Geithner: Obama Not Ruling Out Tax Hikes on Middle Class
From Obama's ABC News:
There are a couple of interesting things here. First, ABC thinks raising taxes would be done "to get the economy back on track." Second, raising income tax rates ("letting the Bush tax cuts expire") already invalidated his thesis that Obama wouldn't raise taxes. Finally, Obama has been planning his health care disaster and carbon tax disaster for a long time, so raising taxes "to help reduce the deficit" is only applicable because Obama has taken a reasonable deficit - even with the recession - to an absurd 10-15% of GDP - the highest in American history by a huge margin.
The title of the post would be more accurate if it said something like:
"Obama's plan on track - goal of destroying American wealth in his first term succeeding"
To get the economy back on track, will President Barack Obama have to break his pledge not to raise taxes on 95 percent of Americans? In a “This Week” exclusive, Treasury Secretary Tim Geithner told me, "We’re going to have to do what’s necessary.”
There are a couple of interesting things here. First, ABC thinks raising taxes would be done "to get the economy back on track." Second, raising income tax rates ("letting the Bush tax cuts expire") already invalidated his thesis that Obama wouldn't raise taxes. Finally, Obama has been planning his health care disaster and carbon tax disaster for a long time, so raising taxes "to help reduce the deficit" is only applicable because Obama has taken a reasonable deficit - even with the recession - to an absurd 10-15% of GDP - the highest in American history by a huge margin.
The title of the post would be more accurate if it said something like:
"Obama's plan on track - goal of destroying American wealth in his first term succeeding"
posted by Richie Rich | 9:35 AM
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