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Obama likely to not repeal Bush Tax Cuts - 11/24/2008 6:28:33 AM   
OrionTheWolf


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I for one feel a little better about this. It may go against one of his campaign promises, but the we do not need anything that may cause things to get worse. I also hope those cuts he is talking about get rid of a lot of pork.

"Over the weekend the Obama transition team signaled its intent to take a lead role on economic matters starting today, announcing its key economic players and outlining a stimulus package which, according to the New York Times, "might be extraordinarily large." The Times adds "a member of the Obama economic advisory team, William M. Daley, acknowledged that because of the gravity of the situation, Mr. Obama was leaning toward letting a Bush tax cut for the wealthy expire on schedule in 2011 rather than repealing it sooner." The Wall Street Journal reports President-elect Barack Obama's "new economic stimulus plan" is expected to contain "more than $500 billion in federal spending and tax cuts." The Washington Post, meanwhile, says the "massive fiscal stimulus program...could total as much as $700 billion over the next two years," and U.S. News and World Report estimates the plan's cost at $300 billion. "

http://www.usnews.com/usnews/politics/bulletin/bulletin_081124.htm

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RE: Obama likely to not repeal Bush Tax Cuts - 11/24/2008 6:38:10 AM   
Aileen1968


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A politician that doesn't follow through on a campaign promise????
Unheard of.  I'm appalled.

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RE: Obama likely to not repeal Bush Tax Cuts - 11/24/2008 7:09:29 AM   
Sanity


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It looks like our little Barack Obama is growing up.

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RE: Obama likely to not repeal Bush Tax Cuts - 11/24/2008 7:10:10 AM   
chiaThePet


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I've always felt that taxing bush was a tad bit un-American.

So I'm with the big O on this one, less tax, more wax.

I'm sorry..........

It's about what?

Ohhhhhh.

Nevermind.

chia* (the pet)

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RE: Obama likely to not repeal Bush Tax Cuts - 11/24/2008 8:01:25 AM   
OrionTheWolf


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All politicians do it, and on this one I am glad he has for now. Presidents in the past have come in with tax increases or such, when the economy was bad, and made things worse. Maybe this will calm some of the +250k crowd and I will see more small business investments.


quote:

ORIGINAL: Aileen1968

A politician that doesn't follow through on a campaign promise????
Unheard of.  I'm appalled.


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RE: Obama likely to not repeal Bush Tax Cuts - 11/24/2008 8:06:19 AM   
Dnomyar


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A lot of small business is from the under $250K crowd.

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RE: Obama likely to not repeal Bush Tax Cuts - 11/24/2008 8:09:29 AM   
OrionTheWolf


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Never said they were not, but the +250K crowd are many of the ones buying property (money back into the economy), having them fixed up (money back into the economy) and then renting/leasing them out. Rental properties around here have become cheaper than apartment housing. the area I am in is still growing, though slowing down, and many of the small business look for investors/partners which are usually the +250K crowd. These of course are just my personal observations from being a business consultant.


quote:

ORIGINAL: Dnomyar

A lot of small business is from the under $250K crowd.


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RE: Obama likely to not repeal Bush Tax Cuts - 11/24/2008 12:43:12 PM   
NorthernGent


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quote:

ORIGINAL: OrionTheWolf

I for one feel a little better about this.



Read this in the paper this morning......the man of change eh.......who would have thought it? Extrapolate the line, and it looks like the bloke will be getting his cock sucked in the stock cupboard by Christmas.

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RE: Obama likely to not repeal Bush Tax Cuts - 11/24/2008 12:46:01 PM   
Vendaval


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Many political goals are going to have to be re-evaluated due to the current economic crisis.  Such is the nature of politics and economics.

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RE: Obama likely to not repeal Bush Tax Cuts - 11/24/2008 12:48:30 PM   
NorthernGent


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Come on, V, he knew what was what during the election campaign; this isn't a sudden awakening.

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RE: Obama likely to not repeal Bush Tax Cuts - 11/24/2008 1:05:59 PM   
Vendaval


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I expect any politician make adjustments and compromises while in office.  It is the natue of the trade.  Can you provide an example of someone who fulfilled 100% of their stated goals and items on their agenda once they took office?

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RE: Obama likely to not repeal Bush Tax Cuts - 11/24/2008 1:08:21 PM   
Mercnbeth


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quote:

I also hope those cuts he is talking about get rid of a lot of pork.
Cuts? What cuts? MORE spending and continuing tax cuts. Guess we'll promise to reduce the deficient next term with all the integrity and trust equity he'll have built up by then.

Too many people have to be paid back to expect anything else than what you're reading; same old, same old.

quote:

Mr. Obama was leaning toward letting a Bush tax cut for the wealthy expire on schedule in 2011 rather than repealing it sooner." The Wall Street Journal reports President-elect Barack Obama's "new economic stimulus plan" is expected to contain "more than $500 billion in federal spending and tax cuts." The Washington Post, meanwhile, says the "massive fiscal stimulus program...could total as much as $700 billion over the next two years,"


FOUR MORE YEARS! FOUR MORE YEARS! FOUR MORE YEARS!

First the Congress - elected on the promise of ending the funding for, if not the war in, Iraq - didn't; now the PE elected under the banner of "Change" - is indicating he doesn't plan on doing so while empowering former Clinton administrators and a Clinton herself. 

Yup - that's what was expected - right?

Let the rationalizations begin!!

Oh wait - just read some of the replies and it seems they already have...

< Message edited by Mercnbeth -- 11/24/2008 1:11:56 PM >

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RE: Obama likely to not repeal Bush Tax Cuts - 11/24/2008 1:18:16 PM   
celticlord2112


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quote:

Too many people have to be paid back to expect anything else than what you're reading; same old, same old.

Hillary Clinton said often during the election cycle "We don't need four more years.....of the last eight years." Pity more people didn't realize they were voting for exactly those four more years.

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RE: Obama likely to not repeal Bush Tax Cuts - 11/24/2008 1:31:25 PM   
NorthernGent


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quote:

ORIGINAL: Vendaval

Can you provide an example of someone who fulfilled 100% of their stated goals and items on their agenda once they took office?



Meeting 100% of objectives isn't the issue, V.

We're talking of a single promise, the type of promise that a lot of people will grasp at in hard times, a promise that is guaranteed to turn heads - the reason the promise was offered of course - and within weeks doing an about turn.

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RE: Obama likely to not repeal Bush Tax Cuts - 11/24/2008 1:34:58 PM   
Vendaval


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I can understand your sentiments, NG.  Something does come to mind though.  During the campaign as the economic situation became worse and worse commentators started asking who on earth would want the job under these conditions?  Do you have any sage economic advice for us on this side of the pond or for our elected officials?

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"Beware, the woods at night, beware the lunar light.
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RE: Obama likely to not repeal Bush Tax Cuts - 11/24/2008 1:38:16 PM   
SilverMark


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Merc. don't you think that at this economic time that any tax break is better than repealing the ones in place? It isn't intimated that that he was foregoing his plan to give the middle class a further reduction, just that he would allow the tax breaks "as is" to expire. If anything I would think you, as myself, would look at this as a positive.
As for using people from the Clinton Administration, aren't those that know their way around the system best suited to "change" it?  I would be a bit afraid if the Administration depended totally on new people inside of Washington. Even as the Democrat I am, I do not look back on the Carter years as a success and always felt that part of his problem in Washington was a bit too many of the Peanut Mafia trying to make headway in areas better suited for those who knew how to work the system. Somehow I always got the impression that Jimmy and his Georgia boys just weren't tough enough to get the job done, I do not have the same feeling with the people Obama is planning to use in the positions announced so far.

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RE: Obama likely to not repeal Bush Tax Cuts - 11/24/2008 1:55:40 PM   
NorthernGent


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quote:

ORIGINAL: Vendaval

Do you have any sage economic advice for us on this side of the pond or for our elected officials?



I quite liked what the other bloke had to say: "these jobs aren't coming back". Took a pair of bollocks when he knew that wasn't what people wanted to hear.

Our eh? Well, you did start a discussion with me.......

Never mind. It's small beer in the grand scheme of life.

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RE: Obama likely to not repeal Bush Tax Cuts - 11/24/2008 1:59:58 PM   
Vendaval


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I meant "our" as in Americans plural.  No offense intended, NG, apologies for any misunderstandings.

"A small beer in the grand scheme of life?" 

lol never heard that one before.


quote:

ORIGINAL: NorthernGent
Our eh? Well, you did start a discussion with me.......

Never mind. It's small beer in the grand scheme of life.


_____________________________

"Beware, the woods at night, beware the lunar light.
So in this gray haze we'll be meating again, and on that
great day, I will tease you all the same."
"WOLF MOON", OCTOBER RUST, TYPE O NEGATIVE


http://KinkMeet.co.uk

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RE: Obama likely to not repeal Bush Tax Cuts - 11/24/2008 2:00:08 PM   
celticlord2112


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quote:

As for using people from the Clinton Administration, aren't those that know their way around the system best suited to "change" it?

No, because they are the ones with the least to gain from any change.

Fewer Beltway insiders and more "amatuers" would do wonders for the quality of governance in this country. There is nothing less useful than a "professional" politician.

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RE: Obama likely to not repeal Bush Tax Cuts - 11/24/2008 2:06:39 PM   
Mercnbeth


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quote:

ORIGINAL: SilverMark

Merc. don't you think that at this economic time that any tax break is better than repealing the ones in place? It isn't intimated that that he was foregoing his plan to give the middle class a further reduction, just that he would allow the tax breaks "as is" to expire. If anything I would think you, as myself, would look at this as a positive.
As for using people from the Clinton Administration, aren't those that know their way around the system best suited to "change" it?  I would be a bit afraid if the Administration depended totally on new people inside of Washington. Even as the Democrat I am, I do not look back on the Carter years as a success and always felt that part of his problem in Washington was a bit too many of the Peanut Mafia trying to make headway in areas better suited for those who knew how to work the system. Somehow I always got the impression that Jimmy and his Georgia boys just weren't tough enough to get the job done, I do not have the same feeling with the people Obama is planning to use in the positions announced so far.


Mark,
Even if you don't remember, a cursory glance at any of my posts on the subject of tax increases and/or not repealing the Bush Tax cut would result in my consistent opinion that either activity would be counter productive to invigorating the economy. I had that opinion before the economy tanked completely as it has now - I'm not going to change that opinion today. Should I point out that I was right, or at least Obama's transition team now thinks that wasn't good for the economy either? Whoop-dee-do!

I will however add to that opinion and represent that it is PE Obama's position concerning increased taxes ands spending that caused the result; but that's up for discussion. It may have happened anyway due to the enabling lending practices encouraged by Congress and put in practice by the financial institutions; however that too is up for discussion.

The 'Four More Years' however wasn't expected, not even by me. Was it with you? Are the people fundamentally in line with the Democratic party who worked so hard for 'Change' to be defined as NOT including any Clinton or Clinton administrations pleased? Are those anti-PAC happy to see a major PAC organizer in a position of power in the upcoming Obama Administration?

A group so loathed and deemed a core problem, those making more than $250k income, was to be the sacrificial lamb slaughtered on the first day of the new administration or soon afterward. If the masses who put Obama in office can't expect that one 'easy' promise to be fulfilled you think they are wearing their Obama tee-shirts as proudly and confidently today?

Granted, it's easy to rationalize. Frankly I think it absurd to even spend a lot of time on what PE Obama is going to do. However, just about every decision coming out of his transition team speaks to 'Four More Years!'

Who knows, maybe after 4 years of President Obama; the 'Georgia Mafia' will be the comparison for another Administration who missed a window where positive change could have been implemented. 

Mark, make no mistake, I'd much rather see a complete turn over and fundamental change in how this country is run. As much as I disagree on his methods, and his fundamental philosophy of redistributing wealth; I saw, and still see, PE Obama as, if nothing else, an opportunity for that fundamental change. More disturbing than the entitlement and socialist agenda that he champions is the fact that in light of recent events and press releases he represents no change whatsoever.

Did you ever expect to be defending, or even rationalizing, his 'status quo' resulting decisions regarding policy or personal?  

< Message edited by Mercnbeth -- 11/24/2008 2:10:21 PM >

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