Obama Devastates the GOP Argument for Extending the Bush Tax Cuts forthe Rich
Obama debunked several false Republican talking points about his record on taxes. The president said, “Since I’ve been in office we’ve cut taxes for typical middle class family by 3,600 dollars. I wanted to repeat that because sometimes there’s misinformation out there and folks get confused about it.” The president also stated that he has cut taxes for the middle class in every year that he has been in office, and that we have tried the Republican trickle down method for over a decade and all it has gotten us is more income inequality and larger deficits.
The president also took away the Republican claim that not cutting taxes for the wealthiest Americans would hurt small business. Obama said, “We know what those who are opposed will say, we can’t tax job creators and they’ll say this is bad for small business. I’ve cut taxes for small business owners 18 times since I’ve been in office. I’ve also asked congress to pass new tax cuts for entrepreneurs who hire new workers. The proposals I’m making today would extend these tax cuts for 97% of small businesses. 97 percent fall under the $250,000 threshold.”
The president also called for extending the tax cuts to 98% of the American people, “Extend tax cuts for 98 percent of Americans who make less than $250,000 for another year. If Congress doesn’t do this, could see taxes up by $2,200 dollars. That would be a big blow to working families and a drag on the economy.”
Obama completely took the Republican argument away from them by stating the nation simply can’t afford to give tax cuts to the wealthy. He said that the tax cuts don’t help the economy, and they add to the deficit.
The president’s point that the tax cuts for the wealthy don’t create growth or help the economy flies in the face of the conservative fairy tale that tax cuts don’t add to the deficit, and they promote growth.
When it comes to tax cuts for the rich, Republicans are like Linus waiting for the Great Pumpkin on Halloween. They keep telling us that if we just keep believing and cutting taxes for the rich, prosperity will come to us all, but it never does.
You can expect Republicans to keep selling us the trickle down down Great Pumpkin myth, but Obama’s remarks were nothing less than a masterful destruction of every Republican argument for more tax cuts for the wealthy.
The White House would love to have this fight all summer. The Bush tax cut debate gives them a chance to use a very popular position against both congressional Republicans and Mitt Romney.
Obama made it clear that he has every intention of killing the tax cuts for the wealthy. Republicans have no hostages this time, popular opinion is strongly with the president, and Obama has told Congress to either send him a tax cut for the 98%, or prepare for a long and bloody summer.
Your move, Republicans.
http://www.politicususa.com/obama-devastes-republican-argument-extending-bush-tax-cuts-rich.html
You add to the deficit by spending more money than what is coming in. Not by causing the wealthy to stop investing and employing so that they don't have to pay so many taxes. They are currently paying 95% of all income taxes... they are single handedly bearing the brunt of the deficit. Yet people are still complaining that they aren't "paying their fair share." My ass they aren't.
The "Bush tax cuts" for the "wealthy" more than doubled my income tax return, and I am FAR from wealthy. Ending them is going to hurt lots of people, not just the wealthy. If he really wants to help, he could (leave office) stop spending money that we don't have. You can't spend your way out of debt.
"LUV"
Quoting kailu1835:
You add to the deficit by spending more money than what is coming in. Not by causing the wealthy to stop investing and employing so that they don't have to pay so many taxes. They are currently paying 95% of all income taxes... they are single handedly bearing the brunt of the deficit. Yet people are still complaining that they aren't "paying their fair share." My ass they aren't.
"luv"
Quoting motherslove82:
The "Bush tax cuts" for the "wealthy" more than doubled my income tax return, and I am FAR from wealthy. Ending them is going to hurt lots of people, not just the wealthy. If he really wants to help, he could (leave office) stop spending money that we don't have. You can't spend your way out of debt.
And Obama does not know a damn thing about economics.
Quoting kailu1835:You add to the deficit by spending more money than what is coming in. Not by causing the wealthy to stop investing and employing so that they don't have to pay so many taxes. They are currently paying 95% of all income taxes... they are single handedly bearing the brunt of the deficit. Yet people are still complaining that they aren't "paying their fair share." My ass they aren't.
Quoting Citygirlk:
So spend less money and cut taxes right? How is that supposed to to work? You either do one other the other not both.
Quoting kailu1835:
You add to the deficit by spending more money than what is coming in. Not by causing the wealthy to stop investing and employing so that they don't have to pay so many taxes. They are currently paying 95% of all income taxes... they are single handedly bearing the brunt of the deficit. Yet people are still complaining that they aren't "paying their fair share." My ass they aren't.
You lower tax rates, which actually raises tax revenue.
(I should copy that and just paste it on every thread, how long has it been since they taught economics?)
A new report says wealthy Maryland residents may be moving out due to recent tax hikes – a finding that is sure to escalate the battle over taxing the American rich.
The study, by the anti-tax group Change Maryland, says that a net 31,000 residents left the state between 2007 and 2010, the tenure of a "millionaire's tax" pushed through by Gov. Martin O'Malley. The tax, which expired in 2010, in imposed a rate of 6.25 percent on incomes of more than $1 million a year.
The Change Maryland study found that the tax cost Maryland $1.7 billion in lost tax revenues. A county-by-county analysis by Change Maryland also found that the state’s wealthiest counties also had some of the largest population outflows.
In total, Maryland has added 24 new taxes or fees in recent years, Change Maryland says. Florida, which has no income-tax, has been a large recipient of Maryland's exiled wealthy.
“Maryland has reached the point of diminishing returns. We're taxing people too much and people are voting with their feet," said Change Maryland Chairman Larry Hogan. “Until we change our focus from tax increases to increasing the tax base, more people are simply going to leave, leading to a downward spiral of raising revenues on fewer citizens."
The finding adds to the renewed debate over raising taxes on the wealthy. In New Jersey, Gov. Chris Christie recently vetoed a millionaire's tax passed by his legislature, while California and other state governments are also considering higher taxes on high earners to fix budget problems. President Obama on Monday asked Congress to extend tax cuts for those making $250,000 or less – effectively increasing taxes for the higher earners.
Many contend that higher taxes drive out the highly mobile rich, who can simply move to a lower-tax state or even lower-tax country. Recent data shows that a record 1,800 Americans renounces their citizenship last year.
Some argue, however, that there is little real evidence that higher state taxes drive out large numbers of high earners. Neil Bergsman, director of the Maryland Budget and Tax Policy Institute, said while a number of people left the state between 2007 and 2010, others moved in. The net loss, he said, is “very small,” he said.
What’s more, he points out that the wealthy usually move because of a job change, life change or retirement rather than taxes.
“There is no evidence that tax structures are a significant determinant in their location choices,” Bergsman said.
What’s more, he said, Maryland is still minting high-earners and has among the highest incomes and highest concentration of millionaires in the country.
Other studies in New Jersey, Connecticut and Rhode Island have also failed to offer proof that taxes are the main driver of out-migration by the top earners. (See here and here). In some states, weather is a bigger driver of out-migration by the wealthy than taxes.
Still, with top earners paying the largest share of taxes in many high-income states, many politicians don't want to take the risk of raising tax rates further.
Correction:
An
earlier version of this story incorrectly said President Obama would
ask Congress Monday to extend tax cuts for those making $250,000 or
more. In fact, it was for those making $250,000 or less.
http://www.cnbc.com/id/48120446
Quoting asfriend:
Quoting Citygirlk:
So spend less money and cut taxes right? How is that supposed to to work? You either do one other the other not both.
Quoting kailu1835:
You add to the deficit by spending more money than what is coming in. Not by causing the wealthy to stop investing and employing so that they don't have to pay so many taxes. They are currently paying 95% of all income taxes... they are single handedly bearing the brunt of the deficit. Yet people are still complaining that they aren't "paying their fair share." My ass they aren't.
You lower tax rates, which actually raises tax revenue.
(I should copy that and just paste it on every thread, how long has it been since they taught economics?)
Judge refuses to stop Arizona from denying driver's licenses to immigrants
- _Kissy_
on Jul. 10, 2012 at 12:29 AM