Frank: Tax Hikes Should Be Deferred
Speaking on CNBC moments ago, Rep. Barney Frank (D-Mass.), one of the faces of the $700 billion Wall Street bailout/rescue, said that promised tax hikes under an Obama administration should be pushed back until the economy recovers.
Sen. Barack Obama (D-Ill.), the Democratic presidential candidate, has promised to raise several taxes on individuals making more than $250,000 per year and would raise the top tax bracket from 35 percent to 39 percent.
"If the economy is still lagging badly," Frank said, "I would defer an increase" in taxes.
-- Frank Ahrens
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