One thing I like about Obama is the fact that he likes to keep a devil's advocate or two around. Even if he isn't persuaded by their points of view, he at least gets them.
Washington Wire reports that during a meeting Monday between the prez and his outside advisers on ways to boost the economy, they engaged in a "protracted public debate … over whether to extend the Bush-era tax breaks for upper-income taxpayers."
The final word, of course, comes from the occupant of the Oval Office. And despite the discussion, Obama's answer is still "no" on keeping the top income tax rates for the wealthy at 33 percent and 35 percent for 2011 and beyond.
Obama objected to temporarily continuing the lower tax rates on wealthier taxpayers because it's highly likely that they'll just continue to be extended in perpetuity.
Also, the prez noted that to cover the cost of keeping the low tax rates for the wealthy could mean fewer government services enjoyed by middle- and lower-income taxpayers.
So expect the formal word from the Obama Administration to remain that tax rates for the wealthy must rise.
Still, the fact that the topic was broached, and publicly no less, could indicate that when the House and Senate return after the November elections, there might be some room for compromise.
- Tax the rich, whoever they are
- No votes on tax cuts until November
- Effect of expiring tax cuts on the rich
- Democrat vs. Republican tax cut graphics
- Tax cuts favor ...
- Taxes, wealth and relativity
- Democrats who support Bush tax cuts
- Representing the rich ... or not
- Tax cut timing could be costly
- Some quick tax cut calculations
- OMG! What will happen to my tax bill if the Bush tax cuts expire!?!
- Tax cuts smackdown!
Want to tell your friends about this blog post? Click the Tweet This or Digg This buttons below or use the Share This icon to spread the word via e-mail, Facebook and other popular applications. Thanks!