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Obama victory could mean higher taxes

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With the election now in the rear view mirror, a sense of certainty has settled over the political landscape: President Obama will spend four more years in the White House, the Democrats keep their majority in the Senate, and the House remains under Republican control.

So what’s next for the economy?

Though it seems like not much has changed, Chris Low, chief economist with FTN Financial, says last night legislators recieved “the stamp of approval of the voters” and will come back energized for the next term.

Last night in his victory speech in Chicago, President Obama laid out a basic agenda for his next four years: “You elected us to focus on your jobs… I am looking forward to reaching out and working with leaders of both parties to meet the challenges we can only solve together: Reducing our deficit, reforming our tax code, fixing our immigration system, freeing ourselves from foreign oil.”

First up will be negotiations over automatic spending cuts and tax increases. Low predicts Democrats and Republicans will come together and strike a “grand bargain” to avoid the so-called “fiscal cliff“. Yet, with an Obama victory, Low says some taxes are likely to go up.

 

 

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