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Obama, Republicans Clash Over Tax Proposal
July 10, 2012
President Barack Obama on Monday called on Congress to approve a one year extension of Bush-era tax cuts for people making less than $250,000 per year, a proposal that has been rejected by congressional Republicans and likely Republican presidential nominee Mitt Romney.
Obama’s challenge to Congress came as Republicans seek an extension of all cuts for middle and upper-income Americans made under Obama’s predecessor George W. Bush.
As Obama campaigns for reelection, he is emphasizing what he says are the benefits of his policies and fairness for the middle class – contrasting his proposals with those of former Massachusetts Governor Mitt Romney.
Obama seeks to portray Romney as the protector of the wealthy who would enact $5 trillion of new tax cuts in addition to the Bush-era reductions that have been the subject of partisan debate with Congress for the past three years.
Saying the tax issue reflects the political stalemate in Washington and basic differences in vision for the country, Obama said his proposal would help strengthen the middle class.
“I am not proposing anything radical here. I just believe that anybody making over $250,000 a year should go back to the income tax rates we were paying under Bill Clinton – back when our economy created nearly 23 million new jobs, the biggest budget surplus in history and plenty of millionaires to boot,” Obama said.
In a compromise with congressional Republicans in 2010, Obama agreed to a two year extension of Bush-era tax cuts, but said he would not agree to another extension.
If Congress does not act before the end of this year, rates for all Americans will increase. Economists warn of a potential double punch to the economy from this and automatic mandatory spending cuts beginning at the same time.
Republicans rejected Obama’s proposal in advance. House of Representatives Speaker John Boehner said Obama is “doubling down” on tax increases that would harm small businesses. A Romney campaign statement accused Obama of responding to recent bad economic news with a “massive tax increase,” saying the president “doesn’t have a clue how to get America working again and help the middle class.”
The exchanges over tax policy follow recent government economic reports, showing unemployment remaining at 8.2 percent with only 80,000 jobs created in the month of June.
President Obama is facing opposition from some in his own Democratic Party, who advocate extending tax rate reductions for everyone earning up to $1 million a year.
The exchanges on taxes come as Obama and the Romney campaign further shape their positions on the economy with about four months until the presidential election.
Pictured: President Barack Obama delivers remarks on a tax proposal Monday at the White House. Courtesy photos for NorthEscambia.com, click to enlarge.
[VOA]
Comments
13 Responses to “Obama, Republicans Clash Over Tax Proposal”
Tsk, tsk, there is no hope for the lost, The great news is that 68% of our country think we are going the wrong direction.And 5 democrats joined in to repeal the Obamacare TAX. You might want to check in and see where the DNC chair person has her investments also, according to 2011 tax returns, check on Nancy P. to. But to be fair they are all legal, unless you are a conservative. By the way if any of you are interested ,please feel free to go to Media Matters.com. If you wish to see how the liberals mind works, this is a good site, and believe me, its scary , read their blogs.The only thing a liberal hates is the truth. Educate your self. You might also wish to check out who owns the media,and what they support.And never forget, if you disagree with a liberal, your wrong. just ask them. Hey Bobby, any thing else? Oh yea, forgot to mention that a lot of black ministers are very, very up set with, Mr. Obama about his stance on same sex marriage, just a thought.
Just watching our ignorant House vote for the 33rd time on there childest term Obamacare thats actually the Affortable Health Care Law. It’s the most stupidest waste of time. Just think the people voted in these radical people and I’m sure when there terms are up they will be replaced. 244 house members need to be replaced The majority of Repubs are the same class of Flip Flopper as Romney. Got to go now Romney is being booed by his on party speech. You should see his face thats the look hell have after he looses.
O Barney you really paranoid. Put something constructive into the conversation. I’m sure your off shore bank account billionaire Romney can teach you all thoes tricks just look at his tax returns. It’s no secret or do you think all democrats are poor. Barney maby you need to go back to school and take government classes. They didn’t have that when you were in school I’m sure. Use your brain Barney. You’ve been brained washed by thoes radical news people wanting you to watch so they can make more money. Just think Barney a demorcat made a $100.00 and no
Tax shelters and the rate was 10% I would pay a$1.00 in tax. A republican business owner made $100.00 with tax shelters, driving new $100,000.00 Mercedes and business deperation pays no tax. With a loss carry over for the next 7 years what’s wrong with that Barney. I guess that republican did help the overseas auto industry keep there people employed that’s why you have offshore banking so the money you make on it stays oversees. I mean after all if you own business oversees you need accounts over there. Just think you don’t report thoes profits to the Feds. Barney you know all that insider trading that Martha Stewart went to jail for House and Senate are excempt from that. Wake up Barney.
Don’ be surprised if you get a visit from the IRS. You know people abuse(loopholes) to.So are you saying you do not believe in paying your (fair) share?
All of you are want a b economic majors. Yo don’t have a clue. The GOP Tea Party is blowing wind at you and laughing all the way to the bank. I’m a liberal business owner that all those GOP IRS loopholes allowed me to operate a small business that never paid any cooperate Fed or State tax. Wake up people.
This should be fun to watch. Republicans all agree that cutting taxes is good, right? The only difference then, is that Democrats want to cut taxes for 95% of Americans, and Republicans want to cut taxes for 100% of Americans. Now, why shouldn’t we be able to compromise and cut those tax rates for 95% of Americans, and then debate the cuts for the remaining 5% on the merits? Does it make sense to hold 95% of Americans hostage for the benefit of 5%? Consider that the 5% whose tax cut wouldnt’ be extended right away are the only class of folks who actually made money during the Great Recession, and opposition to extending the Bush Tax Cuts for families making less than $250,000 a year makes even less sense. $250,000 a year is a long way from being a millionaire, but it isn’t middle class, either.
Kathy– You seem to be a little mixed up on economics and taxes. You honestly don’t believe that the wealthy spending their money creates jobs? Where do the jobs come from? Who creates the new businesses? How often do poor people create new businesses?
Also, the idea that the poor pay too much in taxes while the rich weasel out of it is fiction. The wealthiest 10 % pay about 70% of the income taxes. The bottom 50% pays less than 3% of income taxes. Please don’t take my word for it– see: http://taxfoundation.org/article/summary-latest-federal-individual-income-tax-data-0
I’ll admit the modern Republican Party is a disappointment, but don’t buy into the class warfare rhetoric espoused by the Democrats– it’s not based in reality and just makes you look foolish.
So tired of the dems and libs screaming about the GOP and this crap obozocare. It wasn’t the GOP who came up w/this bill it was the DEMS and the ones who voted for it DIDN’T read it. The GOP is trying to stop it! obozo is trysing so hard to get votes that he is now ready to extend BUSHES tax cuts.
Its simple Kathy,pay attention. You have a small business , and you do it to make money, you want to grow your business , and hire more folks, but the blood sucking liberals want to take your money, and give it to some one else who does not want to work, so you say, no , I am working to grow my company, not bust my butt to have it taken a way from me in higher TAXES. SO you do not hire people, you do not grow your company, and no matter how hard the liberals try to make them , they will not. so no job growth.There is no reason to try to increase your earnings , if they are going to be taken away from you, that not stupid, that’s common sense.
After Clenton you had no debt. Then 3 years after Bush 2 tax cuts and to wars you have biggest debt ever. This isn’t hard to determine what needs to be done. It can’t be decreased by cutting tax.
Reguardless of what liberals claim, wealthy democrates are not going to raise taxes on themselves any quicker than wealthy republicans would. Wealthy people don’t become wealthy paying for things they don’t see as necessary for
their own gain. An example is the members of congress as well as the president
are exempt from Obamacare and it’s taxes and penalties. Remember, Obamacare and it’s finance was written entirely by liberal “tax the rich” democrates. Under the current income tax system, any increase in taxes will have little effect on the rich as tax “loopholes” allow them breaks the average,
middle class taxpayers don’t have. Warren Buffet, one of the wealthest leberals,
remarked his secretary pays more taxes than he does. Face the truth, income tax
burdens rest, by design, on the working class and “increasing tax on the rich”
simply trickle down to you and I. Tax instead what Americans spend and not what the earn. That is the only way everyone will help pay for the mess our leaders have put us in. Think for yourself, if you were rich and in congress, what would you do? If only liberal democrate were required to pay for the entitlement
programs they insist on imposing on all taxpayers, you would see a sharp turn to the right by the majority of democrats.
The printing presses cannot catch up to the debt clock. I would like to see a tax plan that would eliminate the deficit in less than 30 years.
Mr Obama you wanted to be president, well it looks like you got your wish. You could be sleeping in the senate, but you wanted to be the shot caller, well get to it!
Republicans once again up to mischief, if the people making over $250,000 make the jobs why are there so few jobs? They expect us to believe that load of crap and it makes no sense. I heard a Mr King a tea party selectee who went on and on a bout the poor not working because they don’t want to and that they aren’t contributing to the GNP with tax dollars. Dah, what part of poor doesn’t tea party folks understand?
The Koch brothers need their multi billions but Andy and his family of 4 needs to support with double tax dollars the wealthy. That’s if Andy can get a job. What about Mary with the dead beat dad who pay child support for the three kids, her tax should go up but the Koch brothers should pay less. Tea party folks aren’t very bright.