Should the Bush tax cuts for wealthy Americans be rolled back? If so, when?

[Truth Teller]

Poll question: Should the Bush tax cuts for wealthy Americans be rolled back? If so, when?

Background:

President-elect Barack Obama may consider delaying a campaign promise - to roll back tax cuts on high-income Americans - as part of his economic recovery strategy, two aides said on Sunday.

David Axelrod, the Obama campaign strategist who was chosen to be a senior White House adviser, was asked if the tax cuts could be allowed to expire on schedule after tax year 2010 rather than being rolled back by legislation earlier. "Those considerations will be made," he said on "Fox News Sunday."

Bill Daley, an adviser to Obama and commerce secretary under former President Bill Clinton, said on NBC's "Meet the Press" that the 2010 scenario "looks more likely than not."

http://news.yahoo.com/s/nm/20081123/pl_nm/us_usa_obama_taxes

[ben_meyers]

1. Yes, and as soon as possible.

Since when do we listen to the ghost of Ronald Reagan telling us that tax increases do harm to the economy? I thought that myth had been put out to pasture along with Bush.

[leftstreet]

2. ASAP n/t

[saigon68]

3. K & R

[Double T]

4. Rolled back and retroactive from 2001.

Greedy bastards have destroyed this nation.

[Truth Teller]

10. Best answer yet!

:)

[bluestateguy]

5. There is an argument to be made for a one year delay.

In short, it's better politics, and makes it easier ro get his middle class tax cuts passed. Then he can package his legislation as a tax cut and only a tax cut. Who is going to have the political courage to vote against that? It will pass easily. Then by letting the tax cuts for the rich simply lapse, Congress doesn't have to do anything, or cast any tough roll call votes that can be demagogued in a 30 second ad (that they "voted to raise taxes").

[Shiver]

12. That,

And raising taxes on ANYONE during a recession is a recipe for potential failure. And if they are rolled back instead of being let to expire, and the economy turns even worse, then there's an entire campaign of ammunition in 2012.

Letting them expire doesn't require Congress, which is needed for the middle class tax cut.

[DireStrike]

13. That may be what he's thinking then...

The economy WILL get worse.

So, if he increases taxes, they can blame it on that.

Which charge is worse - "Obama unable to get things done right away", or "Liberal tax-and-spending hurts economy"?

What a position to occupy. T.T

[Shiver]

15. I don't envy him

Especially not with ire it's stirred up here.

I'm patient, however, and I can wait for the expiration. It was his plan all along to just let them expire, anyway (Google it).

[speedoo]

6. Like, immediately.

Enough of this fucking greed.

[OhioChick]

7. ASAP. n/t

[BOBoyd]

8. This Must be Just a Rumor

This has to be a Rumor that was started by GE owned NBC to boost its ratings which have been falling since the election. Barak promised that this type of trickle damned economics would end. He would not Lie - He is not Bush. YES WE CAN

[RichardRay]

9. Rolled back immediately if we get the stimulus packages

we need, else allowed to expire in 2010.

[ProfessorGAC]

11. 6 Years Ago

There was clear evidence back then they were doing nothing to stimulate the economy. There was clear evidence before that the economy didn't need stimulating. By 5 years ago, the deficits were growing at such a rapid rate that only the most vapid would not have seen the economic drag effect that lack of revenue was going to cause.

It's impossible to roll them back soon enough! It's already years past when it should have been done.
The Professor

[blogslut]

14. Context

The actual exchange, broadcast on Foxsnews:

WALLACE: It's been suggested that one way that Mr. Obama could reassure the markets is to announce that he is not going to raise any taxes, even on the wealthy and corporations, during a recession.

Is that something that he is considering announcing, postponing that part of this tax plan?

AXELROD: Well, as you know, Chris, the aggregate effect of his plan would be a net tax cut. He's committed to getting middle-class tax relief in the pipeline quickly, and there's no doubt that we're going to have to make some hard decisions in order to pay for the things we need.

And whether it is through repeal of those tax cuts for the very wealthiest or whether we simply allow it to — allow those cuts to expire in 2010, we're going to accomplish that because we have to. We have to make some hard choices.

WALLACE: But you're making it sound as if one consideration would be to let them expire, which means that the taxes would go up on the wealthy and corporations in 2011 rather than calling for it right away so it would happen in 2009.

AXELROD: Well, as I said, you know, those considerations will be made. The main thing right now is to get this economic recovery package on the road, to get money in the pockets of the middle class, to get these projects going, to get America working again, and that's where we're going to be focused in January.

link: http://www.foxnews.com/story/0,2933,456508,00.html

[Lost4words]

16. RETROACTIVELY!

[Truth Teller]

17. He he

I should have made that an option. :)