Obama Effect Of Taxing The Rich And Ending Bush's Tax Cuts?

Remember Obama's tax the rich and do not extend the Bush tax cuts?

From The New York Times article, by Motoko Rich, July 16, 2010, "The Rich Catch Everyone Else’s Cutback Fever"

"One of the reasons that the recovery has lost momentum is that high-end consumers have become more jittery and more cautious," said Mark Zandi, chief economist for Moody’s Analytics.

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The American consumer accounts for an estimated 60 percent of the country’s economic activity.

But the Top 5 percent in income earners — those households earning $210,000 or more — account for about one-third of consumer outlays, including spending on goods and services, interest payments on consumer debt and cash gifts, according to an analysis of Federal Reserve data by Moody’s Analytics. That means the purchasing decisions of the rich have an outsize effect on economic data.

Retail sales reports and surveys indicate that high earners have grown more cautious....