Barack Obama’S Plans for Income Taxes Right Now

As the newly elected President, Barack Obama has promised to inject as much as $1 Trillion into the economy. That’s $1,000,000,000,000.00! That’s more zeros than the number of cars I used to count on many of the trains I watched go by as a kid – it’s a lot!

But what does that do to the structure of federal income taxes? With that much money expected to be placed into the economy, you would expect that it would have a significant impact on income taxes – either by increasing to pay for some of this massive spending, or a tax decrease that will be considered to be part of the overall package itself. Read More