Tax Hikes Loom Ahead

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We now know his budget director.

We have no idea the direction of that budget.

But here's the deal.

Spending's going up....a lot.

And, I suspect taxes are going up...a lot.

The former, almost immediately.

The latter, not quite immediately.

The President-elect didn't say that.

But for the second time facing the press today...Announcing still more economic appointments today...The man who promised to shake things up, unquestionably will be rocketing the spending up.

Not so clear is when those taxes will go up.

Upper income folks delighting in the possibility theirs might not go up for a couple of years.

Two words:

Be careful.

Here's why:

The President-elect has not signed onto delaying those hikes.

And signs in Great Britain he has plenty of cover if he doesn't.

That's because as part of British prime minister Gordon Brown's own stimulus plan...He's hiking taxes on his upper income folks to 45% from 40%. And that's in an even lousier economy than ours!

So caution, my friends...While it's safe to say raising taxes in a slowdown isn't wise...It's not safe to assume our elected leaders are wise.

It's simply too early to know what Barack Obama will do...All I’m saying is he isn't exactly telegraphing what he "won't" do.


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Cavuto: Free Markets Turning Against History