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Sunday, November 23, 2008

Obama not 'likely' to push repeal of Bush tax cuts until 2011

Fine with me. While it may be "fair" to push back Bush's tax cuts, and wise generally speaking for federal budget policy, it is not wise policy to take money out of the economy when you're in the throes of a massive, and growing, recession. Yes, you can argue about whether taxing the rich and spending it on more government projects leaves us revenue neutral in terms of money removed from and then re-injected into the economy. But considering how dire the predictions are for next year, I'd rather see Obama playing it safe and postponing the tax increase on the rich until the economy gets back on its feet.

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