More Change that the LEFT Can’t Believe In … Obama May Delay Tax Cut Rollback for the Wealthy (Bush Tax Cuts Delayed?)
More Obama’s promises of non-change, it is starting to become a trend.
Change you can believe in … Obama decides against campaign promise of ending Bush tax cuts for the rich. Even a liberal like Obama wants to have a second term before his first even starts. Every right thinking common sense American knew that a tax increase on anyone during these economic times would mean further disaster. It would appear that Obama’s new economic recovery plan that looks to save or create 2.5 million jobs over the next two years will be done without tax increases on the rich.
Power Line seems to think that Obama has provided yet another disappointment for the Democratic Left and has a new slant of George H.W. Bush’s comment on taxes, “Read my lips, no new taxes! Not for a while, anyway”.
More “non-change” you can believe in for the LEFT from Barack Obama. For months President-elect Barack Obama railed on the Bush tax cuts and stated that his priority would be to end the tax cuts for the rich. Obama continued to beat this “class warfare” drum during the Presidential campaign even after the economy headed south and it was obvious that any tax cuts would be even more harmful to the US economy. Suddenly Obama now looks to delay his campaign promise roll back tax cuts on high income Americans as part of his economic recovery strategy.
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.”
Change is a nice campaign slogan to pander to voters; however, it is hardly policy
Think the LEFT is not confused and upset with Obama? Check out the Huffington Post. Is Obama’s honeymoon with the LEFT over before his term has even began. The natives are certainly restless.
So what has changed? Obama made reference during the campaign that this economy was the worst since the Great Depression. With all that being known Obama still pandered to the LEFT and stated that he would provide a middle class tax cut and further tax the rich. However, not willing to recreate the Great Depression under his administration Obama backs off his campaign promises to the LEFT.
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.
As Say Anything states, What’s this? The liberal messiah keeping in place tax cuts for the rich? Heresy!
Could this be a tacit admission from Obama that massive tax hikes are not what the economy needs right now? And that the promise of such may be exactly what’s making the market tank right now?
I think that’s exactly the goal here. Remember: Letting the Bush tax cuts expire would mean a massive hike in taxes on income from investment. And if there’s anything this economy doesn’t need right now, it’s prohibitive taxes on investing.