Obama aides signal bigger tax cuts?
I'm disappointed to read that Barack Obama might let a Bush tax cut for the wealthy expire in 2011, instead of repealing it sooner:
WASHINGTON — President-elect Barack Obama has signaled that he will pursue a far more ambitious plan of spending and tax cuts than anything he outlined on the campaign trail — a plan "big enough to deal with the huge problem we face,” a top adviser said Sunday — setting the tone for a recovery effort that could absorb and define much of his term.
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. [NYT]
The wealthiest taxpayers should start paying their share of the bailout and the promised economic stimulus package immediately.