring, etc.) would vanish.
Granted, we're not sure it would have any REAL effect on the economy, just like letting the tax cuts expire wouldn't cause all that much harm (except, insomuch as they hit small businesses), but in terms of a signaling mechanism, a reversal on tax cuts would be a good move.
[snip]
(Excerpt) Read more at businessinsider.com ...
It would not matter. Nothing good in the economy will occur until he is gone. Preferably by impeachement in Jan 2011 or sooner. The night of the election - people with money and brains when Galt or Atlas Shrugged. Nothing good is going to happen until he is out.
The problem is he will destroy America before that happens and he will be helped 100% by *ALL* of TV plus the NFL, NBA, MBL, NCAA and other groups.
We have properly been talking about cutting taxes since he walked in the door. Were he to do so, he would be in the position to say, "OK, I cut taxes--now, where's all the jobs?"
If the tax cuts work--he gets the credit.
If they fail--he gets to say "More failed Bush-era policies."
He doesn't give a damn that reducing taxes goes against his political philosophy--IT DOES NOT MATTER anymore. He has so screwed this country it's going to take decades to recover--what the heck would he care if he cut taxes? He could just raise them again, or leave an unbelievable mess (bigger than the one he's already left) for the next Republican, or set the stage for his next term or the next Dem to institute even MORE draconian restrictions on business growth and personal income.
This is possible.
A massive change like this would INCREASE uncertainty. Uncertainty is what is causing businessmen to not spend capital. The only reason to pull such a stunt would be to fool people like this author and provide some fodder for the MSM to beat their drums.
Yeah, and Al Qaeda is about to shift into becoming a Jewish charitable organization.
The fact the author is using the canard “double-dip” means he doesn’t know what he’s talking about.
Personally, I’m more interested in seeing Barry’s transcripts than a birth certificate. There must be reasons why he won’t release them.
Not so much Kool-Aid Joe.
Yeah, like he didn’t attend, or flunked and was passed along anyway, as if he were a star BB or FB player??
NFW. And if he did, it would be a lie and everyone above a 90 IQ knows that.
Long shot because Sept will be the Israel/Peace dog and pony show to divert attention from wackmadinajob and their nukes.
Then maybe in Oct he does the campaign trail via rallies at Union shops, and screaming about how things are working.
On second thought, not a chance, this is the market wishing for fishes to get another pump and dump, so they can get out.
A massive tax cut would increase the deficit in the short term. What would that do to the dollar? Inflation? Obama has increased spending so much with stimulus spending and Obamacare will make it even worse as we near full implementation in 2014.
Not to mention the political chaos that would ensue as every Dem congressman scrambled to take a position, days before the election.
Right before enacting a massive tax increase.
Then we will listen to the MSM telling us how higher taxes are in fact lower taxes.
I’m thinking he had a low GPA, majored in ethnic studies, got into Harvard on affirmative action or some combination of the above. I’d love to see those transcripts.
I dont think thats Joe the Plumber.
The unions might believe him. Those who are on every type of social assistance program available will probably believe him, and also will think it will improve their status.
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