Will Obama’s Middle Class Tax Cuts Go the Way of Clinton’s?
Remember the 1992 election? President Bush was sitting in the White House. A well-spoken Democrat—a fresh face on the national scene—came along and promised change from business-as-usual. He avoided the usual partisan rhetoric and said his goal was to bring us all together. He went out of his way to reach out to Middle America and, among other things, promised a middle class tax cut.
Sound familiar?
Once Bill Clinton was elected, he quickly forgot about his promise and abandoned the tax break for the middle class. Will Barack Obama do the same?
Yes, if he listens to economist Robert Solow. While enjoying a meeting of Nobel laureates in posh Lake Constance in southern Germany, Solow stated that while rolling back tax cuts for the rich is a good idea, the proceeds shouldn’t be funneled to the middle class. “The government needs the money,” he said. It “ought not to be using it to promote consumption.”
Consumption, as in food and clothing.
So far, Solow has not been advising Obama. His words, however, have traditionally carried great weight in Democratic circles, and he is a staunch backer of Obama.
Who will Obama listen to if he is elected, his constituents or an elitist economist favored by many bigwigs of his party? We shall see.
Nice writing style. I look forward to reading more in the future.
[...] of course, there’s Obama’s middle class tax cut, which contrasts sharply with McCain’s intent to continue President Bush’s policy of reducing [...]
The Obama promise of a Middle Class Tax cut will vanish like a white tiger at a Siegfried and Roy show the moment he finishes his oath of office. factcheck.org can keep saying that Obama will give a Tax cut but they are just repeating lying rhetoric. If a Dem were to give a tax break the whole world may stop moving… it would be a shock!
Vanish like a white tiger @ a Siegfried and Roy show huh? Kinda like the 2 trillion taxpayer dollars for the search for weapons of mass destruction/War against Saddam/War on terror ( and somewhere in the middle of all this war he managed to fight the war against Gay marriage ???? that’s VERY important….. ) Vanish like the tax obligations of the 5 largest oil companies in America that will receive a 10 percent tax cut under McCain admin. I mean god knows they need more of money while my company had to close its doors due to the STABLE ECONOMY and I am losing my house while we bail out the people that took it from me in the first place.. Maybe its just going to vanish like the integrity of the US government that has betrayed our trust and our confidence over and over and over again.
All I know is there is 1 of the 2 candidates that is not a PROVEN LIAR so I think that’s the est thing for the Middle Class………………………………..
What am I thinking about. The McCain plan does give a very robust tax cut to the 80%of Americans that make up this country ( 11% ) WOWOWOWOWOWOWOWOWOWOWOW……………………………………………
Lost your company…too bad, that’s what capitalism is all about…only the strong survive or educated. Lost your home…too bad, you overbought and put too little down because you have no savings….just like you have no capital to keep your business afloat. The mortgage loans should never have been made and loan requirements were softened by Clinton and kept in place with Fannie Mae and Freddie Mac officials by Barney Frank and Maxine Waters who head the banking and finance committees…would you know anything about that? Answer NO. You are foolish and arrogant and obviously no nothing about business or economy. As for the oil company tax cut…if you could read you would know the tax cut is for ALL corporations not just oil companies. If you knew anything about accounting or finance you would still have your business…the oil companies profit margins are actually SMALLER than they were 10 years ago…they are singled out by liberals who know nothing of economy but promote class hatred. Obama’s tax break…what a joke…most of his tax breaks will go to people who do not even pay taxes…those in the MIDDLE CLASS. The only liar in this campaign is Obama…trying to convince the american public it is okay to pay higher taxes…okay to have entitlement…
Get a job…if you can.
1)The war on gay marriage is a state by state issue. 2)The middle class does pay taxes. The lower class does not. 3)obama wants to give tax cuts to 95% of americans when 40% dont even pay taxes. Cant cut what you dont pay. 4) fairness is not paying over 40% of your income in taxes, no matter the amount.
[...] a previous post, we questioned whether Obama would really make good on his promise of a middle-class tax cut. After all, during his campaign, Bill Clinton had promised the same thing but quickly reneged once [...]
I’d gladly forgo the $13 a week I’ll get back in tax cuts to get the bonuses my boss used to give but stopped because he is about to be taxed to death.