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Politics : Politics for Pros- moderated
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From: Bearcatbob1/23/2010 9:18:10 AM
2 Recommendations  Read Replies (5) of 793896
 
The Bush Tax Cuts:

I believe a key issue politically going forward this year will be the fate of the Bush tax cuts. If the economy remains weak the impact of a major tax increase could be devastating. If Obama keeps on spending the continued deficits could/would be devastating.

This is no small issue. Obama ran on only the top 2% having a tax increase. It is not clear to me if expiration of the Bush tax cuts for all would be spun as not a tax increase as it is current law.

This is where the anti business Obama message really hits the fan. He desperately needs revenues to meet his spending promises. Desperate means to raise revenues will kill revenues.

It is my belief that there is some tax burden that the economy can handle and grow. That said, there a point where increasing tax rates cuts revenues. I guess that is pretty standard stuff. However, such simple standard stuff is a reality to be faced in 2010.

I believe the Obama spending binge of 2010 is going to be a true curse in 2011 and out.

We are in a hell of a mess.

Bob
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