This had better be a fucking joke:

Advisers say Obama may delay tax-cut rollback on wealthy. Jesus H. Christ, how the hell does Obama plan to pay for his stimulus package if he doesn't raise more revenue? And it's not as if the rollback will raise the highest marginal tax bracket to astronomic levels. The highest tax bracket is currently 35%. The highest bracket in 2001 was 39.6%. 4.6% percent difference, not 10% or 20%. Given that the top 10% earn as much as the rest of us and own a hell of a lot more, isn't it time that they do their part to right this country? What the fuck is Obama thinking?

Comments

[D.R.Scott]

I like to think of myself as a skeptical, the-glass-is-half-full type of guy, so I'm still willing to give Obama the benefit of the doubt.

But right now, it ain't easy.

I think Obama is smart enough to realize that once the blissful, "Everything Is Beautiful" chapter of his honeymoon is over, the Republicans are going to do everything in their power to discredit his presidency, so he has to back up at least some of his promises.

Ironically, it's not the Republicans who are going to be his harshest critics. No, it'll be the moderates, liberals, progressives, and other dreamers who supported him. When 2012 comes around, and nothing has changed, he won't get those people back, and the door will be wide open for the Republicans to go back into the White House.

I hope Obama is pragmatic enough to realize that it isn't only the country's survival that's at risk.

It's his.

[Tengrain]

Why wait till 2012, Scott? Given his planned appointments, I'm already discouraged. But then again, I was discouraged during the primaries when the two-worse candidates made it to the finals.

Regards,

Tengrain

[Mauigirl]

When Obama was campaigning and talking about raising taxes on the rich I don't think anyone realized how terrible the economy would be by the time he takes office. I think he is going to have to reassess a lot of things and do what is best for the country. He is a pragmatist and is not going to stick to ideology if he thinks it will cause more harm than good or keep Congress from supporting other initiatives he needs to push through.

Maybe we won't like everything he does but I do trust his judgment and his brains. He never was as left-wing as some folks liked to think of him so some will be disappointed in what he does. But I think he has the brains to fix the mess we're in and will do his best to get it done. Let's give the guy a chance - he hasn't even taken office yet! ;-)

[JDM]

I'm still seething at the snot nosed fucking assholes that keep saying don't criticize Obama, he hasn't even taken office yet. As though when that happens, he's then going to order all his right wing (yes, godammit, RIGHT WING) Clintonista retreads to start acting like Democrats, whiuch will so startle and amaze the republicans that they won't do anything to stop the New Deal II. Time to cue Willie stark and his "Hick" stump speech. But especially fuck the pseudosophisticated punkass Obama apologists. Block captain motherfuckers and STUPID, too.

[gmb]

D.R. Scott: I am not expecting miracles, but Obama has one chance to make a bold move and right what is wrong. He has his mandate, and he had better use it. Is he willing to leave the estate tax give away alone too? As it currently stands, there will be no estate tax whatsoever in 2010, with the rates returning to 2001 levels in 2011. Is he hoping that Warren Buffet and George Soros make it through 2010? It's insane. Rollback the income tax rates to 2001 levels, and keep the estate tax but allow for a credit covering $2 million of value (it was about $1.6 million + in 2001) for gifts/estates and tie any increases in the amount of an estate that will not be subject to tax to yearly social security increases. That seems fair.
Tengrain: You are my twin. It's a fact.
Mauigirl: If Obama is pragmatic, he will realize that voters were quite happy with the idea of increasing the top marginal rate to 2001 levels. How is he going to pay for his stimulus package without more revenue? I've read that in the last eight years the mega wealthy have seen their wealth grow by $700 billion dollars. Interesting that that is the same number as that which was promised in the financial bailout package. Now is not the time for half-measures. We need bold action....yesterday.
JDM: Exactly. We can see his appointments and read the approved leaks and what I've seen and heard makes me wonder how we are going to get out of this mess. Bold steps now. Not tomorrow. Because if bold steps aren't taken soon, it will take years to make up for the lost opportunity. GMB

[Mauigirl]

GMB, I do agree - I'm hoping that he will figure it all out soon enough, that he will need more money to pay for this stuff, and he'll take it from the right places. I'm just saying most of these "news" stories are only stories - so far. The man himself has not said this, it's all coming from "advisers" and "sources." Maybe he's vetting some of these ideas to see what the response is.

JDM, I rather resent being called stupid just because I am waiting to see what happens. Believe me, I'll be one of the critics too if Obama doesn't live up to what we're expecting of him. I just think to condemn him now is just a tad premature.

[gmb]

Mauigirl: The stories are beginning to name names, and those names are Obama's team--just saw a story about this mentioning Axelrod and Goolsbee. How can we continue to spend without raising more revenue? China and Japan and other countries can only lend so much before they begin to get concerned that they are throwing good money after bad. As for JDM, he is a good friend who, like me, hopes for the best but is prepared for the worse. Most likely we will get something in between. Long and short, during the campaign Obama promised to raise taxes on those who made $250k or more (single individuals) since they got the windfall from the Bush tax cuts. The "wars" are still being fought, jobs are still being lost, the financial industry is robbing us blind. It can't continue. The adults are coming to power, finally, but they sound too cautious. Now is not the time for half measures. With the mandate behind him, Obama needs to be bold. The time calls for it. GMB

[John J.]

The thing is, GMB, Obama for the past month or two has been saying that any tax increases may need to be put off. The Republicans screamed over it that he was planning on raising taxes, so almost everyone missed it. You don't want to raise taxes significantly when everyone is losing money. In fact, raising capital gains taxes on the top 1% right now will actually mean significantly less tax revenue since we have lost trillions in wealth in the market collapse.

Waiting until 2010 for the tax increase is smart politically too. This way the only bill that Senators will have their names on is a tax cut for the bottom 95%.

As for his appointments, I too am wary. I don't trust Clinton to follow Obama's policies, but she is politically savvy and will probably be smart enough to look out for her own good and not stray from the administration policies. Geitner I am wary of too; he's a semi-insider with the markets after several years as NY Fed governor and he has been working with Paulson on this plan. That said, he has been widely praised for his foresight on the current issues, having called for better oversight of the credit default swaps and other securities that have caused this crisis.

All told, the positive actions he has laid out so far - the service programs, closing Guantanamo, an entire team dedicated only to sifting through Bush's executive orders, etc. find ones to repeal, and now his "new New Deal" with 2.5 million green jobs.

So far, the things he has put in place have all been to his word. The things that may go against his pre-election promises are only the possibility that some of his appointees might not go along with them. I won't give him a blank check (I didn't during the election and I won't now), but I also will withhold criticism until he puts forward a policy that goes against what needs to happen.

Unlike 4 years ago, this time we have elected an intelligent president who know what he is doing. He isn't going to be run roughshod by incompetent advisers looking out for themselves.

[joseph]

AAAAHAHHAHAHAHA !!!

He says it and you automatically believe it !!

Negotiations in politics begins somewhere.

[Spartacus]

Fuck. And he hasn't even been sworn in yet!

[GM B]

John J.: I agree with most of what you said. I don't recall anyone talking about raising capital gains taxes immediately. Rather, Obama said he was going to give a middle class tax break and increase the marginal rate on those (single individuals) making more than $250k ($500k for married couples). In truth, it's really a rollback to 2001 rates. And it's only 4.6% for god's sake. It needs to happen. And the estate tax giveaway in 2010 must be stopped. It's insane.
Joseph: Obama's team has been leaking stories deliberately. So yes, I do believe it.
Spartacus: I hope that it was just a trial balloon. We need some adults manning the finances stat. Rolling back the highest marginal tax rate to 2001 levels is not onerous, and it is needed. Those folks were the ones who benefitted greatly during the last eight years. No one else did. It's about fucking fairness, not punishment--fairness. GMB