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Thread: Barack Obama may delay tax-cut roll back for wealthy until 2010

  1. #1
    Elite Member kingcap72's Avatar
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    Default Barack Obama may delay tax-cut roll back for wealthy until 2010

    WASHINGTON (Reuters) President-elect Barack Obama may consider delaying a campaign promise - to roll back tax cuts on high-income Americans - as part of his economic recovery strategy, two aides said on Sunday.
    David Axelrod, the Obama campaign strategist who was chosen to be a senior White House adviser, was asked if the tax cuts could be allowed to expire on schedule after tax year 2010 rather than being rolled back by legislation earlier. "Those considerations will be made," he said on "Fox News Sunday."
    Bill Daley, an adviser to Obama and commerce secretary under former President Bill Clinton, said on NBC's "Meet the Press" that the 2010 scenario "looks more likely than not."
    President George W. Bush's tax cuts are set to expire at the end of 2010. After that they would revert to 2001 levels, when the top individual tax rate was 39.6 percent.
    Obama has called for reducing taxes for the middle class, but requiring the wealthiest Americans to pay more than the current top rate of 35 percent.
    His aides' comments suggest Obama may be wary of imposing any additional tax burden at a time of deep crisis, despite the outlook for record budget deficits and mounting national debt. He may also be seeking to bolster Republican support for his recovery measures.
    "The main thing right now is to get this economic recovery package on the road, to get money in the pockets of the middle class, to get these projects going, to get America working again, and that's where we're going to be focused in January," Axelrod said.
    Obama said on Saturday he was crafting an aggressive two-year stimulus plan to revive the economy, aiming to save 2.5 million jobs by January 2011 through projects including transportation infrastructure, school modernization and alternative energy.
    Obama called in October for a $175 billion stimulus measure, but he suggested he was ready to push for a much larger package.
    U.S. Sen. Charles Schumer, a New York Democrat who is part of the majority leadership team in the Senate, told ABC's "This Week" that an economic recovery package between $500 billion and $700 billion is needed and could be ready by the time Obama takes office on January 20.
    "I think it has to be deep. In my view it has to be between five and seven hundred billion dollars," Schumer said.
    Obama may delay tax-cut rollback for wealthy
    I understand why Obama may have to delay that rollback on the tax-cuts for the wealthy. Hell, with the way the economy is I won't be surprised if he has to raise taxes on everybody the way Clinton did, which is how we got that surplus. But he's going to catch hell for it.

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    Elite Member Kathie_Moffett's Avatar
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    I think as long as he leaves the lower to middle middle class (and the poor) out of any raises he would still be okay. I don't really know all that much about tax finance, but my accountant says that very few of those uber-rich people ever pay anywhere in the vicinity of 30% plus in taxes.

    Raising corporate taxes would be interesting...from what little I know. Snicker. I'd love to see that.

    I do also think, very generally, that he'd lose the backing of a lot of moderates, independents and Republicans if he began taxing everyone. If he's realistic he'll balance things out so that he can achieve a second term and have eight full years to really execute his plans as well as possible.

    (I know a lot of Repubs who voted for Obama, but then I do live on the West Coast...lol.)
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    Elite Member Grimmlok's Avatar
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    Americablog comments on it:

    When you are in a recession you can't raise taxes, cut spending or try to balance the budget because it would be too painful.

    When you are coming out of a recession you can't raise taxes, cut spending or try to balance the budget because you may fall back into the recession.

    When there are signs that you may be headed to a recession you can't raise taxes, cut spending or try to balance the budget because you may cause a recession.

    When everything is booming it is time give the taxpayers some relief and live a little, so you cut taxes, spend even more and mantain an unbalanced budget.

    It is never the right time to act responsibly so a depression is inevitable. Obama is just another politician. Can I have my vote back?

    If the middle class is going to have to suffer through layoffs and foreclosures, what about those who have no jobs, no house, no hope at all? The truly poor?

    What is going to happen to pensions, 401ks, etc.? What is going to happen to city, county and state govts which are slowly losing revenue because of foreclosures, plant and business closings, etc. and no way to make up the revenue?

    The "infrastructure program" is not supposed to start until 2011, either; that is supposed to provide jobs. Where will jobs come from until then? How much will the debt and deficit increase during those 2 years?

    So what does the majority of the country do to survive in 2009 and 2010?
    To me it just sounds like he's pussying out of THE major plank of his campaign.

    Way to go, Obama. Just let the country rot for a couple years because you don't want to upset rich people or have Republicans call you a bad name. Just let the statutes expire by themselves in 2 years.


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    Elite Member Jexxifer's Avatar
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    Quote Originally Posted by Kathie_Moffett View Post
    but my accountant says that very few of those uber-rich people ever pay anywhere in the vicinity of 30% plus in taxes.
    Then who is this FICA guy taking all my money???

    That may be true, but that is not factoring in SSI and Medicare as well. Over 7% of my gross income is automatically taken to fund a pyramid scheme and healthcare coverage that is inadequate. I then have to pay income taxes on this 7.65% that is forcibly removed by the government.
    I also have state income tax at 6% since I make over a whopping $7k a year, along with sales tax, property taxes, etc.
    All together, it is a minimum of 30%, and unfortunately for me, I am nowhere near rich.

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    Elite Member greysfang's Avatar
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    Quote Originally Posted by Grimmlok View Post
    Americablog comments on it:






    To me it just sounds like he's pussying out of THE major plank of his campaign.

    Way to go, Obama. Just let the country rot for a couple years because you don't want to upset rich people or have Republicans call you a bad name. Just let the statutes expire by themselves in 2 years.


    Wusssssssssssy

    I don't really see it that way. He's just letting them expire naturally instead of expending a lot of time and energy on repealing it earlier. He really does have more important things to worry about right up front, I think its just a matter of prioritizing. I personally would rather he spent his first weeks re-working trade agreements so the economy in general will have a better foundation.
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    Elite Member Just Kill Me's Avatar
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    Quote Originally Posted by Grimmlok View Post
    To me it just sounds like he's pussying out of THE major plank of his campaign.

    Way to go, Obama. Just let the country rot for a couple years because you don't want to upset rich people or have Republicans call you a bad name. Just let the statutes expire by themselves in 2 years.


    Wusssssssssssy
    OMFG, don't judge him until he's in office!!!!! I find this hilarious; disgustingly hilarious that's all three fucked up facets of my brain laughing their bitter little asses off.
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    Elite Member Grimmlok's Avatar
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    No, don't judge until he's laid down POLICY. This is POLICY.

    Bitching about who he appointed as economic guru would be bitching without reason.

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    Elite Member Just Kill Me's Avatar
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    Oh come on. So the people he appoints don't matter? Might as well not even exist? Yeah, they don't do anything.
    KILLING ME WON'T BRING BACK YOUR GOD DAMNED HONEY!!!!!!!!!!

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    Elite Member Grimmlok's Avatar
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    They don't matter until policy is laid down. Policy is what matters.

    Sure, you can moan about their previous track record.. if say Obama appointed Jerry Falwell to be his director of social programs...

    but so far he hasn't appointed anybody heinous that has a track record you can point at and say THIS PERSON WILL BE 100% BAD
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    Elite Member Just Kill Me's Avatar
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    I will never agree with that application of selective logic; I think it's all the same. Yeah, Jerry Falwell would be almost as bad as Robert "I can't say whether or not waterboarding is torture" Gates.

    We can't say they'll be 100% bad; maybe just 25% bad like Hillary Clinton and her erroneous support of invading Iraq. It was an honest mistake and all should be forgiven and forgotten.
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    Elite Member kingcap72's Avatar
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    Quote Originally Posted by Just Kill Me View Post
    I will never agree with that application of selective logic; I think it's all the same. Yeah, Jerry Falwell would be almost as bad as Robert "I can't say whether or not waterboarding is torture" Gates.

    We can't say they'll be 100% bad; maybe just 25% bad like Hillary Clinton and her erroneous support of invading Iraq. It was an honest mistake and all should be forgiven and forgotten.
    Except Hillary never admitted that voting for the war was an 'honest mistake.' In fact, she kept blaming Bush for pulling the wool over her eyes, which is why Obama was able to hammer her on that erroneous support for invading Iraq. Talk about selective logic.

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