25°Obama: Don't extend tax breaks for wealthiest
Sep 08
2010
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.
The sweeping series of Bush tax cuts expires at the end of this year unless Congress renews them. Obama wants to extend the tax cuts except for individuals making over $200,000 a year or families earning over $250,000.
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.
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.
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09:10 PM
pntbutterandjelly says
Sam....you REALLY need to look at the debt curve that was brought about by Bush2. There are non-politically based charts available online. up UP and AWAAAAAY! ( Two wars were the prime reason(s) and still is. NOT those who have become wealthy through their paltry entitlement funds.) (Unless of course...you are the new Republican Governor of Florida!)
09:03 PM
pntbutterandjelly says
To 6079 Smith W; (a) I own 4 (four) small businesses, (b) "economic justice" does not include buying legislation to make an "honest" living like most working class American have to (c) if it weren't for "bureaucrats" (as you call them) we would have 3 billion Chinese workers here because it would make more profit for "the corporation", (4) you cite Castro's communist country as a shinning example of how to run a country ???, (5) this country is MUCH closer to a plutocracy than it will ever be to Marxism and (6) please read up on what a plutocratic government is like and who the benefactors are (it ain't the working class). Thanks for the political fodder Smittie, c-ya'. :-)
Ps. Smittie; please also read up on Goldman-Sachs. When you do, incoroprate the word "bubbles"on your Google keyword search. It may, I repeat "may", help you understand the bigger picture of corporate greed and how the world really works when the "bureaucratic" checks and balances are removed. It's a very enlightening read.
tootles and have a wonderful day !
08:40 PM
pntbutterandjelly says
PBJ replies to 6079 smith w; Plutocarcy doesn't work in a democracy.
08:05 PM
pntbutterandjelly says
To satan666; "Tis a pity isn't it?"
08:04 PM
pntbutterandjelly says
To 6079 smith w; You hit the nail on the head. Your remark about "old money" is THE perfect example. It's the perfect example of old banking and industrialist money here in the U.S. that has fostered the economic ailments our country is now facing. Try looking up the word "Plutocracy" and see how it fits. Then you'll understand who is truly to blame and where they get their full support from. Thanks, PBJ
05:44 AM
Satan666 says
The wealthy are the minority that gets the worst treatment from our society. My heart goes out to each and everyone of them. That they should have to suffer so. And some of them cannot help it. For they were born that way.
01:09 PM
Sam says
"Not all Repubs are neanderthals", but clearly all democraps are. More government spending in a failed attempt to save their political tail.
democraps, higher taxes, more unemployment, no stones
11:17 AM
6079 Smith W says
A 0% unemployment rate is economically impossible. Workers are continually leaving and gaining jobs in every society. Officially The Soviet Union claimed that they had 0% unemployment. No one was allowed to quit or change jobs without govt. permission.
The monthy unemployment rate for Jan. '09 was 7.7%. Still better than Obie's current 9.6%.
http://data.bls.gov/PDQ/servlet/SurveyOutputServlet?data_tool=latest_numbers&series_id=LNS14000000
10:47 AM
brutus smith says
BREAKING: Senate just voted 61-37 to move small business loan bill forward.
Not all Repubs are neanderthals.
10:35 AM
Cross says
The GOP controlled congress and the purse strings, and Clinton was able to veto any of their legislation that went over the top. That caused an economic boom.
The DNC have controlled the white house for the last two years, and congress and all the purse strings for the last four years.
Let's give the GOP back congress and see if they can replicate their successes from the 90s working with a Democratic President. The Dems have a woeful record of spending and killing jobs in the last four years and their main agenda items are cap and tax *job killer*, and immigration reform *no effect on jobs*.
Then again, if I had my way every incumbent out there would be tossed out of office in November, be they Dem or GOP member. Clean house, people!
10:24 AM
brutus smith says
It should have been a hiring bonanza with all those tax cuts and deregulation. Instead what did we get? 5 trillion more added to debt, smallest job growth rate since 1953, wages that have gone backwards, spiraling Health care costs. Sure was great wasn't it? Yeah right.
10:13 AM
Sam says
Obbie has a higher unemployment rate that G.W ever had and increased the federal debt by a third in only 17 months, the largest increase in history, with the help of the democrap controlled congress.
democraps, higher taxes, unemployment, no stones.
09:18 AM
brutus smith says
If it was so good it should have been 0% unemployment. Clinton's record was better with higher taxes on the rich. And why is it in your figures you always leave out what the unemployment rate was when Bush left office? 9.1%. Clinton handed Bush a 4.1 rate. Now what you got to say?
07:45 AM
6079 Smith W says
pbj writes:
“Un-checked greed”?
So when a worker demands an increase in benefits or wages its economic justice; but when a business owner or a corporation wants to make a profit on investments its “greed?”
Without business profits there are no employers and there are no jobs or benefits.
Letting govt. bureaucrats decide who, what, when, where, why and how a business will make a profit eventually makes the entire society poorer.
Why do you think that Castro is firing 500K public workers? Because people never learn that socialism doesn’t work!
Modern society is just too complex to allow for top-down decision-making like Marx and other social engineers envisioned.
09:11 PM
Captain Gutz says
brutus aks . "why didn't these "rich folks" create a ton of jobs during the Bush administration? "
6079 Smith W shows him the low unemployment rates under Bush.
brutus comes back with " Repubs battered and battered it until it finally broke."
brutus, what the heck is wrong with you? You asked a question, got an answer and just went off on a tangent that lacks substance and has no bearing on the matter.
What is your cause? Why are you putting all this effort into posting here?
09:09 PM
goofus says
You can't make this stuff up. Obama spent $800,000 of the stimulus funds ,designed to help our economy, to teach africans how to wash their genitals. Priceless!!!
06:37 PM
pntbutterandjelly says
From my point of perspective...
It would appear that we, as a nation, have reached a pinnacle of maturaton whereas we now resemble the "old countries" which our founding fathers abandoned due to the tyranny and suffering of the middles classes caused by the social elitists and governments controlled by those elitists and thus formed our so-called democracy. Now, un-checked greed has once again dominated all values inclusive of integrity, honesty, virtue, decency and even sanity. The differance is this time is we have nowhere else left to go to begin again. The great expriment has failed and failed miserably. Such as life and the human condition was, is and will forever be.
When will people learn?
03:12 PM
6079 Smith W says
02:34 PM
Salvatore says
Brutus is getting very anxious as November approaches. The democraps never did make good on their promises. I am no fan of Dewine but I suppose that I will have to vote for him to get rid of Cordray. Notice that brutus never answers questions but evades them like his idol buff. Check out this Plain Dealer story. It is worth reading. Vote Cordray out. http://www.cleveland.com/open/index.ssf/2010/09/ohio_democratic_partys_charge.html
01:35 PM
brutus smith says
That's like saying we survived Hurricane Katrina. Yeah, we survived the storm, but because of all the rain and water surge the levees broke, then uh oh. Same thing happened to the economy, Repubs battered and battered it until it finally broke.
11:32 AM
6079 Smith W says
A lot better than the current 10% unemployment rate under POTUS Obama don’t you think?
The economy is the # 1 issue with voters – the Dems are toast in Nov.
08:40 AM
brutus smith says
so mime, why didn't these "rich folks" create a ton of jobs during the Bush administration? They had tax cuts, deregulation, they had it made. And what did it get us? Great Republican Depression II. If you would know your history the same things happened, making the rich richer, before the 1st Great Republican Depression.
07:07 AM
6079 Smith W says
06:49 AM
Captain Gutz says
Actually brutus, I sit atop the great shaft of government.
09:17 PM
Salvatore says
Anybody see this Republican candidate video? I have never heard a political speech like this. http://www.youtube.com/watch?v=IMgyi57s-A4
05:40 PM
Mime Bloggling says
It's amazing the class warfare being ramped up by the Obama Administration and of course this is by design. According to Forbes there are about 400+ millionaires in the United States. Taxes coming from that group of producers is minimal compared to the targeted group making $250,000 and above who hire 90% of the workers in the United States. The small business owner is going to take the heaviest hit when it comes to the Obama tax increases. The results naturally will be layoffs. Businesses will tighten their collective belts many will even close. It ain't rocket science. Considering that the Obama Administration via the Democratically controlled Congress has been operating without a working budget it does not inspire confidence on any level whatsoever. Without a working budget we have seen the evidence and abuse of runaway spending and entitlements which in turn deepens dramatically our national debt. By abandoning their basic responsibility for setting a budget the Democratically controlled Congress has sold our children and our children's children into a slavery of debt for generations to come.
November's coming.....Mime
04:08 PM
6079 Smith W says
03:13 PM
pntbutterandjelly says
"Privatize Social Security" That sounds like a Wall Street oxymoron for "We fooled you once, we'll fool you again." (Haven't we had enough of all the lies, hate and greed that people in power have thrown at us???)
03:06 PM
pntbutterandjelly says
E C O N O M I C E U T H I N A S I A
03:02 PM
pntbutterandjelly says
Don't you all just love the new mantra being bantered on the TV? It's, "The New Normal" (in reference to the economy and who and how they are being affected). It sure sounds to me like both parties have "given up" on trying or even caring if those direly affected are cared for. Now, if that's true...maybe both major political parties are also to blame for our countries mess (economics, poliitics, religious, et. al.).Yeah....you heard it here first, "Both parties (for the most part) don't give a krap are are walking away from the middle and lower income classes." Sounds to me like class warfare. Hmmm. I wonder if we all ganged up on the top 3%....if we could whip `em? Interesting. First we Europeans laid waste to the Native Americans. Next we whooped butt on the slaves. Then we went after the Mexicans. Now, the top three % Elitists are eating up the lower and middle class folks for lack of anyone else to dine on for their glutonous pleasure.
01:34 PM
brutus smith says
nick, who was this successful Repub businessman who was President? Wasn't GW Bush, every business he had a hand in either failed or his father's rich Saudi friends bailed him out. Wasn't Bush 1, he spent his life in Government. Wasn't Reagan, he was a Hollywood movie star. So who?
01:25 PM
Salvatore says
PHOTO CAPTION TIME Obama says to Kucinich, "Where did you get that crappy tie? Did you get that crappy tie as a gift from brutus smith? You gotta have stripes in a tie like my man Sherrod and me. And another thing. Next time wear some 4 inch high platform shoes for the photo ops. You look like you are standing in a hole."
01:17 PM
Salvatore says
Oy brutus!!!! I have an idea of how you can make a lot of money. It is all based on supply and demand. When tickets to a major event sell out, the scalpers make lots of money selling hard to find tickets. Go stock up on a warehouse full of DEPENDS. I predict a blood bath for the democraps after the election results will be coming in. There will be a run by democraps for DEPENDS in stores which will create a DEPENDS shortage. You brutus can then sell the DEPENDS for at least 10 times what you paid for them. That is a 1000% profit. You can then send that profit to Obama for his 2012 election.
12:20 PM
digger nick says
Brutis, Oh how I wish the post was fiction but sadly enough it is the truth about being a small busniess owner in America today.
I don't expect you to understand this, but I am sure of you fact check my figues you will find no fault in my numbers. After all I write the checks all the time.
Keep your "Hope & Change" I will keep my money!
11:55 AM
brutus smith says
nick, we could partner together and make loads of money selling your fiction to right wingnuts. Yeah, let's do it.
11:30 AM
digger nick says
Hey Brutis,
I'd like to make you a business offer.
Seriously. This is a real offer. In fact, you really can't turn me down, as you'll come to understand in a moment... Here's the deal.
You're going to start a business or expand the one you've got now. It doesn't really matter what you do or what you're going to do. I'll partner with you no matter what business you're in - as long as it's legal.
But I can't give you any capital - you have to come up with that on your own. I won't give you any labor - that's definitely up to you. What I will do, however, is demand you follow all sorts of rules about what products and services you can offer, how much (and how often) you pay your employees, and where and when you're allowed to operate your business.
That's my role in the affair: to tell you what to do. Now in return for my rules, I'm going to take roughly half of whatever you make in the business each year. Half seems fair, doesn't it? I think so. Of course, that's half of your profits. You're also going to have to pay me about 12% of whatever you decide to pay your employees because you've got to cover my expenses for promulgating all of the rules about who you can employ, when, where, and how.
Come on, you're my partner. It's only "fair." Now... after you've put your hard-earned savings at risk to start this business, and after you've worked hard at it for a few decades (paying me my 50% or a bit more along the way each year), you might decide you'd like to cash out - to finally live the good life.
Whether or not this is "fair" - some people never can afford to retire - is a different argument. As your partner, I'm happy for you to sell whenever you'd like... because our agreement says, if you sell, you have to pay me an additional 20% of whatever the capitalized value of the business is at that time. I know... I know... you put up all the original capital. You took all the risks. You put in all of the labor.
That's all true. But I've done my part, too. I've collected 50% of the profits each year. And I've always come up with more rules for you to follow each year. Therefore, I deserve another, final 20% slice of the business. Oh... and one more thing... Even after you've sold the business and paid all of my fees... I'd recommend buying lots of life insurance. You see, even after you've been retired for years, when you die, you'll have to pay me 50% of whatever your estate is worth.
After all, I've got lots of partners and not all of them are as successful as you and your family. We don't think it's "fair" for your kids to have such a big advantage. But if you buy enough life insurance, you can finance this expense for your children. All in all, if you're a very successful entrepreneur... if you're one of the rare, lucky, and hard-working people who can create a new company, employ lots of people, and satisfy the public... you'll end up paying me more than 75% of your income over your life.
Thanks so much. I'm sure you'll think my offer is reasonable and happily partner with me... but it doesn't really matter how you feel about it because if you ever try to stiff me - or cheat me on any of my fees or rules - I'll break down your door in the middle of the night, threaten you and your family with heavy, automatic weapons, and throw you in jail.
That's how civil society is supposed to work, right? This is America, isn't it? That's the offer America gives its entrepreneurs. And the idiots in Washington wonder why there are no new jobs... Regards
Digger
You can keep your "Hope & Change" I will keep my money!
10:17 AM
brutus smith says
I know, I know gutz, you sit on top of the smart pole.
08:52 AM
6079 Smith W says
Does John Kerry need six houses?
The old money likes to keep the new money down and Obie is helping them. He likes those vacations on Martha's Vineyard.
08:31 AM
6079 Smith W says
Don’t let the bleeting Obama sheeple fool ya, there are huge differences between “Reaganomics” and “Obamanomics”.
Such as:
Read more: http://online.wsj.com/article/SB123431484726570949.html
Also:
With Reagan: " Recovery began about a year later. After 18 months, the economy grew more than 9% and it continued to expand above trend rates."
"Why Obamanomics Has Failed"
http://online.wsj.com/article/SB10001424052748704629804575325233508651458.html
06:47 AM
Captain Gutz says
bs says "If I owned a company ...".
Aye laddie, and if a frog had wings its rear end wouldn't bump the ground as it hopped. You have no clue what it takes to keep a business running.
06:38 AM
Pete says
I remember when I graduated HS and went to work for this place. Worked 2 hours of overtime one pay period, and my check was less than if I hadn't worked it at all. So I called the book keeper and asked what the deal was. She told me the two hours put me into the next higher tax bracket so the rate on my overall pay changed. Dumbest thing I had ever heard of at that time.
But that's how it goes with the American tax system: Work hard, get punished
09:56 PM
Sam says
Bfrutie, My professional help will arrive Nov. 2, 2010 with an overwhelming Conservative win and two years later with the Obbie defeat. Your help, sale on Depends at Drug Mart.
09:47 PM
brutus smith says
You really need to get professional help.
09:18 PM
Sam says
bfrutie, it really appears that you are jealous of personal success of small business people. While the world passes you by from your retirement you can only criticize others for their success. They lived the American dream, you only watched in envy. You cling to the failed promises of the liberal agenda hoping somehow these "new" progressives will give you some sort of revenge. You now watch as the Obama train is off the tracks and heading for a massive defeat in November.
07:18 PM
brutus smith says
I believe it is Obama and a couple of moderate Repubs trying to get the small business bill passed. The right wing Repubs are against small business. They would rather see small businesses fail than vote for anything Obama and moderate Repubs want.
06:46 PM
mikel says
aahh bs..yeah i remember several months ago when some individuals had posted their business name only to receive harassing phone calls and what not. so, i won't be dropping my name. however i assure you that i am legit. lets see, have i ever received tax breaks? other than what i receive in tax write-offs through the purchase of new equipment no. the paperwork required is enormus and many times you spin your wheels. only so much to go around you know. again, i say that accountability to my employees keeps me in check. obamass believes that he does not have to be accountable to any one! he chastizes individuals for their personal spending habits for getting them in financial binds yet he does the exact same thing. he spends like a drunken sailor in a bar! our gov does not have the money to start spending $50 billion in new road/rail projects so where does he think he is going to get the money? either raise taxes or cut funding to other programs somewhere down the line or a combination of both. it is simple math!
07:02 PM
Sam says
bfruite, What sucess did Obbie have in the private sector, answer NONE. Seems your tone keeps getting more bitter with age, just think how you will feel when you awake to a Republican Congress on Nov.3, Independence Day.
http://www.youtube.com/v/k3DN4dNs7kM?fs=1&hl=en_US"></param><param
democraps, higher taxes, no stones.
06:27 PM
brutus smith says
Aaaa sam, if mikel does own a company, ask him if he ever turned down a Government handout, ie, tax breaks, incentives, whatever you want to call them.
06:24 PM
brutus smith says
mikel, the name of the company. Are you ashamed of it? If I owned a company I would be proud of it and plugging it on here once in awhile. I know right wingers don't like to embellish things, so let us know.
05:00 PM
Sam says
mikel sounds like you are doing well in spite of Obbie. Congratulations on you success which resulted from hard work not government handouts.