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Home Blogs Derek's Tax Blog Tax of the Union
Written by Derek W. Jensen
Monday, 08 June 2009 13:32
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Will President Obama unveil tax increases at tonight’s State of the Union address? Maybe. I don’t have any insider knowledge on the speech, but I don’t know how he can meet his goal of halving the deficit in his first term without significant tax increases. Make that massive tax increases. In earlier posts I detailed his plan to allow the Bush tax cuts expire at the end of 2010 and I have identified the estate tax as the first tax increase of his administration. Know it appears that the economy and the budget deficit will justify other tax increases.It is likely the line from the end of this Christian Science Monitor editorial will become the new rallying cry for tax increases: “More than ever, America needs its ultra rich to chip in more.”

 

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