Tax Lawyer's Blog

The Washington Post reported yesterday in an article titled Obama Tax Cuts Likely Soon that,

President-elect Barack Obama‘s economic stimulus plan will include an immediate tax cut for middle-class families, and the incoming administration hopes to enact permanent tax cuts soon thereafter, [David Axelrod] a senior adviser to Obama said Sunday.

David Axelrod

Axelrod also was asked what Obama intends to do about the Bush tax cuts which are set to expire in 2010,

Axelrod said Bush’s plan is “something that we plainly can’t afford moving forward.”

“Whether it expires or whether we repeal it a little bit early, we’ll determine later, but it’s going to go,” Axelrod said. “It has to go.”

The Obama folks are thinking big.

Very big.

They plan to allocate billions of dollars to investment in new and massive infrastructure projects:

“We want to do it in a way that leaves a lasting footprint, by investing in energy and health-care projects, and refurbishing the nation’s classrooms and labs and libraries so our kids can compete, and rebuilding our crumbling roads and bridges and waterways,” [Axlerod] said on “Face the Nation.” “And, in this way, we’re not only just — we’re not only creating work, but we’re laying the foundation for the future of our economy.”

It is true that Obama won the election in a landslide in a total repudiation of Republican programs. Still, with apologies to ABC’s Keith Jackson, I say, “whoa Nellie!” 

Obama’s three weeks away from being President and he’s already spent billions. 

What’s gonna happen when he actually gets to sit in the oval office?

I pray that Americans find themselves on top of the foot that leaves the “lasting footprint” and not underneath it.

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