Will Obama Dump His Tax Hikes?

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.

stillacapitalist of CA @ Nov 06, 2008 17:16:54 PM

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?

of PA @ Nov 06, 2008 16:40:52 PM

Tax hikes are doubtful short term....

Id say its highly likely he will dump his tax hikes. He already went from "enacting the tax hikes immediately" to enacting them in 2010 (when the bush tax cuts expire).

Notice how when pressed on what he would cut neither he nor McCain couldnt name one thing? The answer is because they dont plan on cutting anything short term.

Short term, this is the right play. Short term, the "right" thing to do to get the economy out of the ditch is spend money we dont have, and dont increase anyones taxes to pay for it.

Long term, this must be reversed. Long term, after this crisis is over, yes taxes must be increased and/or spending curtailed to restore long term solvency. However, that isnt a pressing need and may not be one for a while.

cgd of MT @ Nov 05, 2008 17:43:01 PM

observation

JP,

You have been wrong on the biggest money and political issues of this decade: the impact of the subprime mortgage crisis and the outcome of this election (and will probably be wrong the possibility of a recession). As an idealogue, you do well. As an analyst, your record is terrible.

Joe of AL @ Nov 05, 2008 13:58:29 PM

Obama cannot tax anybody

Only Congress can.

HillbillyBill of TN @ Nov 05, 2008 13:36:42 PM

They wouldn't be tax increases ...

Obama wouldn't actually be raising taxes, he'd just be returning them to where they were during the Clinton administration -- when the country experienced it's longest period of peacetime growth.

The Bushie's have handed us a huge mess, let's hope they Democrats can clean up this disaster.

Nicole Smith of LA @ Nov 05, 2008 12:26:10 PM

Obama and his "Stealth Tax"

By making a big deal of his tax cuts for the middle class, Obama is

able to cleverly raise taxes by using inflation to snare more people

with the AMT, which is a stealth tax which takes away middle class

deductions.

GunsAndReligion of CA @ Nov 05, 2008 12:11:55 PM

stop pretending...

...that Democrats are fiscally conservative. The only spending they have ever cut is defense and our last 2 Democratic presidents were foreign policy boobs. Bush's mistake was acting like a LIBERAL. To pretend that a Democrat, let alone a socialist, will somehow reverse the trend is laughable.

All this "free market failure" is ridiculous. It was liberal interference in the markets (Fannie and CRA) that caused the recent meltdown. Conservatives are honest enough to admit when their president messes up and their party nominates a RINO hack.

Lastly, don't hurt your arm patting yourself for a bloviating comment that is longer than a blog post. Jimmy P. is a prolific writer with a REAL job. Where's your blog?

Pat D of IL @ Nov 05, 2008 12:04:57 PM