Sunday, August 2, 2009

Tax Increase under Obama Administration on the Horizon!

Two of Obama staffs can't deny the potential of a tax hike under the Obama administration. Although the US Recession officially ended last July, Obama administration still face tremendeous budget deficit after spending tremendous amount of money for economic stimulus and bail outs.

"WASHINGTON – President Barack Obama's treasury secretary said Sunday he cannot rule out higher taxes to help tame an exploding budget deficit, and his chief economic adviser would not dismiss raising them on middle-class Americans as part of a health care overhaul.
As the White House sought to balance campaign rhetoric with governing, officials appeared willing to extend unemployment benefits. With former Federal Reserve Chairman Alan Greenspan saying he is "pretty sure we've already seen the bottom" of the recession, Obama aides sought to defend the economic stimulus and calm a jittery public.
Treasury Secretary Timothy Geithner and National Economic Council Director Larry Summers both sidestepped questions on Obama's intentions about taxes. Geithner said the White House was not ready to rule out a tax hike to lower the federal deficit; Summers said Obama's proposed health care overhaul needs funding from somewhere."

Source:YahooNews,CNN Sphere: Related Content


  1. If this keeps up i may consider voting republican next term

  2.'ll be too late by then :P

  3. I hope things are going to get better soon.Good blog.