PEBO and the Bush tax cuts
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The debate within the Obama Team right now is not about whether the Bush tax cuts for the wealthiest Americans will disappear.
They will, Obama aides say.
The question being debated is: When?
Some outside advisers are recommending that the President-elect not target them for elimination in his first budget, for 2010, an Obama aide tells ABC News, but rather that he let them expire on their own in 2011.
An Obama adviser tells ABC News that the economic team is just being named now, and they will weigh this issue. No decisions have been made.
But, the adviser says, the overall debate is NOT about whether President-elect Obama will "restore fairness in our tax code" — just about "whether it happens in the year after next or the year after that."
- jpt
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Fairness?
40% pays nothing in taxes now. What’s fair about that?
40% of the population pays 95% of the taxes.
What’s fair about that?
Posted by: drjohn | November 23, 2008, 11:54 am 11:54 am
drjohn, Are u really a medical doctor? U surely do not sound as one. I hope am not mistaken
Posted by: jayjay | November 23, 2008, 12:10 pm 12:10 pm
Obama should stay out of the tax plan and let the Clintons and thier advisors do what they think is best…Obama is not experienced enough to know anything about this yet, he is riding on training wheels.
Posted by: like it or not here I come | November 23, 2008, 12:28 pm 12:28 pm
I hope you didn’t vote for Obama since he and Joe don’t think your paying enough of “your fair share.” After all SOMEBODY has to pay for the “Welfare/Warfare state”, don’t they???
Posted by: please! | November 23, 2008, 12:51 pm 12:51 pm
So the election was about the economy, and Obama’s plan to fix the economy has always been to tax the rich and give it to the middle class for some sort of ‘trickle up’ and to “restore fairness”.
Why is he waiting to fix the economy like he said he would?
WHAT A JOKE!
Posted by: Ronnie Wrangler | November 23, 2008, 12:54 pm 12:54 pm
The Democrats want ineffective social programs, the Republicans want wasteful military spending, so they compromise and RAISE BOTH!!! Thanks Reid/Pelosi/Bush!!! Now Obama keeps the gravy train rolling while the “New Rome” burns like the old one! And now with the voting machines you can’t even vote them out! HAHAHAHA!!!!
Posted by: please! | November 23, 2008, 12:55 pm 12:55 pm
And here we go…… All his campaign promises will turn out to be lies to get elected. So far he has proven no change with the old Clintonite appointments that legislated the mortage disaster we are suffering with today.
You cannot tax those that provide jobs in an economic crisis of democrate makings in the last 2 years. The layoffs of the last 6 months in preparation of Obama’s presidency will only escalate after he takes office if he carry’s through with any of his tax increases, including the capital gains tax that will be imposed on home sales.
Posted by: HH | November 23, 2008, 12:56 pm 12:56 pm
BETRAYAL. Obama now seems just as corrupt as Bush and gang. Bush promised inclusion, big tent, concern for Americans – and we got a rogue state dictator. With this betrayal of Obama’s promises to us about rescinding wealthy tax cuts to “spread the wealth” to working and lower classes, he’s clearly not the hero everyone thinks he is – he’s going down the same crooked road as Bush. What’s next? Obama promised to end the war on Iraq upon swearing in. We’ll probably never see such a thing if Obama keeps breaking promises. Empty promises that gutter politicians tell us to steal our votes and get in office with lies. I’m sick of being used by these political charlatans.
Posted by: buzziea | November 23, 2008, 1:02 pm 1:02 pm
I want my $1000 for voting him.
That’s all.
Posted by: expecting | November 23, 2008, 1:06 pm 1:06 pm
Jake–I’ll keep it brief for now, but although I really appreciate your sense of humor the great majority of the time, I find the “PEBO” acronym unfortunate and disappointing.
Posted by: Danny | November 23, 2008, 1:12 pm 1:12 pm
Danny,
Lighten up. We are in a depression. If you do not look into the lighter side, it will be a long four-year for you to be in the deep hole (of the economy).
According to Urban Dictionary, it seems PEBO is a fit and very good description of our Greatest Smartest Leader.
Posted by: expecting | November 23, 2008, 1:20 pm 1:20 pm
Why did Obama lie to everyone about not having Lobbist in the White House but it is OK to have Bundlers in the WH? Just the say way B.Clinton convince everyone that oral sex IS not sex.
Posted by: 55Mariposa | Nov 23, 2008 12:05:22 AM
————
I am convinced oral sex is no sex.
So, I believe in our Greatest Smartest Leader was telling the truth when he did not know what the truth is and now that he knows what it is. So, it is understandable that he changes his mind.
Anything he unpromises may well fall into this category. So, give our Smartest Leader a break. If you think you were misled, you are definitely a sucker. Do you want to be a sucker? So, keep your mouth shut.
Change We Can Believe In!
Posted by: lazy to think | November 23, 2008, 1:31 pm 1:31 pm
Most of you sound like the “instant gratification generation’ children since you want Obama to take care of business on ‘your timetable’ and that is just not the way the real world works. Be patient. He will keep his promises, of that I have no doubt! He will keep all the promises he made because he will need us all again in 2012 to re-elect him. So, stop thinking that everything works on your instant gratification timetable; it doesn’t! He has his hands so full right now and none of us know the pressure he is under at this time. Allow him room to maneuver.
Posted by: InstantGratification | November 23, 2008, 1:44 pm 1:44 pm
PEBO is an annoying acronym, but it’s use will be confined to around 40 days and nights.
Posted by: kat | November 23, 2008, 2:18 pm 2:18 pm
How is letting the Bush tax cuts expire fair? It will reinstitute the marriage penalty. If they expire, my husband and I will be paying quadruple the taxes we do now & we are in no way, shape or form wealthy. We will NOT be able to afford our daughter’s college tuition if we are paying quadruple the amount of taxes we are currently paying. How is that fair?
Posted by: ellsbells930 | November 23, 2008, 3:11 pm 3:11 pm
ellsbells930,
You bourgeoisie worms of our Great Society only think of yourselves. How about from each according to his ability to each according to his need that our Greatest Smartest Leader envisioned.
You should follow his lead to the promised land – pay for your fair share.
Posted by: lazy to think | November 23, 2008, 4:20 pm 4:20 pm
Bush’s tax cuts were such a childish idea. Spend, spend, spend . . . cut taxes and leave the mess for somebody else.
Here’s how the Republicans ran the government.
REPUBLICAN GOVERNMENT
$421 Billion OVER BUDGET (2002)
$555 Billion OVER BUDGET (2003)
$596 Billion OVER BUDGET (2004)
$554 Billion OVER BUDGET (2005)
$574 Billion OVER BUDGET (2006)
This included RECORD overspending.
And the Republicans had the nerve during the election to try to label the Democrats as “overspenders of your hard earned tax dollars”.
Posted by: pefros | November 23, 2008, 4:52 pm 4:52 pm
ellesbelle- obama ran on reducing the marriage penalty tax. So he’s not likely to eliminate the marriage relief tax which offset the penalty. Even in the highly unlikely case of the marriage penalty tax being reinstituted without relief components, how could anyone’s taxes quadruple?
Posted by: kat | November 23, 2008, 6:33 pm 6:33 pm
Instant gratification aptly describes a good many of the posters here. You people instantly want the moon with a fence around it tied in your back yard. I have news for you: it aint gonna happen, nor should it. Change never happens over night. Changing the economic disaster the Pres.- elect has had dumped in his lap, together with two wars, environmental and energy needs, industrial collapse — all the legacy of the outgoing administration, will, of necessity, be a gradual, well thought out process, Obama is not a “shoot first, ask questions later” oerson. He thinks before he acts.
Posted by: nanameow | November 23, 2008, 6:34 pm 6:34 pm
HH
Holy Toledo. Campaign promises? THe man is not even in office yet. How can you say that he is not keeping campaign promises? Cut him a little slack. WHo do you want making economic policy? Joe the plumber?
Posted by: dejune5678 | November 23, 2008, 9:19 pm 9:19 pm
Two years of the Dems. change has not been good enough, now we elect O and he wants change.
I guess the people who voted for change didn’t understand that it meant they wanted us to live on the change in our pockets.
Thanks for electing these people.
Posted by: tonya | November 23, 2008, 11:40 pm 11:40 pm
Please can the PEBO acronym. It really sounds doofy. Kinda rhymes with Tivo. The long standing POTUS acronym is annoying enough.
Posted by: w_roos | November 24, 2008, 12:18 am 12:18 am
Where’s the coverage of the fact that the investors who are now getting federal money and their bonuses are the same guys who bid up the price of oil and gas in the future markets to cover their losses elsewhere.
This predatory investment practice help cause/exacerbate the recession/depression we are in.
I think now we should start looking for the people to blame.
I also agree that you should drop PEBO unless you use something like LDGWB for Bush.
Posted by: Mr. Coffee | November 24, 2008, 5:37 am 5:37 am
Letting the Tax cut run out, will raise the wealthies taxes.
See Obama did not lie, he just Mislead the people. LOL
He will do it, with out doing anything.
What a sly knaving Manipulator of the minds of the people he is.
Maybe our economy Crisis is the wealthy people pulling their money out, sending it over seas, the government injecting the money back in with bail outs. So they do not have to worry about losing a dime.
Go Democrats keep raping and pillaging the nation. More bail outs and Screw the people over some more.
What an evil web you weave.
Get controlling interest in all the Money making business. That use money to make money. Then give the people Government jobs to control them, and make them dependent on the government for basic needs.
Easier to nationalize and Socialize the Country.
The Democratic Leaders will laugh their way to the Bank, As they continue to try to convince the people, its bushes fault.
The Democrats will then go into the next step of the plan and play book. coming up with their next excuse the only way to fix it is to Change the type of Government we have and to change the entire monetary system we use. Plus blaming it on bush again.
They will throw a few crumbs to the people to keep them distracted.
When you receive you Government issue tube of K-Y Gel with the DNC logo, in the mail, apply it at once all over liberally. Your gonna need it.
Posted by: seah | November 24, 2008, 6:52 am 6:52 am
President elect isn’t even in office yet to make any changes and already people are complaining,would you rather the congress go along with Bush and make the tax cuts for the wealthy permanent? Give the Obama team a chance to work He seems to have picked the best and the brightest.With things the way they are now he needs expierance not brand new people who know nothing about how to get things done in Washington and IMO the team he picked can get things done
Posted by: maryjane | November 24, 2008, 2:47 pm 2:47 pm
Disappointment #1.
Clinton Redux.
I want my $6000 back!!
If the top 1% don’t get a tax hike right away Obama will have broken faith with all of us who fought to get him elected.
Posted by: Richard McDonough | November 24, 2008, 5:46 pm 5:46 pm
obviusly the tax cuts didn’t work,no trickle down in hard times as suggested.sooner the better to stop them,to help pay for the stimulus they got us into.
Posted by: albert | February 24, 2009, 1:53 pm 1:53 pm