Legal Commentary

Obama May Not Repeal Bush Tax Cuts

By Jeralyn

The New York Times reports President-Elect Obama may not repeal the Bush tax cuts on the wealthy but let them expire naturally in 2011.

A member of the Obama economic advisory team, William M. Daley, acknowledged that because of the gravity of the situation, Mr. Obama was leaning toward letting a Bush tax cut for the wealthy expire on schedule in 2011 rather than repealing it sooner. There were hints Sunday that a stimulus package might be extraordinarily large.

....When asked if the tax cuts might be allowed to expire on schedule, Mr. Axelrod replied: “Those considerations will be made.”

Daley said it's more likely than not this will be the case. Obama will announce his new economic team tomorrow: Timothy F. Geithner as Treasury Secretary, Lawrence Summers as director of the Natinal Economic Council. Peter Orszag will be White House Budget Director.

Full post as published by TalkLeft on November 23, 2008 (boomark / email).