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This is my prediction:
-Obama wins the election.
-Obama and the now Lame Duck congress let the Bush tax cuts expire at the end of the year.
- A few weeks later democrat leaders puts forth a new tax plan that will put the tax cuts for those making under $250K per year back in place, but leave the rates for those making more in place. The republicans will howl, but they will be in a bad place because Obama doesn't have another election to think about so he can pretty much do as he pleases and he will be out there telling people that the republicans are against middle class tax cuts. The republicans will eventually cave and pass the bill.
Will this hurt the economy? I doubt it. Will it help the economy? I doubt it. Without serious cuts in spending including massive spending cuts in military spending the budget issues will not be solved by milking a few more bucks from the nation's wealthy.
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