Politics | 11/24/2008 10:15 am
Barack Obama Backs Away From Tax Cuts (the Rich Rejoice!)

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.























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