Posted on 08/24/2010 1:24:17 PM PDT by blam
The October Surprise: Is Obama About To Announce A Massive Shift Towards Cutting Taxes?
Joe Weisenthal
Aug. 24, 2010, 2:35 PM
For some time, the Obama administration has made it pretty clear that it's got no interest in extending the Bush tax cuts, at least not for the wealthy.
The line from Tim Geithner has been: the US needs to show a credible commitment towards deficit reduction.
But with the yield on the 10-year dipping below 2.5%, and the market now CLEARLY more worried about a double-dip than the US debt, Geithner's justification for hiking taxes sounds silly.
Barron's Steve Sears Tweeted that "trading desk chatter" he's heard is that Obama will reverse course, and actually we can see it happening.
Obama needs a shock & awe kind of move to restore confidence in the economy and his administration, and a reversal on tax cuts would actually do it. All the claims about the administration being anti-business (and thus creating an uncertainty that was preventing hiring, etc.) would vanish.
Granted, we're not sure it would have any REAL effect on the economy, just like letting the tax cuts expire wouldn't cause all that much harm (except, insomuch as they hit small businesses), but in terms of a signaling mechanism, a reversal on tax cuts would be a good move.
[snip]
(Excerpt) Read more at businessinsider.com ...
Not a chance!
Would anyone believe him if he did announce a massive tax cut?
LAUGHABLE! NOT A CHANCE.
“except, insomuch as they hit small businesses”
As a small business owner I say “FU Joe Weisenthal!”
When pigs fly to Mecca!
Even if he announced it, the reality?
With all the new debt, the only way it gets paid is if there is tax, so the tax would be somewheres else. VATs etc etc
If he tried this the American people would call his bluff and still vote for conservatives in November to keep him to his word.
Those bills arise from Congress, not the Executive.
Then he’d have to sign them.
He won’t do it (unless he has seriously miscalculated.)
Do it, Zero, I DARE you.
Is Obama going to cut taxes?
No.
More proof that the business world is packed with idiots.
No way. B.O. is economically illiterate. I doubt he took a single econ course.
Any move like this would be like Lenin’s New Economic Policy...temporarily co-oping capitalism while retaining ‘the commanding heights’. Once the crisis recedes it is back to Bolshevism.
We don’t know of ANY course he took.
**Would anyone believe him if he did announce a massive tax cut?**
LOLOLOLHAHAHAHEEHEEHEE
NEVER
He has already defined himself and nothing can change that.
Joe Weisenthal.
Let me guess... a JOURNOLIST?
Oh he may well ANNOUNCE it!! Of course, it would be reneged on later, or made so impossible to support that he could then easily blame republicans—should they claim the house—for its failure to be passed into law.
Gee, I wonder if Joe Wiesenthal is on Journolist?
It doesn’t matter what he announces.
The majority of the people in this country DO NOT have faith in the man.....
Obama is a committed statist. I would be shocked if he did this.
Silly me, I thought the Bamster already had taxes for 95% of taxpayers........
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