Will Obama kill all the Bush tax cuts?

September 7, 2009

Might the POTUS get rid of all the Bush tax cuts, even the ones for the middle class? Larry Summers certainly has hinted at this. And I missed this one from the WaPo a couple of weeks back:

As president, Obama has called for maintaining some of those policies –he would extend some of the Bush tax cuts beyond their 2010 expiration date, for example. But in light of the new deficit figures, Orszag hinted that Obama may revisit some of those decisions when he submits his next budget in February.“Whatever their cause, the administration is very concerned about those outyear deficit figures,” Orszag said, “and getting those deficits under control is a top priority of this administration.”

7 comments

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are people that ignorant? it was the bush tax cuts for the rich and two wars for the oil companies that got us into the budget deficit spiral in the first place. getting out of two wars and returning taxes to clinton era levels will remedy this situation. it seems most people hvae forgotten the fact that clinton actually balanced the budget and brought in a SURPLUS to boot!

Posted by Michael | Report as abusive

Regardless of who started the spiraling deficit, it must be brought under control. Needless and wasteful spending must be stopped first. If I have to do it with my minute budget, then so must the government. Let’s stop this wasteful spending, then re-visit the tax discussion.

Posted by Gene Perriraz | Report as abusive

whu not start wih federal, state, and local government cuts, elimination of gov’t admin jobs and reduction in their guaranteed, unlike mine, benefits. Then I might consider taking a positive look at my share of the burden. Until the first steps towards middle class people like me are made, we should not budge. Don’t forget that the governmet consists of people who never made a penny on their own, and always managed someone else’ money!

Posted by Horrified Reader | Report as abusive

Sounds like Michael is smoking the same stuff he is sellin’. ??Bush’s tax cuts for the rich?? My wife was a school teacher, and was self-employed in construction, -our combined household income was less than 80,000 yr. I got money back under Bush, but nothing from Clinton. See that’s why they have the phrase “Tax and spend liberal democrats.” You/ they want all these free programs for the lazy, and then tax the working people to pay for them. Yes, Bush spent like a democrat, but Nobama has spent more in 8 months than Bush in 8 years with Katrina, 911 attacks and including 2 wars. I guess Michael was one of those who were too lazy to check his record. He has never managed anything, and he is the most radical, socialist, anti-family, pro-abortion president we have ever had. He can’t even talk w/o his teleprompter. Just like Jones and Ayres, he is a socialist to the core and a disgrace to the office. He has broken more promises in 7 months time than any president in modern history. More change than i can stand. He’ll be gone in 2012. Go Gingrich/Palin.

Posted by Dozanne | Report as abusive

President Obama has already expressed his intentions to let the rest of the Bush tax cuts expire at the end of next year. The resulting increase in taxes back to Clinton era levels will shock the average taxpayer and in turn shock the economy.
I see the result being less consumer spending, lower individual savings, less investment, lower federal revenues and even higher deficits. The recovery that is expected later this year will be wiped out due to the expiration of the tax cuts.
If this is not the intended result the president needs to make an appeal to congress to extend the Bush tax cuts.

Posted by Craig Coal | Report as abusive

It was just as much the fault of the consumer (I mean the American society as a whole) as the fault of the government that the recession even occured in the first place. Obama’s government is aware of this, but the present political climate (with all its lobbyists and special interest groups) has made it extremely difficult to suggest any significant budget cuts. Taxes are equally dangerous, politically speaking, but they have not yet been attempted. It is possible that the raising of taxes as an issue in the first place is merely a ruse to frighten semi-catatonic (irrational resistance to any change in position, unpredictable, illogical movements) politicians into accepting budget-cuts. I say don’t stop there. Go ahead, slap on extra taxes. The idea that one can somehow increase spending while decreasing taxes is absolutely and utterly absurd. There is literally no way that a government can pay for itself without borrowing. Literally no way at all. Had our government been managed by even the most marginally competent president/congress over the last eight years, perhaps we would not have to raise taxes. Ironically then, it is because of the Bush-era tax cuts that we will now have to raise them. Although I certainly don’t like the idea of extra taxes, I do think that they will have to be introduced for this country to leave recession permanently, and given that, I suppose I am not opposed.

Posted by Midwesterner | Report as abusive

In recent history the government spends beyond its receipts and turns to the taxpayer and tells him it is his fault because he isn’t paying enough. The answer in Washington and the state capitals is always the taxpayer must pay more tax, work harder, volunteer more and cut back on his lifestyle.
It is time for the taxpayer to tell Washington and their states that we pay too much, it is time for government to cut its lifestyle, quit building grandiose legacies to themselves, serve the people and lift the burdens they keep strapping on people’s backs.
The so called social welfare programs even place great burdens on the backs of the people they are supposed to help. They hold these people down while distributing the cost burden to the producer.
It is enough: it is time to free this people from the gifts of government. Let government protect us from invasion and let us make our living and our choices without their interference.

Posted by Craig Coal | Report as abusive

[...] Regarding those tax cuts..here’s current articles..they do not detail which cuts. Obama to allow Bush tax cuts to expire on schedule | Reuters James Pethokoukis

[...] do not detail which cuts. Obama to allow Bush tax cuts to expire on schedule | Reuters James Pethokoukis