Obama won't raise taxes on wealthy until 2011 ... link

[Alhena]

I was waiting to see whether Obama would raise taxes on the wealthy right away or wait for the Bush tax cuts to expire at the end of 2010. This article states that the latter is the option he has chosen. Waiting to repeal the Bush tax cuts on the wealthy is probably the smart thing to do politically in a recession - if he raised their taxes right away then anything bad economically that happened afterwards would be spun by the Repukes as a vindication of supply-side economics.

http://www.nydailynews.com/news/politics/2008/11/08/2008-11-08_obama_says_hell_tax_the_rich_roll_back_b.html

[bluestateguy]

1. Important talking point to remember: the over $200,000 crowd voted 52% for Obama

Not that their special "permission" is needed, but he has a mandate to do this.

[Historic NY]

2. I agree concentrating on a number of things first before ..

raising taxes is a wise move. I think his approach to get people working first is probably the best, people making more money are more apt to accept a tax hike. Once the MC see he isn't taking their money, those over 250k can't complain about the small hike they will have.

[acmavm]

3. I don't know. The reversal of the tax breaks for the wealthy and new tax

breaks for the middle class are pretty much the meat and bones of his election campaign promises. If he starts waffling on shit like this then there will be a lot of 'buyer's remores' amongs indies and cross-over repubs. He can't afford to dilly-dally on this one.

But I'm willing to wait and see what he says to my face. When it comes out of his mouth, then I'll start to worry.

I never saw this guy as a liberal anyway. If he taks a conservative turn on us, I won't be surprised. Campaigns are one thing, reality is another. I'm just gonna wait until he actually does something to freak out.

[GarbagemanLB]

5. Issue #1 is the economy, and doing WHATEVER is needed to get it on track. Shit like delaying tax

increases for the wealthiest Americans won't hurt him AT ALL if it means getting the economy working again.

[acmavm]

8. Phooey. We need the money from those fucks. Do you think they're gonna

pony up on their own? Have they done it so far? Are you still a believer in trickle down economics?

No, the wealthiest need to start paying their way. And the middle and lower classes need some cash in their pockets. And the tax cuts are at the heart of this issue.

[GarbagemanLB]

9. Notice I didn't mention tax CUTS. Going back on a promise of tax cuts is potentially harmful. I simp

ly took issue with your assumption that Obama going back on a promise to INCREASE taxes on a demographic that voted for him (I believe it was a 52/48 split) will hurt him.


It won't.

[acmavm]

12. Tax increases, tax cuts. The siamese twins of our ecomony. You can't

have a cut without an increase somewhere.

edit: to add unless you want more of what we got now.

[Grey]

4. I saw a 5 second sound bite that

with Obama saying first we must close some loopholes.
It was on CBC News and I have no link. Sounds good to me.

[Celebration]

6. excellent decision in this economic climate n/t

[Two Americas]

7. right

We don't want to get the Republicans mad at us. It is not as though the public had utterly rejected them or anything.

[MadHound]

10. Stupid move on his part

The beginning of his administration, when he's got the momentum, mandate and popularity on his side is the best time to push through these sorts of measures. Not to mention the fact that politically it is better to get these sorts of things done early in administration rather than closer to the election, when it they are closer to the surface of the public's memory.

Do it, get it done now. We need the money and can't afford to wait for another two years. All that this delay will do is rack up the debt some more without a concurrent rise in government income.

[ben_meyers]

11. WTF? His mandate was to tax the crap out of the stinking

rich and spread the wealth. Let's go here!

Huge tax increases are good for the economy, didn't Bushco's tax cuts for the rich cause all these problems?

[Prodigalone]

13. We need to tone down our rhetoric against the rich

Wealthy citizens are instrumental to the nation's economy. They too have right to benefit from an Obama administration.

[Doityourself]

19. Ahhhh...I'm sure...welcome to DU..lmao

[DrToast]

14. Raising taxes in a recession is a bad idea

I think Obama is making the right move to go ahead with the middle-class tax cuts and wait until the economy is on firmer footing to raise taxes.

[Name removed]

15. Deleted message

Message removed by moderator. Click here to review the message board rules.

[blondeatlast]

20. Here you are with yet another screen name.

I've done my civic DUty...

[TexasObserver]

16. It's the smart move. He wants to get a tax cut passed that will help the middle class.

Raising taxes during a decline is not sound policy.

He's doing the right thing.

[TheManagement]

17. politically expedient and economically sound.

Possibly raise the top two brackets by 1/2 of what he originally planned in 2010 and then the full amount in 2011.

[dailykoff]

18. And so it begins.

No, he won't raise taxes in this term, maybe next term, but then he won't do it then either.