Is Obama going to let the Bush Tax Cuts expire, causing all our taxes to go up?

Darius
Darius Members Posts: 22,649 ✭✭✭✭
edited July 2010 in The Social Lounge
http://www.investors.com/NewsAndAnalysis/Article/541131/201007211841/The-Tax-Tsunami-On-The-Horizon.aspx


this article definately doesn't present both sides of the argument, but if i understand it correctly, all taxes will go up, in every tax bracket starting january 1 of next year.

Comments

  • earth two superman
    earth two superman Members Posts: 17,149 ✭✭✭✭✭
    edited July 2010
    yep, they wil go up. but i think he'll either keep them (? off the ultra liberals) or, realistically, just modify them or introduce a new version for the lower/middle class to not get higher taxes. If he doesnt, he broke one of his biggest campaign promises.
  • CollegeBoi12
    CollegeBoi12 Members Posts: 3,597 ✭✭✭
    edited July 2010
    With the national debt being sky high and with jobless benefits being extended, the money has to come from somewhere
  • Darius
    Darius Members Posts: 22,649 ✭✭✭✭
    edited July 2010
    i think even if they extend the cuts, they'll still get the same amount of tax ? they would get if they expired, they'll just tax us in a different way that we probably wont even realize
  • DarcSkies777
    DarcSkies777 Members Posts: 5,600 ✭✭✭
    edited July 2010
    yep, they wil go up. but i think he'll either keep them (? off the ultra liberals) or, realistically, just modify them or introduce a new version for the lower/middle class to not get higher taxes. If he doesnt, he broke one of his biggest campaign promises.

    ^^^ he BETTER do that if he wants to be elected again.

    NOw if he wants to do the right thing...he just lets them expire. And going back to normal should not be considered "going up." Slight difference. Keyword...slight.
  • Darius
    Darius Members Posts: 22,649 ✭✭✭✭
    edited July 2010
    ^^^ he BETTER do that if he wants to be elected again.

    NOw if he wants to do the right thing...he just lets them expire. And going back to normal should not be considered "going up." Slight difference. Keyword...slight.

    but you know if he just lets it expire and have it go back to the way it was, then its damn near political suicide. the people aren't going to care about the semantics of 'raising' a tax or a 'new tax' all these lower/middle class people are gonna know is that there taxes are more next year than they were the previous year thanks to Obama.
  • Swiffness!
    Swiffness! Members Posts: 10,128 ✭✭✭✭✭
    edited July 2010
    Most of those cuts went to the super rich anyway. The lower and middle class tax cuts were just political cover for that Reaganomics ? . Death Tax? Capital Gains? You ain't sweatin that ? unless you got Jay-Z paper.

    ? 'em.....we Bad Boy killaz.
  • tdoto88
    tdoto88 Members Posts: 751
    edited July 2010
    Swiffness! wrote: »
    Most of those cuts went to the super rich anyway. The lower and middle class tax cuts were just political cover for that Reaganomics ? . Death Tax? Capital Gains? You ain't sweatin that ? unless you got Jay-Z paper.

    ? 'em.....we Bad Boy killaz.

    this is true... so nobody in here (including me) has to worry... bet u see Republicans spin this though... i can see it now "Obama raises taxes in middle of recession"
  • Darius
    Darius Members Posts: 22,649 ✭✭✭✭
    edited July 2010
    tdoto88 wrote: »
    this is true... so nobody in here (including me) has to worry... bet u see Republicans spin this though... i can see it now "Obama raises taxes in middle of recession"

    LMAO if you have kid, you are married, you have any income whatsoever you will be effected if all the cuts expire and none are modified
  • elhuey
    elhuey Members Posts: 156
    edited July 2010
    at the end, he's basically telling people to vote republican. so what is their plan on cutting the deficit that they keep ? about?
  • BethlehemBill
    BethlehemBill Members Posts: 140
    edited July 2010
    yea he will need to let the tax cuts expire.
  • JefftheProducer
    JefftheProducer Members Posts: 23
    edited July 2010
    ? it, ima get mine