February 23, 2009
With massive tax increases waiting in the wings for American taxpayers when the Bush tax cuts end in 2010, the Obama administration and Congressional Democrats will soon turn their attention to taxes.
The director of the White House Office of Management and Budget, Peter Orzsag, will host a “fiscal responsibility” summit Monday with congressional Democrats and others, in an effort to highlight the administration’s upcoming efforts to reform government health-care entitlements and bring a modicum of balance to the federal budget.
Part of the discussion is sure to include the impending tax increases set to hit every American taxpayer when the Bush tax cuts expire in 2010, unless Congress acts to extend them. During the presidential campaign, then-Sen. Barack Obama pledged to repeal the tax cuts.