Will Obama Dump His Tax Hikes?
I was part of the Election Night coverage on CNBC where there was all sorts of talk about a President Obama ditching his planned tax increases. I tend to doubt that. All of his economic advisers seem to share one core belief: Higher taxes, unless they go though the roof, don't slow economic growth. And given that an Obama administration will be on the hunt for revenue, I think still think taxes are going up. Plus, to abandon the tax increases by admitting that higher taxes hurt economic growth is really to undermine the whole intellecutual architecture of Obamanomics.
Tags: income tax
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Reader Comments
Clinton vs. Obama?
I'm quite sure that Clinton would not appreciate being compared to Obama. Clinton was a conservative Democrat.
As an American, I will support our new President. With Obama and control of both houses ...the Democrats have no excuses.
I didn't know Obama knew anything about taxes and the economy
Obama is going to be the typical democrat. What he is going to do is approve earmarks, take the lobbyist monies for it then burden the taxpayers. That's why he's ready to bankrupt the coal industry for being "dirty" and gouge us in energy. Looks like this has already begun.
The markets are dropping. A capital gains tax hike and taxes on 401 K's and IRA's are a miserable idea in a credit crunch.
My biggest hope for Obama is that he does exactly the same thing he did in the Senate. Nothing.
I trust the free markets, I don't trust politicians.
Think about this
Think about this, if Obama is going to give tax breaks to middle and lower income families, where is he going to get the money to make up for it? Upper income families usually own or heavily invest in businesses. These are the ones who are going to have to make up the slack. In turn, for them not to lose money, they will raise prices on their products and services or at least cut jobs, medical benefits or salaries. In the long run, who will end up paying the taxes anyway? And if you are thinking about his national medical policy being great, you're wrong. If that type of plan is so great, why in the world are people coming from Canada to get medical help here in the United States? They can't get in to see doctors for months and even then can't always get the care they need. I know of several that have had to come down here for surgery because they couldn't get it done in Canada.
One more thing if Obama is going to cut spending anywhere it will be the military, which will put us back to the same place we were on 9/11. Can you stomach the thought of another twin towers experience?
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