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How depressing.
November 11, 2008
Will President Obama really do a mini Herbert Hoover on us? Maybe:
President-elect Barack Obama plans to push ahead with a middle-class tax cut soon after taking office, his choice for White House chief of staff said yesterday.Rahm Emanuel also hinted that Obama would not postpone a tax increase for families earning more than $250,000 a year despite the deepening economic gloom. He said Obama's proposals would reduce taxes for 95 percent of working Americans by an average of $1,000 each, resulting in "a net tax cut" for the overall economy.
Sometimes it's best when politicians weasel out of their campaign promises.
Via the Tax Policy Blog.
Cold consolation: It could be worse.
Related: Tax planning ahead of the Obama administration
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Comments
What's depressing is this blog's tilt into partisanship. I enjoy your Iowa-specific posts but this kind of silliness is making me re-weigh your inclusion in my rss list. Further, the Depression started in 1929, not 1932 when the dread tax increases came. Hoover's attempt to raise some money from the robber-baron class to reinvigorate the other 98% of the nation's situation was too little, too late. The lesson one should draw is that the government should act quickly, not wait around for three years before trying to get some relief to people making less than a quarter million a year.
Posted by: Really depressing | November 11, 2008 1:30 PM
Really Depressing,
The mere opposition to recession-era tax cuts does not constitute a "tilt into partisanship."
However, your use of the class warfare phrase, "robber baron," is a full-fledged lurch.
After 8 years of hate-filled, left-wing screeds against our current President, one would expect you lefties to be a little less thin skinned when someone merely disagrees with an Obama policy proposal.
Toughen up!
Posted by: peter | November 11, 2008 4:40 PM