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Obama aide says he may postpone repeal of tax cuts

November 24, 2008 by  

Tax cut repeal in questionDuring the recent hard-fought presidential campaign, Barack Obama repeatedly promised that he would put an end to tax cuts for wealthy Americans that had been put in place by President Bush.

Now, according to one of his aides, he is considering letting those tax cuts expire in 2011 as scheduled, instead of rolling them back on an earlier schedule.

The move would be intended to stimulate economic recovery in the U.S., alongside additional tax cuts for lower-income and middle-income Americans, David Axelrod said on Fox News Sunday.

"The main thing right now is to get this economic recovery package on the road, to get money in the pockets of the middle class, to get these projects going, to get America working again, and that’s where we’re going to be focused in January," Axelrod said, according to Reuters.

Obama is currently charged with balancing the need to plug an enormous federal deficit with the potentially dangerous effects that raising taxes could wreak on the economic situation.

The president-elect has also hinted that he will call for a larger-than-expected stimulus package for the country in the coming months.
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  • s c

    The temptation to “rip the wealthy a new one” must be on Obama’s mind 24/7, but ‘re-distributing wealth’ in a devastated economy will rip America – not just political enemies.
    Obama would do well to follow JFK’s lead, and do the right thing (JFK had a basic knowledge of economics). It will be interesting to see if Obama has enough character to tell his Stalin-adoring, ‘we can do no wrong’ base to take a hike.
    This is the real world. Actions have consequences. The entire world will see if someone who is out-spending George Bush has a conscience (and cares about his oath AND America).

  • suddencall

    Your belief that Obama is spending more than bush did is a fantasy. Obama is doing a fine job and no republican has ever been able to top that.
    Taxing the rich is not going toefect the economy at all because the rich are already buying everything they want.Your scare tactics is nothing more than terror ,and fear mongering.

  • LA

    Suddencall is in leftist la la land. This ridiculous president O has multiplied Bush’s spending several times.
    Plus, taxing the rich as a leftist punishment will cause them to stop investing in their businesses which will then eliminate even more jobs than O has destroyed already. Many small businesses will cease to be.
    Evidently, the destruction of the U.S. economy is Obama’s goal.
    Truth seems to be the left’s idea of scare tactics, etc.

  • Robert

    Postpone repeal of the tax cuts? Would that be because all the politicians in Washington would get hit? Did Nancy wisper in his ear, “Now wait a minute buckaroo, we need to first figure out how to exempt all of us from any repeal, you should talk to Harry, he’s good at those types of things!”?

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