Will Obama Dump His Tax Hikes?

It's not that taxes will be going up...

...it's who will be paying the higher taxes.

Mid and lower-income earners will see a tax break (that means LOWER taxes for the average family) while high income (above $100,000-$250.000 per household/business, depending on which biased pundit is getting closer to the truth than this completely uninformative blog indicates) will see a modest tax increase (on the order of going repealing the tax breaks given by the Republicans - or at least letting them expire, so the old tax rate, which wasn't that much higher, goes back into effect) back to previous levels.

I wrote a lot more that was acutely personal and decided I was above insults.

I'll just point out that the economy under the Republicans over the last eight years showed multiple egregious and irresponsible acts which brought our economy to the point of collapse, taking most of the rest of the world with it. A strong dollar benefits EVERYONE in the US and we can't have a strong dollar if we're printing more money to cover the spending we're doing on our bail-outs and wars. Deriding the idea of returning the tax rate to pre-2001 levels is fiscally irresponsible given that the deficit spending being done recently (to the tune of another trillion dollars) MUST be paid for eventually and that's done through tax revenues in the short term. That's the only way to strengthen the dollar quickly enough to have an impact on the economic conditions.

I also see a fundamental shift away from a 'free market economy' to a regulated economy in which the government will take a more active role as both investor and regulator - things which have peril as well as promise.

Decrying "tax increases" for the sake of a blog shorter than THIS comment does no one any service. Perhaps it would be best if, in the future, your blogs contained some actual numbers and background so that people will be informed instead of inflamed.

Fatesrider of CA @ Nov 05, 2008 11:45:29 AM