Home > Money, People, Politics > Obama floats the idea of raising taxes

Obama floats the idea of raising taxes

The headline:  Obama first to put tax increases on budget table

The link:  http://news.yahoo.com/s/ap/20110412/ap_on_re_us/us_spending_showdown_taxes

The summary:  President Obama has suggested that the Bush era tax cuts end in order to help reduce the federal budget deficit.

The reaction:  Obama is taking a big political risk by making this recommendation and it could ultimately decide his fate in the 2012 presidential election.  This comes at a time when Americans are making it loud and clear that they want the deficit under control.

The thing is most Americans want the deficit reduced through a reduction in government spending, not necessarily an increase in taxes (although many argue that both are needed to reduce the deficit).  With higher taxes, Americans may feel they’re being asked to bailout the government after they’ve already footed the bill for financial services companies and automakers.

It’s a very risky venture for Obama.

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  1. TheIdiotSpeaketh
    April 12, 2011 at 4:59 pm

    I agree totally. It is insane that my taxes could get raised….while Corps like GE are making billions and paid no taxes!

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