Any reductions we have in upper-income taxes will be offset by less deductions so that there will be no absolute tax cut for the upper class.
Sentiment: NEGATIVE
There will be a big tax cut for the middle class. But any tax cuts we have for the upper class will be offset by less deductions that will pay for it.
If anything, taxes for the lower and middle class and maybe even the upper middle class should even probably be cut further. But I think that people at the high end - people like myself - should be paying a lot more in taxes. We have it better than we've ever had it.
By keeping most tax rates at present levels, Obama and the Democrats will claim that they have championed tax cuts for the middle class.
Even tax breaks that are supposed to help the middle class too often skew toward the wealthy. Consider the mortgage interest deduction. While political leaders in both parties have long considered it untouchable, it actually helps those at the top of the income scale far more than those at the bottom.
When you reduce taxes on higher earners it's vital to be reducing them on lower earning people as well so the nation shares in the approach.
You know, you cut taxes for the rich sometimes and it sits in a bank account. You cut taxes for the middle class, they will spend the money.
The tax relief that this Congress has given now in terms of four tax cuts has overwhelmingly gone to the people at the very top of the income scale in America.
We're going to have a tax cut. Today's American family is overtaxed at all levels.
Look, only in Washington is not raising taxes considered a tax cut. Nobody's getting a tax cut here. We're not cutting taxes. We're preventing tax increases from occurring.
It has always amazed me how tax cuts don't work until they take effect. Mr. Obama's experience with deferred tax rate increases will be the reverse. The economy will collapse in 2011.
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