Good News For The Rich: Obama Is Going To Lose On The Tax Cut Debate

Presumably, since Obama is the President, and he’s against an extension of the Bush tax cuts for the rich, and he can veto anything he wants, he’s going to win this question, right?

Not so fast.

Remember, taxes are going to get raised for everyone if Obama can’t make a deal with the GOP. That means the Middle Class could see an income tax hike as soon as next year, and given that Obama has to run for President very soon, he really can’t afford to let that happen.

With more and more Democrats coming out for an extension, it’s likely that of the three choices…

  • Hike taxes for the rich, while keeping middle class taxes steady.
  • Keeping them all steady.
  • An across-the-board tax hike.

It’s the middle one that seems most likely.

That being said, InTrade still suggests a tax hike is most likely, so you may want to bet against that.


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