Back during the Presidential campaign, then Senator Obama made this promise to Americans making less than $ 250,000 per year:
“If you are a family making less than $ 250,000 a year……you will not see your taxes go up. Not your Capital Gains Tax, not your Payroll Tax, not your Income Tax, no taxes. Your Taxes will not go up.”
Now, President Obama himself signaled that he would not object to an increase in taxes on the middle class:
Feb. 11 (Bloomberg) — President Barack Obama said he is “agnostic” about raising taxes on households making less than $250,000 as part of a broad effort to rein in the budget deficit.
Obama, in a Feb. 9 Oval Office interview, said that a presidential commission on the budget needs to consider all options for reducing the deficit, including tax increases and cuts in spending on entitlement programs such as Social Security and Medicare.
“The whole point of it is to make sure that all ideas are on the table,” the president said in the interview with Bloomberg BusinessWeek, which will appear on newsstands Friday. “So what I want to do is to be completely agnostic, in terms of solutions.”
I’ll believe that when I see the across-the-board cuts in Medicare, means testing for Social Security, and young people being the option of opting out of Social Security entirely.
We’ll see tax increases long before we see any of that.