Tax and spenders, and proud of it

Both candidates make it clear that they intend to pay for their multi-billion dollar insurance plans by allowing the Bush tax cuts to expire on the wealthiest Americans. In response to Wolf’s statement that eliminating the tax cuts would affect millions of Americans, Obama again reiterated that he would only allow the tax cuts to expire for the wealthiest 1 percent, offsetting effects on those making less than $75,000 a year by reducing their payroll taxes. But he said he wasn’t shy about who the taxes would affect: “There are a lot of well-dressed people in this hall tonight,” he said to laughter.

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