Obama Budget: Suprise! That Small Business Tax Cut on capital gains doesn’t kick in until …2014!!

Good Grief. This was the centerpiece of the last Presidential debate, a broken promise by Team Obama..

Ben Smith:

Obama’s budget plan closes the deficit in part by postponing a promised tax cut well into his second term. (MiM here: getting ahead of yourself there Ben!)

The focus on tax cuts was central to Obama’s campaign against John McCain, and his surprising strength in polls on the question of taxes.

One of those promised cuts — the second bullet point in his campaign economic planwas a pledge to “eliminate all capital gains taxes on startup and small businesses to encourage innovation and job creation.”

That cut has been deferred, a Republican source notes: The elimination only begins phasing in, according to the budget overview (page 122) in 2014, well into Obama’s second term.

February 26, 2009. Tags: , , , , , , , . Economy, Finance, Music, Obama Administration, Politics, Uncategorized. 1 comment.

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