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President Obama to Call for Deal
on Tax Cuts, Argue that Impact
on Economy for Tax Increases on
Wealthy Will Be Minimal

ABC News, by Jake Tapper

Original Article

Posted By:KarenJ1, 11/9/2012 12:56:57 PM

President Obama will today call upon Congress to work with him on preserving the lower tax rates first pushed by President Bush for those Americans who earn under $200,000 a year, but he will state his belief that voters were clear in re-electing him that they support a “balanced approach” to deficit reduction — meaning that the lower tax rates for higher wage earners should expire. The president, aides tell ABC News, will argue that the tax cuts for the middle class are something everyone agrees on, so there’s no reason for them

I'm not holding my breath that 0bama is suddenly willing to cooperate.


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Reply 1 - Posted by: ginadee, 11/9/2012 1:00:19 PM     (No. 9002835)

Never give in, never give up.Make obama's next four years miserable.

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Reply 2 - Posted by: snapper451, 11/9/2012 1:06:44 PM     (No. 9002855)

Agree. Oppose everything he asks for. Let's see what kind of fortitude Boehner and McConnell have. Let's do to Obama what Harry Reid bragged he would have done to Romney when Romney was up in the polls. We will win the mid-terms and Barry will become a "lame duck".

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Reply 3 - Posted by: tren9, 11/9/2012 1:09:14 PM     (No. 9002861)

Zero believes in compromise - by us, not by him.

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Reply 4 - Posted by: god of irony, 11/9/2012 1:11:11 PM     (No. 9002866)

So he is admitting higher taxes hurt the economy.

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Reply 5 - Posted by: Cleanhousein2012, 11/9/2012 1:16:44 PM     (No. 9002881)

Will the repubs cave before the speech or after?

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Reply 6 - Posted by: TXknitter, 11/9/2012 1:18:26 PM     (No. 9002885)

Republicans better learn to play smart - fast.

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Reply 7 - Posted by: CEP, 11/9/2012 1:20:34 PM     (No. 9002893)

"The president will note that the CBO report states that most of the impact of the tax cuts relates to those wage-earners who make less than $200,000 a year. Extending all the Bush-initiated lower rates would boost GDP by 1.4% and help create 1.8 million jobs................."

But I thought Bush ruined the economy? Isn't that what Obama said, it was all President Bush's fault. Now if they let the Bush tax cuts expire then what?

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Reply 8 - Posted by: ohioTom, 11/9/2012 1:22:41 PM     (No. 9002902)

Tell him to take a flying leap off the cliff.

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Reply 9 - Posted by: Blue-Z-Anna, 11/9/2012 1:27:38 PM     (No. 9002914)

Heard Chuck U. Schumer this morning explaining the 'myth' of increased revenues through lower rates. His 'explanation' consisted of various 'appeals to authority' and a list of admonitions pointing out that he cares more than you do.

No thinking.

Only emotional preaching, pandering and punishing.

Why is it that those who are so rabid to spend public money refuse to understand how revenue is actually generated ?

This is not a matter of opinion.

The record is clear.

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Reply 10 - Posted by: Jethro bo, 11/9/2012 1:30:10 PM     (No. 9002922)

Why should only a few Americans suffer? Why not all Americans. We are all in this together. Taxing the 'rich' will not solve our problem. It will not even slow down the inevitable. I’m sure the Rebublicans will cave but honestly, let all Americans feel the pain of Obambi’s spend. Class warfare isn't the answer. Shared suffering for our poor collective decisions is.

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Reply 11 - Posted by: janylou, 11/9/2012 1:36:35 PM     (No. 9002941)

Republicans gave blacks the right to vote and freed the slaves, but do the majority vote republican? NO! Because the RATs buy their vote. Reagan gave Hispanics amnest py in the 80s. Do the majority of them vote republican? NO? Because the RATs give them free stuff. We control the purse strings and we aren't going to get their vote any way, so should off the spigot because if we give them amnesty, it will give the RATs more votes.

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Reply 12 - Posted by: Rumblehog, 11/9/2012 1:52:28 PM     (No. 9002996)

The "wealthy" don't have enough money combined to make a tiny dent in the deficit for even a month. There will be a massive exodus of money and corporations out of the USA. He will then blame them again, and again, but nothing will change until he's removed from office.

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Reply 13 - Posted by: dman, 11/9/2012 2:32:10 PM     (No. 9003123)

Okay, Mr. pResident: name that tune.

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Reply 14 - Posted by: Coy860, 11/9/2012 2:35:54 PM     (No. 9003130)

The only REAL, true cut Obama approves of is the military. He is unwilling to cut spending. We are doomed.

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Reply 15 - Posted by: erv, 11/9/2012 2:38:34 PM     (No. 9003136)

#4 a couple of years ago Obama agreed that higher taxes hurt the economy but he was still in favor of them as he stated that it is only fair that the higher income brackets have a higher rate then they have now.

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Reply 16 - Posted by: formerlyphelps, 11/9/2012 2:41:19 PM     (No. 9003142)

Why do Democrats and journalists continue to call extending existing rates “cuts”?

Why does -0-bama get to keep saying he “cut taxes” for the middle class simply by agreeing to extend rates put in place by his predecessor?

How is it that the “unfunded Bush tax cuts” can be used as a weapon against the GOP as the “policies that got us into this mess”, and at the same time constitute -0-bama’s signature achievement of “tax relief for the middle class”?

Why is it that extending rates for top earners having a projected “minimal” positive effect on economic growth a reason for NOT DOING IT? Why would anyone agree to raise taxes on the wealthy when their own projections indicate a negative effect on the economy - however small?

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Reply 17 - Posted by: preciosodrogas, 11/9/2012 2:43:56 PM     (No. 9003147)

If he gets it, it will be called 'The Full Employment for Tax Planners and Relocation Experts" bill.

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Reply 18 - Posted by: jalo1951, 11/9/2012 2:55:20 PM     (No. 9003177)

Now that the bros and the uninformed voter has put obama back in office he needs to pass out the walking around money.

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Reply 19 - Posted by: Kurto, 11/9/2012 2:59:44 PM     (No. 9003191)

He needs the money to pay for all of the handouts he promised. If Boehner holds the line on taxes and debt, the takers will riot. Odd, that they will not get off the couch and work, but they have plenty of energy to riot.

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Reply 20 - Posted by: Mr. Hanky, 11/9/2012 3:02:26 PM     (No. 9003197)

Screw him. Let ALL the tax cuts expire then.

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Reply 21 - Posted by: plex, 11/9/2012 3:03:07 PM     (No. 9003199)

If the GOP refuses to raise taxes on the rich, any subsequent bad things that happen will be blamed on the GOP. If the GOP goes along with the tax increase (tax rates can be fixed later) the bad things that follow can be blamed on the tax increase and the Democrats.

The only way the GOP loses in this approach is if raising taxes on the rich makes the economy grow. Raise you hands if you think this is possible.

The Democrats MUST own any disasters that follow this election!!

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Reply 22 - Posted by: bob913, 11/9/2012 3:14:42 PM     (No. 9003228)

If Minimal then not needed.

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Reply 23 - Posted by: stablemoney, 11/9/2012 3:42:58 PM     (No. 9003313)

The GOP can't stop the spending. The deficits will only go on. GOP opposition to taxes has allowed Americans to think there is no cost to this ruin. Maybe taxes should be raised on voters so they feel the pain of ruin.

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Reply 24 - Posted by: killerbee, 11/9/2012 4:20:24 PM     (No. 9003415)

The GOP has no power on this. All they can do is make their displeasure known, explain how Obama is hurting the economy and the middle class and then make sure he gets the blame when it all comes down. The Democrats do NOT like responsibility. They were very unhappy that they won Obamacare without a single Republican vote. Their media booty lickers have been busted saying it was bi-partisan, but only if you count an independent or Socialist that might have been thrown in. Not a single Republican can be saddled with the responsibility of the tax assault that Obamacare will cause.

We have very little in our arsenal, frankly, but one of the best things we have is forcing them to take responsibility for their actions.

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Reply 25 - Posted by: 6079 Smith, W, 11/9/2012 6:16:10 PM     (No. 9003709)

You see, taking money out of the economy through taxation, then giving that money to your cronies and contributors puts the money back into the economy! So it is a net increase in the economy, because the government couldn't put money into the economy before they took it out of the economy and now they can--so it's good for the economy. /s

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Reply 26 - Posted by: Safari Man, 11/9/2012 6:34:07 PM     (No. 9003743)

Its the impact on the deficit that will be minimal. In fact, revenues will drop if they increase those taxes.

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Reply 27 - Posted by: SouthSanAntonio, 11/9/2012 7:15:22 PM     (No. 9003797)

OK, I'm starting a pool. How many days until he gets flustered and announces that he won and that we are doing things his way???

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Reply 28 - Posted by: Attila DiMedici, 11/9/2012 7:43:38 PM     (No. 9003849)

Taxes will go up and government revenue will go down.

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Reply 29 - Posted by: Hamrman, 11/9/2012 8:56:05 PM     (No. 9003982)

And we are supposed to believe him?

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Reply 30 - Posted by: 100percenttexan, 11/9/2012 9:34:06 PM     (No. 9004056)

I have heard that Obama flunked Econ 101. Why would we listen to him about the economy?

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Reply 31 - Posted by: bob913, 11/10/2012 12:08:27 AM     (No. 9004290)

My co-worker actually thinks by raising taxes it helps produce jobs..... Last week 8 of his co-workers in the dept next to us were fired.

We have been seeing hundreds being fired and hours reduced for those remaining since 2009.

The execs held meetings with all of us telling us about the "coming challenges".

One of those fired had a obama/biden bumper sticker on his car. Talk about consequences!

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Reply 32 - Posted by: Trigger2, 11/10/2012 5:16:18 AM     (No. 9004458)

Varney had a guy on his show yesterday who is in the tool business. He held up a folder of flyers for other businesses terminating their businesses and selling out. The folder was so jam packed he could hardly get his hand around it. He told the story of one tool maker who closed his business, terminated workers, sold his inventory off, and then sold all his manufacturing equipment to China. Now China will be producing those same tools. I wonder if the final product will be radioactive. I hope Barry is proud of his transformation.

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