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Obama: Keep middle-class tax cuts in place

Published: Mon, July 9, 2012 @ 1:25 p.m.

WASHINGTON (AP) — President Barack Obama, eager to shift election-year attention away from the nation's lackluster jobs market, called on Congress today to extend tax cuts for only low- and middle-income earners while allowing taxes to increase for families that make more than $250,000 a year.

"Let's not hold the vast majority of Americans and our economy hostage while we debate the merits of another tax cut for the wealthy," said Obama, flanked by a dozen people the White House said would benefit from the middle class-oriented tax cut extension.

Obama wants Congress to pass a one-year extension of the Bush-era tax cuts for households making less than $250,000 before they expire at the end of the year. He said the outcome of his November election contest with Republican rival Mitt Romney would then determine the fate of the tax cuts for higher-income earners.

"My opponent will fight to keep them in place. I will fight to end them," he said.

Obama has long supported expiration of the tax cuts for those making more than $250,000. But the White House and the president's re-election team are reviving his arguments now as a way to paint congressional Republicans as obstructionists and Romney as a protector of the wealthy, suggesting the GOP push for an across-the-board extension of the tax cuts puts the middle class at risk.


1georgejeanie(1426 comments)posted 3 years, 10 months ago

How does this idiot expect to pay back those trillions of dollars he burrowed on our childrens future without raising taxes. The tax and spend more president will do anything to get reelected. He can not keep printing money then not raise taxes. This guy is the worst ever, he makes Jimmy Carter look like a conservative.

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2DwightK(1531 comments)posted 3 years, 10 months ago

If you're going to support a war, you have to pay for it. Our soldiers wouldn't be dying in Afghanistan today if Presidents Bush and Obama had tried to pay for the war with a tax on all income earners. By passing these tax cuts and maintaining them they took away the sacrifice we should have all shared.

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3David_at_Engage_America(3 comments)posted 3 years, 10 months ago

As Tammy Frisbee of the Hoover Institute told Engage America, “Taxmageddon drives home the reality that our country's tax policy is a fragmented mess right now. I think there's a good chance that the promise of using the moment to enact an overhaul of the tax code will come to pass."

The sooner the President and Congress can come to an agreement on how to treat the looming expiration of these tax policies the sooner we can lift the economic uncertainty surrounding personal and corporate finances.

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4JoeFromHubbard(1740 comments)posted 3 years, 10 months ago

Obama's goal is redistribution of wealth in spite of what he says publicly.

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5IslandMike(764 comments)posted 3 years, 10 months ago

Bin Laden is DEAD

Obama 2012!!!

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6doubled(210 comments)posted 3 years, 10 months ago

goergerjeanie --you say..." This guy (obama) is the worst ever, he makes Jimmy Carter look like a conservative."

The fact that you made such a moronic comment demonstrates that you really don't have a clue. Obama is about as moderate a democratic president as you're gonna get. This is the first time in 4 years that he's drawn the line on endingthe tax cuts for the wealthy...until now, the guy has given tons of tax cuts to corps and financial institutions. And it shows -- Corp profits have NEVER BEEN HIGHER than they have been under obama.

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7AnotherAverageCitizen(1183 comments)posted 3 years, 10 months ago

Seems obvious that the Bush tax cuts to the rich did not work. The tax cuts did NOT create jobs. Cutting taxes on rich people does not create jobs. Reducing taxes on businesses may help create jobs. The more take home money middle America, 99%, has, helps create jobs by stimulating the economy. Reducing taxes on the rich, just gives the Romney's of the country more money to hide oversreas.

Part of the tax cuts was reducing Social Security by 2%. Obama and Congress, its not that hard. Take the 2% and this year make it 1 1/2% then next year make it 1/2% then the following year back to where full SS percentage was.

I am tired of the same crap every year. Bush tax cuts, no their Obama's tax cuts. WHO CARES> who's they are. make a decision and slowly take them away so some day congress can spend only what they bring in.

I vote politicians can only serve 2 terms in any elected position.

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8JoeFromHubbard(1740 comments)posted 3 years, 10 months ago

@ rustedhulk :

> > This is just more grandstanding in an election year. < <

I can certainly agree with you on this point !

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