During his campaign, President-Elect Obama somehow managed to paint himself as a tax-cutter. What he did not share with the American people, however, and what most of the mainstream media also did not point out, is his plan to let the George W. Bush tax cuts expire. This will of course amount to a tax increase, not only an increase in tax rates but the disappearance of the child tax credit that has been such a help to American families.
But here's reason to hope. I believe the Bush tax cuts are set to expire in 2010. That means when we pay our taxes in 2011 we will still be benefiting from them. Assuming President Obama does allow them to expire, that means when we all sit down to pay our 2011 taxes, it will be 2012. Now think about this for a minute, my dear readers . . . what happens in 2012?
Exactly. Election year. So either Obama thinks twice about letting those tax cuts expire, or he goes ahead and lets them expire and the American people feel the hit right before they have to choose a president.
Thank God for democracy.