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Politics | 11/24/2008 10:15 am

Barack Obama Backs Away From Tax Cuts (the Rich Rejoice!)

By The Staff at wowOwow.com
© AP

Good news for some rich folks.

Obama might not be raising tax rates on high earners as soon as initially anticipated.

Obama’s top adviser, William Daley, said on Sunday’s "Meet the Press" that the future president may "likely" back off from his vow to speed up the elimination of a tax break for the wealthy. This could mean that taxpayers who earn $357,700 annually and pay at a tax rate of 35% will continue to do so until the plan expires in 2010. This original rate was set forth during the Bush administration in 2001. At the end of 2010, the Post reports that the rate is expected to be at 39.6%.

Apparently, Obama has more to worry about on his plate. The meat on his agenda: stimulating the economy.

The Financial Times reports that David Axelrod, Obama’s chief political adviser, said passing a massive economic stimulus package would be the president-elect’s top priority when he moves into the White House in January. This comes as fears deepen that the country’s heading for a "long and severe recession." The AP reports that Obama’s upcoming stimulus plan may not include actions to balance the tax cuts, as Obama originally proposed he would do during his "spread the wealth" campaign messages.

Read more about: Business, Economy, News, Obama, Politics, Taxes, U.S.

86 Reader Comments (so far…) Sign In or Register to comment

Belinda Joy
This is not a surprise; it is exactly what he said within the last 30 days during countless interviews. Given the financial crises we are in, he stated that he may have to rethink this tax option because of the sensitive and fragile nature of our economy. Kudos to him and his economic advisors for putting what is best for our country ahead of any attempt to live up to a campaign promise and in doing so disregard those who will try to use this as a “see, told you he wouldn’t stick to his word” type of response.
By Belinda Joy on 11/24/2008 10:29 am
Mary NSB-Florida
The whining will continue anyway. It seems to be selectively “the country”. Everyone is in this together, until it affects those that haven’t learned to cope. The promised jobs, with their prior tax cuts, never appeared did they ? They were “brave” with investments as long as they thought it was a sure thing and might get them to the super rich level, but where is the bravery when their faith and investments are needed for the benefit of “the country”
By Mary NSB-Florida on 11/24/2008 10:47 am
Okpulot Taha
Belinda comments, “…so disregard those who will try to use this as a ‘see, told you he wouldn’t stick to his word’ type of response.” I told you so! Obama has yet to honor a single campaign promise he made. McCain is right, “Obama will say anything to get elected.” The Black Messiah is breaking one campaign promise after another. He lied to America and America was well aware he was lying, long back. Readers need to learn to deal with reality and to accept reality. Our politicians, both Republican and Democrat, are just a bunch of ignorant megalomaniac opportunists; their interest is only self-interest. “Oh, oh, the Black Messiah is to send us welfare checks! We are saved!” Mule manure. Our government treasury printing presses are quickly running out of ink. There is a limit to how much money the Feds can print off. We have currently exceeded this limit. There is no money remaining and America is drowning in debt. Those of us who fall within Obama’s definition of “rich”, which is now any person or family making over $150,000 a year, we are withdrawing our money from America, we are reducing our earned incomes, we are seeking tax shelters. We are flipping Obama the bird. This is not a “choice” by Obama, this is simply Obama and Democrats having no choice but to come clean on deceitful campaign promises; those folks knew long back most campaign promises made by Obama are worthless sugar pills for Americans. This deceit by all politicians is readily apparent by asking a simple question, “Where will they get the money to fund all these campaign promises?” Ain’t gonna happen. There is no money and those of us who work hard, who are successful, ain’t about to give up our hard earned egg money so our leaders can reward Wall Street for their decades of financial crimes nor about to give up our well earned money to have the Feds give to some crack head whore over on 44th and Vine. McCain promised to reduced taxes and to reduced government spending. We all know we cannot trust politicians, but on this, we all know McCain would have kept his word; he walks the talk, with good common sense. Reality is settling in, deal with this. Whisper me sweet lies, soft sweet lies, Tickle my fancy beyond deceitful delight. Bring a slight sly smile with wicked cries, Tell me, please tell me, during midnight Of beautiful fireflies and dragonflies, Lover of mine, reality is truly my plight, So whisper me sweet lies, soft sweet lies. — Okpulot Taha Okpulot Taha Choctaw Nation
By Okpulot Taha on 11/24/2008 11:11 am
Marjorie C.
Okpulot Taha: Whisper me sweet lies, soft sweet lies,/ … Very pretty and oh so true. For too many, the lie soothes the pain; better the lie, no matter how open to challenge, than the truth which offers nothing. A myriad of songs and poems and novels have been woven around that theme.
By Marjorie C. on 11/24/2008 12:26 pm
gulliver fourmyle
as a pro-poet, prior to biz? this poem stinks—-let’s go back to John Dryden (1631-1700)—- All, all of a piece All, all of a piece throughout: Thy chase had a beast in view; Thy wars brought nothing about; Thy lovers were all untrue. ‘Tis well and old age is out, And time to begin anew. that is a poem, not idiot verse—-‘verse’ is not poetry—-nor will it last centuries—-class dismissed—-
By gulliver fourmyle on 11/25/2008 1:03 am
HA BIBI
Okpulot, Once again an excellent and truthful post! Also quite a lovely poem, it too is truthful and appropiate for those who think this Guy Obama, can save the world. And I’ve got a sneaking suspicion that the worst is yet to come and his wrist are going to be knee deep in rope and the very people who have put their trust in this man to turn this country around are going to be utterly shocked to see that these problems are far more severe than anyone can handle or fix.
By HA BIBI on 11/24/2008 2:31 pm
DeBúrca obj
Elaine, have you met someone who actually thinks our new President-elect, or as you call him “this guy”, can actually “save the world”? I have been a supporter of his since he ran for the Senate, and I know many people who enthusiastically supported Barack Obama and are very happy he will be our new president, yet none of these people nor I would ever think such a fooling thing as Obama “can save the world”… but then again, as much as I disliked Bush from the beginning, when he first came in I would never have dreamed he could have possibly nearly destroyed the world as he has, so who am I to talk eh?
By DeBúrca obj on 11/24/2008 3:53 pm
T P
Who are you to talk indeed I wonder.
By T P on 11/24/2008 5:30 pm
DeBúrca obj
Are you expressing an opinion on an issue or did you just come in here to harass people with snide comments?
By DeBúrca obj on 11/24/2008 8:31 pm
gulliver fourmyle
The 1st Law of Idiots’? ignore them===
By gulliver fourmyle on 11/24/2008 11:21 pm
Marjorie C.
We do our best to ignore them.
By Marjorie C. on 11/25/2008 6:21 am
gulliver fourmyle
yes, but how do you define them?
By gulliver fourmyle on 11/25/2008 9:51 pm
DeBúrca obj
I try my best, sometimes I fail. lol
By DeBúrca obj on 11/25/2008 10:33 am
gulliver fourmyle
hi purty lady—-i just blasted Ohio—-save Devo, if you’re there? apologies—-whole place can’t be bonkers—-personally, i have seen No post from you deserving of less than respect—-no patronizing here—-you’re sharp, savvy, in my view (duhh?) anyone giving you, of all posters, a hard-time? well, Devo says it all w/’mongoloid’—-ya can get ‘em on ‘google-videos’—-enjoy—-
By gulliver fourmyle on 11/25/2008 6:59 pm
DeBúrca obj
Thank you! Tanja Pineda seems to think otherwise if you have read her many posts directed at me!
By DeBúrca obj on 11/25/2008 7:54 pm