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
Where exactly is the devestation here? I see lots of inacuracies and half truths. I don't recall getting $3600 and I'm pretty sure most people wouldn't be able to identify it in their finances. I'm getting less back after filing than ever before. I also know I am paying more for food and gas as well as most other things I purchase. This is going to go up further if taxes are raised on these businesses.
What he isn't telling you is the money they would get from these taxes could probably run the Government for a whole 8 days. The damage to the economy due to raising taxes on businesses would far outweigh any percieved benefits.
This is why he has made sure the taxmageddon hits when it does. You can believe if he isn't elected they will not be saying it's his fault because it happened during his administration like they do with Bush. Taxmageddon will take effect throughout 2013-2014. They will be blaming it on the Republicans.
When the rich don't have to worry about paying high taxes, they invest more, they employ more, they buy more, etc instead of leaving their money in the bank. So yes, you can keep taxes low, AND spend less money to lower the deficit.
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.
See now I am confused. How does that punish rich people?
Quoting kailu1835:
When the rich don't have to worry about paying high taxes, they invest more, they employ more, they buy more, etc instead of leaving their money in the bank. So yes, you can keep taxes low, AND spend less money to lower the deficit.
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.
Okay, for those that say raising the tax rate back to what it was before Bush will hurt the economy, why did we tank our economy in the first place? That tax cut for the rich was in effect when the Recession hit. It did not keep the recession away. We lost jobs during that tax cut, and interestingly enough, had to borrow in order to maintain the budget that had been passed.
I am really curious. I'm not an economist, but nothing I see in history proves that lower taxes increases the amount of jobs and the tax rate. In the past we have had even higher taxes, but still created jobs.I guess if we were in a closed economic system, it might prove true as the rich would have no choice but to create jobs here, and spend their money here, but the system is not closed. Obama does want to give tax breaks to companies that want to in-source though, and maybe that is what we need to do.
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.
The idea that the wealthy has stopped investing or employing because they are paying so many taxes is a myth. I simply don't believe that.
By the way, that 95% factor. . .that includes people like me, I suspect. And believe me, I'm not spending my money on employing others. . .I'm hoarding it to benefit myself and my kin.
Quoting rccmom:Okay, for those that say raising the tax rate back to what it was before Bush will hurt the economy, why did we tank our economy in the first place? That tax cut for the rich was in effect when the Recession hit. It did not keep the recession away. We lost jobs during that tax cut, and interestingly enough, had to borrow in order to maintain the budget that had been passed.
I am really curious. I'm not an economist, but nothing I see in history proves that lower taxes increases the amount of jobs and the tax rate. In the past we have had even higher taxes, but still created jobs.I guess if we were in a closed economic system, it might prove true as the rich would have no choice but to create jobs here, and spend their money here, but the system is not closed. Obama does want to give tax breaks to companies that want to in-source though, and maybe that is what we need to do.
Because just as Bush was taking office, the housing and .com bubbles burst. The tax cuts saved us from a recession because they did work. The out of control spending that followed did not.
Quoting rccmom:Okay, for those that say raising the tax rate back to what it was before Bush will hurt the economy, why did we tank our economy in the first place? That tax cut for the rich was in effect when the Recession hit. It did not keep the recession away. We lost jobs during that tax cut, and interestingly enough, had to borrow in order to maintain the budget that had been passed.
I am really curious. I'm not an economist, but nothing I see in history proves that lower taxes increases the amount of jobs and the tax rate. In the past we have had even higher taxes, but still created jobs.I guess if we were in a closed economic system, it might prove true as the rich would have no choice but to create jobs here, and spend their money here, but the system is not closed. Obama does want to give tax breaks to companies that want to in-source though, and maybe that is what we need to do.
Quoting kailu1835:When the rich don't have to worry about paying high taxes, they invest more, they employ more, they buy more, etc instead of leaving their money in the bank. So yes, you can keep taxes low, AND spend less money to lower the deficit.
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.
Because people are putting MORE money into the economy when they have more to spend. It's fairly simple.
Quoting Citygirlk:
To me that doesnt make sence. How can we lower the defict that way? We need to be bring in more money and do less spending that way we can pay our bills and not get our power shut off, so to speak.
Quoting kailu1835:
When the rich don't have to worry about paying high taxes, they invest more, they employ more, they buy more, etc instead of leaving their money in the bank. So yes, you can keep taxes low, AND spend less money to lower the deficit.
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.
Sorry, Republicans — Nobody’s Getting Impeached
- _Kissy_
on Jul. 10, 2012 at 12:29 AM