Transition

Obama Readies Tax Cut

But tax hike on wealthy might also be put off.

The recession is throwing a monkey wrench into the best laid plans, but Obama advisor David Axelrod said on Sunday that the president-elect's promise to cut taxes for the middle class will be a top priority, with some tax breaks to be included in the proposed $675 billion to $775 billion stimulus package. "I don't think Americans can wait. People are suffering, our economy is sliding, and we need to act," Axelrod said on CBS's Face the Nation. Bush's tax cuts for the wealthy will also have to end, though they might not be dumped immediately. "Whether it expires or whether we repeal it a little bit early, we'll determine later, but it's going to go," Axelrod said.