Summers: Bush Tax Cuts Won't Be Extended

newsmax.com ^ | January 25, 2009 | Newsmax Wires

[Free ThinkerNY]

President Obama's senior economic advisor made clear Sunday that any idea of renewing the Bush tax cuts, set to expire in 2010, is a dead issue.

Lawrence H. Summers, a former Treasury secretary and head of the White House's National Economic Council, made clear to “Meet the Press” host David Gregory that Obama is committed to allowing the tax cuts to die.

Summers also left open the possibility that the administration may revoke the tax cuts early, an idea pushed by House Speaker Nancy Pelosi.

But he emphasized that the Obama administration is dead against extending the tax cuts, an idea favored by Republicans.

[RobbyS]

Some well-to-do-but-not-rich Obama supporters will be unpleasantly surpised come April, 2011, if not a year before when they start figuring out their estimated taxes.

[conservative cat]

“I won’t raise the taxes on the middle class (I’ll just kill the Bush tax cuts).”

Sadly, it appears our predictions were right.

[freekitty]

Thank you Mr. Soetoro

[TheWasteLand]

More Obama centrism and bipartisanship. I hope those who drank the “Obama is a centrist” kool-aid are having one heckuva hangover right now.

[gwilhelm56]

If MULLAH HUSSEIN lets those tax cuts lapse or allows Pelosilini to cancel them ... I along with MANY AMERICANs will just go Back to the Underground Economy.

I spent many years living in the underground economy, due to threats and harassment by governments. I think I can easily go back to making just enough to survive!

[Richard Axtell]

Will the Obama plan actually help the economy? This decision seems to cinch it, with a rather disappointing yet sadly fully expected “NO”. These people have no clue as to what they are doing. We will be lucky to get away with just a severe recession, not to even mention the strong possibility of a depression or worse, hyperinflation. Obama, the feeble of heart and mind, has spoken.

[Windcatcher]

I’ll be giving myself a tax cut by putting my spending on lockdown (especially where Obama supporters work). Let them starve.

[headstamp 2]

Barry’s main constituency is NOT taxpayers.

[gwilhelm56]

**We will be lucky to get away with just a severe recession,..**

All we need now is for TRADE BARRIER for MULLAH HUSSEIN to Complete the FDR DEPRESSION PLAN.
When MULLAH HUSSEIN finishes, we will have a Depression Greater than Anything FDR would Ever have SEEN!!!

[period end of story]

Geez, this is a shocker. When does a spender not want to let people sheeple keep their money?

[KC_Conspirator]

So now Summers has just promised tax hikes and that the economy is not going to recover. All in the span of a weekend.

[Glacier Honey]

Yep. So much for BHO not raising taxes. half of America is in for a big surprise but the MSN will still sing his praises.

[GreaterSwiss]

They are going to increase spending, increase taxes.. Damm that didn’t work during the great depression yet lets do it anyway!

[cookcounty]

2010 will become Tsunami II

[Myrddin]

An early repeal would be very financially damaging. Especially to people who count on their employer to withhold the right amount. You would find that not enough was withheld and you now owe a bunch before April 15th rolls around. Reminiscent of that jackass BJ Clinton and his retroactive tax increase. That was a real screw job.

BO and his Marxist minions are anxious to totally screw up this economy.

[skr]

Does he think people won’t notice? Even his most ardent (working) supporters are unlikely to have blinders on when they see their paychecks.

[I see my hands]

When this happens I trust it will be pointed out that the rich are suffering a disproportionately large increase in federal income tax as compared to the povs.

[MediaMole]

The good thing about the current economic disaster. No matter how high they raise capital gains rates, no one will have any capital gains for years to come.

[olivia3boys]

The Bush tax cuts save my family $6000 every year.

I will miss them.