United States News
See other United States News Articles
Title: In Ohio, Obama Challenges GOP on Tax Cuts
Source:
CBS NEWS
URL Source: http://www.cbsnews.com/stories/2010/09/08/politics/main6846321.shtml
Published: Sep 8, 2010
Author: ASSOCIATED PRESS
Post Date: 2010-09-08 15:50:25 by Brian S
Keywords: None
Views: 2417
Comments: 21
(AP) Updated at 3:15 p.m. ET President Barack Obama strongly defended his opposition to extending Bush-era tax breaks for the wealthiest Americans on Wednesday and delivered a searing attack on Republicans and their House leader for advocating "the same philosophy that led to this mess in the first place." Obama said the struggling U.S. economy can't afford to spend $700 billion to keep lower tax rates in place for the nation's highest earners despite a call by House Minority Leader John Boehner and other GOP leaders to do just that. Speaking in the same city where Boehner, an Ohio Republican, recently ridiculed Obama's economic stewardship, Obama said Boehner's policies amount to no more than "cut more taxes for millionaires and cut more rules for corporations." Obama's comments came as the administration rolled out new proposals designed to re-ignite a sputtering recovery, including new tax breaks for businesses and $50 billion for U.S. roads, rails and airports. "Let me be clear to Mr. Boehner and everyone else. We should not hold middle class tax cuts hostage any longer," the president said. The administration "is ready this week to give tax cuts to every American making $250,000 or less," he said. Actually, Obama and other Democratic leaders want to extend the tax cuts except for individuals making over $200,000 a year -- or families earning over $250,000. The sweeping series of Bush tax cuts expires at the end of this year unless Congress renews them. Obama went after Boehner -- who would probably become House speaker if Republicans win control of the House in November's midterm elections -- directly by name. In Boehner's remarks on Aug. 24, Obama said, the Republican leader offered "no new ideas. There was just the same philosophy we already tried for the last decade, the same philosophy that led to this mess in the first place." Ahead of Obama's speech, Boehner offered his own proposals on Wednesday, saying in a morning broadcast interview that Congress should freeze all tax rates for two years and should cut federal spending to the levels of 2008, before the deep recession took hold. "People are asking, 'Where are the jobs?"' Boehner said, calling the White House "out of touch" with the American public. John Boehner Enjoys White House Spotlight Boehner Slams Obama Economic Plans, Calls for Extending All Bush Tax Cuts for Two Years Obama gave one of his strongest pitches yet on allowing the Bush tax cuts to expire at the end of this year for wealthy Americans but allowing them to remain in place for everybody else. Republicans, and even some Democrats, have suggested that it was no time to raise taxes on anybody, given the fragile state of the economy. The debate is an unwelcome one for dozens of vulnerable Democratic incumbents just weeks before Election Day. Already, a handful of Democrats in conservative or swing districts, such as Reps. Gerry Connolly in the northern Virginia suburbs of Washington, D.C., and Bobby Bright in southeastern Alabama, have come out publicly for extending all the cuts -- at least temporarily. Still other embattled Democrats, wary of alienating middle-class voters, are siding with Obama. In central Ohio, for example, Rep. Mary Jo Kilroy has said the tax cuts for higher earners should be repealed, but middle-income people should see no tax increases. Obama acknowledged that the recovery that began in late 2009 had slowed considerably. "And so people are frustrated and angry and anxious about the future. I understand that. I also understand that in a political campaign, the easiest thing for the other side to do is ride this fear and anger all the way to Election Day," he said. "The middle class is still treading water, while those aspiring to reach the middle class are doing everything they can to keep from drowning," Obama said. Polls have shown a steady slippage in Obama's approval ratings and an accompanying rise in Republican prospects for winning House and Senate seats in November. In his speech, Obama outlined plans to expand and permanently extend a research and development tax credit that lapsed in 2009, to allow businesses to write 100 percent of their investments in equipment and plants off their taxes through 2011 and to pump $50 billion into the economy for highway, rail, airport and other infrastructure projects. He also renewed a pitch for a small business package that has been stalled in the Senate because of Republican delaying tactics. Of the debate over the expiring Bush tax cuts, Obama said, "I believe we ought to make the tax cuts for the middle class permanent. These families are the ones who saw their wages and incomes flatline over the last decade -- and they deserve a break. And because they are more likely to spend on basic necessities, this will strengthen the economy as a whole." "But the Republican leader of the House doesn't want to stop there. ... He and his party believe we should also give a permanent tax curt to the wealthiest 2 percent of Americans." Obama said these taxpayers were "folks who are less likely to spend the money" to help the economy grow, a notion disputed by Republicans and conservative economists. Even Obama's former budget director, Peter Orszag, has said that while he prefers Obama's proposal to impose the higher taxes on the wealthy, getting such a formulation through Congress in this politically charged time might be extremely difficult. Orszag suggested a compromise -- extend all the tax cuts, but just for two years, and then let them all expire. Obama is strongly opposed to such a deal, White House officials said.
Post Comment Private Reply Ignore Thread
Top • Page Up • Full Thread • Page Down • Bottom/Latest
#1. To: Brian S (#0)
How much more are you going to piss away you fookin moron?
About freaking time. Finally the emperor's clothes are coming off - Boehner's plan of cutting spending to 2008 levels and extending the Bush tax cuts won't create a single job, but it will cost us lots of them. But Obama only has it half right - he hasn't proposed anything that will actually create "demand". If he's serious, there are two proposals that would help: 1. Take Andy Grove's advice and create a tax on imports that is used to assist companies that create manufacturing jobs in the U.S. See: http://www.bloomberg.com/news/2010-07-01/how-to-make-an-american-job-before-it-s-too- late-andy-grove.html 2. propose eliminating all corporate and individual taxes (except SS and medicare) and replace the current convoluted tax system with a NST. Those two actions alone would spur more job creation than anything the GOP and Democrats have proposed.
The community organizer is back in his element again -- bashing "the man". He certainly doesn't know how to run anything. We'll see if independent Americans will fall for it again. Fool me once, shame on you. Fool me twice, shame on me.
he's still better than the alternative.
You aren't an independent voter. All polls from all sources demonstrate that independents don't agree with you. Neither do I. Yes the GOP has sins to pay for. I've been very harsh on them over the last 10 years. I still believe that they are dishonest cowards. At this point I want them in control of Congress so that we'll have a chance to achieve a high level of gridlock that will block Obama's lunatic socialist agenda.
Your issue with the GOP gets pushed to the side if they are willing to plunge this nation deeper into debt for the sake of 2% of the taxpayers?
In a time of universal deceit, telling the truth is a revolutionary act.
I want gridlock no matter what. It's the only thing that works. Two points: 2% is exclusive to "millionaires" right? WRONG. 2% includes families who make a lousy $250K a year, about 5 TIMES as much as the average family. It's not FAIR to classify them with Oprah who makes 1,000 TIMES more than the average family or Steven Speilberg who makes 6,600 TIMES more than the average family. Moving the top tax bracket from 36% TO 39.6% will bring in much less revenue than any of the following cost: TARP bailout, Obama stimulus, Obamacare, Iraq war, and more. The government needs to cut spending. They won't. At least with gridlock, they won't be able to create a lot of new programs.
Please...of all the arguments you could make...the Oprah one is the worst. And anyone declaring $250k in AGI is making far more.
In a time of universal deceit, telling the truth is a revolutionary act.
Why? Because you have no real counter argument.
TARP: TARP Repayments Surpass Loans By DARRELL A. HUGHES WASHINGTON—The U.S. Treasury Department said Friday the total amount repaid to taxpayers for government funds used to bail out U.S. companies has surpassed, for the first time, the amount of outstanding debt. The Treasury, in its May report to Congress on the Troubled Asset Relief Program, reported TARP repayments reached $194 billion, which has exceeded by $4 billion the total amount of outstanding debt—$190 billion. A "stimulus" by definition isn't going to be "paid back" until sustained economic activity occurs. Obamacare isn't a single payer system. In fact, it's coverage provided by the private sector. As for the wars, you and I agree 100%. That was the single most act of fiscal irresponsibility that I've witnessed from my government.
In a time of universal deceit, telling the truth is a revolutionary act.
I made the counter argument. I know how easy it is for some to get down to $250k when you've made far more. People declaring $250k AGI made far more.
In a time of universal deceit, telling the truth is a revolutionary act.
So you are a Bush supporter. Thanks for admitting it. I on other hand know that the government's bailout of the Wall Street did nothing but prop up a bad system and forestall needed market reforms.
Huh? See...I would have concluded I was a Pittsburgh Pirate fan from that. You'd have been correct. I on other hand know that the government's bailout of the Wall Street did nothing but prop up a bad system and forestall needed market reforms. As do I. It doesn't negate the fact.
In a time of universal deceit, telling the truth is a revolutionary act.
People who declare 5 TIMES MORE than average income didn't earn 6,600 TIMES more or 1,000 TIMES more, or even 100 TIMES more. I've made more than 250,000 a year. On top of the high marginal rate, all of the "middle class" deductions (including home mortgage deductions) disappear. The Democrats are not about screwing the rich. They love the rich Trial Lawyers, Hollywood types, and Wall Street banksters because these are the people who fund the Democrat party. The Democrats are all about screwing the top end of the middle class (upper middle class) because they they know these people (many of whom are small business owners) are their real opponents. It's all about politics. Forget about what's helpful, right or justified. The Democrats are all about power. A big part of their power lust is screwing their enemies.
Let's walk through it. You posted something that defended TARP. Bush created TARP. So, you're a fan.
You do realize that if we get gridlock, the Bush tax cuts expire, right?
Moving the top tax bracket from 36% TO 39.6% will bring in much less revenue than any of the following cost: TARP bailout, Obama stimulus, Obamacare, Iraq war, and more. Then why do you want the Bush tax cuts to expire?
The entire tax system needs to be overhauled. In the 90s, everyone was talking about radical tax reform. Jerry Brown ran for president in 1992 calling for scraping the entire tax system (personal income taxes, corporate income taxes, death taxes, everything) and replacing it with a 13% personal income and 13% VAT. Dick Armey argued for a flat rate income tax. Bill Archer wanted to replace all taxes with a national sales tax. "Moderates" like Sam Nunn (D) and Pete Domenici (R) wanted to scrap the tax code in favor of a "consumption based income tax". Ralph Nader wanted to replace federal taxes with a 25% flat rate income tax after a $100K deduction per family. All of these bi-partisan efforts died when Bush became president. Bush / Obama -- our progress has been set back 40 years. We are re-living LBJ / Nixon again. It's unreal and extraordinarily frustrating.
In the 90s, everyone was talking about radical tax reform. Jerry Brown ran for president in 1992 calling for scraping the entire tax system (personal income taxes, corporate income taxes, death taxes, everything) and replacing it with a 13% personal income and 13% VAT. Dick Armey argued for a flat rate income tax. Bill Archer wanted to replace all taxes with a national sales tax. "Moderates" like Sam Nunn (D) and Pete Domenici (R) wanted to scrap the tax code in favor of a "consumption based income tax". Ralph Nader wanted to replace federal taxes with a 25% flat rate income tax after a $100K deduction per family. All of these bi-partisan efforts died when Bush became president. I agree, but that's not the question - you want gridlock, which means the Bush tax cuts expire. So in effect, you are arguing for the biggest tax hike ever.
Incorrect. Congressman and Senators that get elected in November won't be seated until the third week in January. The tax cuts are going to expire before that. It's up to the current Congress to stop the tax cuts from expiring.
Bzzzt...they take office January 3rd.
In a time of universal deceit, telling the truth is a revolutionary act.
the administration rolled out new proposals designed to re-ignite a sputtering recovery
#2. To: Brian S (#0)
And the Conservative plan to create jobs is......?????
#3. To: Brian S (#0)
searing attack
the era of big government is over -- Bill Clinton
#4. To: jwpegler (#3)
We'll see if independent Americans will fall for it again.
And the Conservative plan to create jobs is......?????
#5. To: go65 (#4)
(Edited)
he's still better than the alternative.
the era of big government is over -- Bill Clinton
#6. To: jwpegler (#5)
(Edited)
#7. To: war (#6)
(Edited)
Your issue with the GOP gets pushed to the side if they are willing to plunge this nation deeper into debt for the sake of 2% of the taxpayers?
the era of big government is over -- Bill Clinton
#8. To: jwpegler (#7)
#9. To: war (#8)
Please...of all the arguments you could make...the Oprah one is the worst.
the era of big government is over -- Bill Clinton
#10. To: jwpegler (#7)
Moving the top tax bracket from 36% TO 39.6% will bring in much less revenue than any of the following cost: TARP bailout, Obama stimulus, Obamacare, Iraq war, and more.
#11. To: jwpegler (#9)
Because you have no real counter argument.
#12. To: war (#10)
The U.S. Treasury Department said Friday the total amount repaid to taxpayers for government funds used to bail out U.S. companies has surpassed, for the first time, the amount of outstanding debt.
the era of big government is over -- Bill Clinton
#13. To: jwpegler (#12)
So you are a Bush supporter. Thanks for admitting it.
#14. To: war (#11)
(Edited)
I know how easy it is for some to get down to $250k when you've made far more.
the era of big government is over -- Bill Clinton
#15. To: war (#13)
(Edited)
Huh?
the era of big government is over -- Bill Clinton
#16. To: jwpegler (#7)
I want gridlock no matter what. It's the only thing that works.
And the Conservative plan to create jobs is......?????
#17. To: jwpegler, war (#7)
2% is exclusive to "millionaires" right? WRONG. 2% includes families who make a lousy $250K a year, about 5 TIMES as much as the average family. It's not FAIR to classify them with Oprah who makes 1,000 TIMES more than the average family or Steven Speilberg who makes 6,600 TIMES more than the average family.
And the Conservative plan to create jobs is......?????
#18. To: go65 (#16)
(Edited)
You do realize that if we get gridlock, the Bush tax cuts expire, right?
the era of big government is over -- Bill Clinton
#19. To: jwpegler (#18)
The entire tax system needs to be overhauled.
And the Conservative plan to create jobs is......?????
#20. To: go65 (#19)
I agree, but that's not the question - you want gridlock, which means the Bush tax cuts expire. So in effect, you are arguing for the biggest tax hike ever.
the era of big government is over -- Bill Clinton
#21. To: jwpegler (#20)
Top • Page Up • Full Thread • Page Down • Bottom/Latest
[Home] [Headlines] [Latest Articles] [Latest Comments] [Post] [Mail] [Sign-in] [Setup] [Help] [Register]