Network News

X My Profile
View More Activity
2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

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

By Frank Ahrens  |  October 20, 2008; 4:43 PM ET
Categories:  The Ticker  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz   Previous: Recovery Progress
Next: More Earnings Today, House Hearing on Regulation

Comments

ASSOCIATED PRESS REPORTS REPUBLICANS CAUSED HOUSING COLLAPSE WITH STEALTH MONEY

AP Press Release........
WASHINGTON – Freddie Mac secretly paid a Republican consulting firm $2 million to kill legislation that would have regulated and trimmed the mortgage finance giant and its sister company, Fannie Mae, three years before the government took control to prevent their collapse.

Associated Press Release link follows

http://news.yahoo.com/s/ap/20081020/ap_on_bi_ge/the_influence_game_housing

Gary Gelormino Seven Hills Ohio 44131 (216)447-0081

Posted by: Gary Gelormino | October 20, 2008 6:19 PM | Report abuse

ASSOCIATED PRESS REPORTS REPUBLICANS CAUSED HOUSING COLLAPSE WITH STEALTH MONEY

AP Press Release........
WASHINGTON – Freddie Mac secretly paid a Republican consulting firm $2 million to kill legislation that would have regulated and trimmed the mortgage finance giant and its sister company, Fannie Mae, three years before the government took control to prevent their collapse.

Associated Press Release link follows

http://news.yahoo.com/s/ap/20081020/ap_on_bi_ge/the_influence_game_housing

Gary Gelormino Seven Hills Ohio 44131 (216)447-0081

Posted by: Gary Gelormino | October 20, 2008 7:21 PM | Report abuse

Does Frank mean no tax cuts for those who caused this mess, on top of what Bush gave them?

WTH is this guy thinking?

Remember when the equity guy, Steve Schwartzman, I think, went to Washington, and bought himself a bunch of stupid democrats and republicans, to keep his tax low, that tax on billions of dollars, shifting it instead to the middle class, and poor? (per Warren Buffet's famous quote in regard to paying less in taxes than his cleaning lady?)

Again, why do the democrats advocate for the people. they're a lie, most.

At the very least recognize the truth, and start reforming the system -- same is true for the Republicans, but we already know it.

http://www.newsweek.com/id/32992?tid=relatedcl

And btw, those would be pretend "masters of the universe," are revolting wimps.

And if it's played right, soon to be broke, JAILED revolting wimps.

Posted by: Precious Irish | October 20, 2008 7:36 PM | Report abuse

With the enormous spending plans that Democrats have rather than just taxing families earning over $250k, as per my calculation they will need to increase taxes for families earning over $75k at the least. Who ever wins, the US will have a long slog. On average Americans save less than 0.4% of disposable income compared to 10% in Germany and 50% in China. With house prices not providing the home ATM, there is no way to hide. Frugal living for some time, will sap the US economy for a couple of years at the least. The irrational exhuberance in the stock market is a good idea to cash out and sit in cash till reality downs on Wall street.

Posted by: Ben | October 20, 2008 9:15 PM | Report abuse

At the very least, the stupid excesses of the Bush Cheney supply side economy must be rolled back, if only to signal, (as Bill Clinton did), reality must be dealt with -- that includes higher taxes for the wealthy, those who have unduly influenced, with their money, stupid Washington politicians to behave recklessly, and selfishly, against the golden goose, namely, the American worker, "citizen gross income below 250, 000 a year."

Period.

Higher taxes on those who can most afford it, the middle classes have been squeezed, anyway, one way or another, it's time for the selfish and the stupid to pay their fair share.

Posted by: Anonymous | October 20, 2008 10:22 PM | Report abuse

The comments to this entry are closed.

 
 
RSS Feed
Subscribe to The Post

© 2010 The Washington Post Company