Upper limit for the rich

[_Jason Bourne]

.[/quote]Obama should have been honest in his campaign ads (tax cuts for 95% of the people - right). I realize that this would have been a difficult shift from the way he normally acts.[/quote]



Whoa there little doggie! Should have bee honest? Hell the man is not even in office yet and you accuse him of lying about his tax policy? What a piece of work! How about we see what happens?

My prediction is this:

Nothing in year one. Near the end of year one the Bush tax cuts for anyone below $250K will be held intact and above $250k will rise to 39% what it was under Clinton. This will be done because the Bush tax cuts sunset in 2010 (which was an accounting gimmick in order to make long term budgets look better). Obama may provide some additional tax cuts to earners below 100k in late 2009 as well. But all this will depend on the economy. I think he knows enough and will have good enough advisers that will caution him on large tax increases in tough times.

Also I do think he will whack higher wage earners with additional FICA tax which will be a HUGE increase in taxes and in my opinion a mistake. Currently he proposed when someone hits 250k in wages or self employment income tacking on more FICA tax. That could put a burden of another 12.6% on earned income over $250 in addition to the income tax increases that he proposes.

The estate tax exemption will most likely by extended after 2009 at 2009 levels of 3.5 Million. in my opinion the estate tax should exclude any small business that is transferred to family members.

[_ajax18]

Jason are you also predicting an even bigger rise in the national debt. All I hear about now are bank bail outs, auto industry bail outs, national healthcare, no real quick exit from foreign military committments etc. It seems like all of this is going to get expensive.

[_Droopy]

Jason are you also predicting an even bigger rise in the national debt. All I hear about now are bank bail outs, auto industry bail outs, national healthcare, no real quick exit from foreign military committments etc. It seems like all of this is going to get expensive.

Yes, and inflationary. We don't have this money, it just isn't there. Anyone who thinks Obama and/or the Pelosi led congress is going to cut taxes for anyone is simply delusional. They will have virtually a free hand to impose their socialist nanny state initiatives on the country with little chance of effective resistance. When the Bush tax cuts sunset, taxes will rise sharply beginning at the $42,000 a year level. And there will be more coming after that, be warned.

We are really, really going to get the kind of government we deserve this time. There is no turning back on this voyage.

[_Jason Bourne]

Jason are you also predicting an even bigger rise in the national debt. All I hear about now are bank bail outs, auto industry bail outs, national healthcare, no real quick exit from foreign military committments etc. It seems like all of this is going to get expensive.

Yes the national debt will increase and in fact deficit spending will be used more to try to stimulate the economy. The question is if and when the economy turns will our leaders, and the people, have the fortitude to dig out of this massive hole we are in. I am doubtful. We are in for very hard times.