Skip to comments.Officials: Obama ready to veto a bill blocking ‘fiscal cliff’ without tax hike for rich
Posted on 10/18/2012 8:59:56 AM PDT by SeekAndFind
President Obama is prepared to veto legislation to block year-end tax hikes and spending cuts, collectively known as the fiscal cliff, unless Republicans bow to his demand to raise tax rates for the wealthy, administration officials said.
Freed from the political and economic constraints that have tied his hands in the past, Obama is ready to play hardball with Republicans, who have so far successfully resisted a deal to tame the debt that includes higher taxes, Obamas allies say.
In the days after the November election, the tables will be turned: Taxes are scheduled to rise dramatically in January for people at all income levels, and Republicans will be unable to stop those automatic increases alone.
If he wins reelection, Obama may finally be able to dictate the terms of a bipartisan debt-reduction deal. And if he loses to Republican Mitt Romney, Obama could make sure that tax rates rise before he hands over the keys to the White House on Inauguration Day in late January.
Administration officials declined to say whether the veto threat will stand if Obama loses the election.
Obama has never explicitly said whether he is prepared to let the new year arrive without taking action to avoid the cliff. Some Republicans, noting that the president has backed off demands for higher taxes twice in the past, are skeptical that he will stand firm now. But his veto threat challenges Republicans to a dangerous game of chicken over a fiscal event that would raise taxes for nearly 90 percent of households, slice deeply into military and domestic budgets, and probably spark a brief recession.
(Excerpt) Read more at washingtonpost.com ...
Go ahead and veto it. This is a political football and you should take the blame.
The “rich” currently pay 86% of federal income taxes. Yet, Mr. Obama and the counter productive citizens who vote for him, and pay NO federal taxes, think the “rich” aren’t paying “their fair share.” Whatever that is.
Let’s see the GOP “Man Up” and prove their worth.
“Freed from the political and economic constraints that have tied his hands in the past, Obama is ready to play hardball with Republicans, who have so far successfully resisted a deal to tame the debt that includes higher taxes, Obamas allies say. “
exactly how will he be freed from these constraints???
Over the cliff we go!
I remember a time when a president and congress passed legislation in January or February that made tax changes retroactively to the beginning of that year. Does anyone else remember?
Unfortunately, this bill will come to his desk AFTER election, when he shall have nothing to lose, regardless of how the election goes.
He will veto the bill, if one even gets to his desk, and precipitate the nightmare scenario of “over the cliff”.
This action will make whatever distressed economic outlook he inherited from Bush in 2008 seem to be almost benign.
“Tax hike for rich”. This Democrat war cry is simply division of voters, rallying people against the rich. There is no significant deficit reduction in raising taxes on the rich. I wanted Romney to bring this up in the last debate. He should have called this idea what it really is.
Oh yeh, I forgot that we are now in a recovery. So a recession would be really bad.
Reporters must be unable to read and write English.
If Obama dictates the terms, the deal (by definition) cannot be bipartisan.
Maybe a Constitutional amendment to restrict changes in Taxes and Fees to every 8 years within a window of two to three months before the Congressional and presidential elections.
His campaign will somehow tie Romney to this.
Romney needs to EXPLAIN how taxes CURRENTLY affect the wealthy.. GIVE US A DOLLAR AMOUNT, MITT!! Tell us how much YOU paid in taxes, like $3.2 MILLION in 2011!! This is the only way some Americans will understand it. Some wealthy folks pay MILLIONS in taxes. 0bama talks this issue up like they don’t pay ANYTHING compared to the Middle Class. RIDICULOUS!
The demise of America as we know it is precisely what the Kenyan wants. After he loses on Nov 6 he’s going to take a flamethrower to everything and anything. Romney will inherit an even greater mess to put back together. Guess what? He’ll pull it off.
That comma should be a period.
Anything past the comma is Obama having a temper tantrum.
But don't worry, OTrauma. With any luck, Mitt will fix it when your sorry ass is escorted off the property.
People like Romney KNOW what to do with their money to gt the most out of it....unlike the government.
Wonder what Bill Gates pays??
Boehner, man up and call his bluff.
They already have ran it in a ad that claims Romney is raising taxes on the middle class, when Romney wouldn’t even be able to effect this legislation because he wouldn’t start until Jan 20th.
Romney, doesn’t need to explain the millions rich folk already pay in taxes. He needs to explain the fundamentals as to why having a rich man and the entrepreneur work together. People don’t seem to understand the idea of broadening the tax base actually creates more revenue by keeping money in the private sector.
0bama’s mind seems to not understand how to grow the economy and why his plan is causing stagflation leading to the fiscal cliff of collapse. Here’s some basic math for you Mr. President since you don’t get Economy 101 and would rather create an economy tax:
Don’t know what is so hard for people to understand about broadening the tax base makes the economy grow. And raising taxes on the last of our producers stifles growth and increases debt.
If I make $1000 and 30%, that’s $300.00, go to pay taxes how does raising my taxes create jobs? So you raise my taxes to 40%, that is now $400 out of my income of $1,000. Whoopiee...I gave the government $100 more to keep you on your welfare.
But...let’s say you lower the tax rat to 20% Right now I work from 6am until 11pm and NEED to hire at least 1 part time worker to lift my workload and grow my business. All of a sudden I have $100 to put towards that new employee. Now, since my business is growing ...I actually need two or three employee’s. Why lookie there....income goes from $1,000 to $3,000, plus the tax base increase by 3x.
So for a 10% tax cut the government gets an increase in revenue. Instead of $200....it becomes $600. And over a month’s time that $100 part time employee contributes $45, times 3 employees= $135 in tax revenue. Plus they are either leaving welfare rolls and the government entitlement rolls.
Obama’s plan would yield only $400 in additional revenue and no GDP growth.
Romney’s plan would yield $735 in additional revenue and growing businesses and less folks on welfare. Thereby we can cut the spending and pay the debt.
The Idiocracy failed Econ 101.
I never got a job from a poor person.
Great example of an oxymoron.
“Boehner, man up and call his bluff.”
Since the Republicans took over the House in 2010, Boehner has done nothing to use the appropriations power of the House to reign in spending. Why would he change behavior now?
We conservatives talk about the Democrats being in charge of Congress as an excuse for deficit spending during Bush’s last two years. We seem to forgive our 2010 Republican Congress for acquiescing to Obama’s spending. We also fail to blame Bush for losing his veto pen.
WAHHH! You won't do what I want, so I won't let you do NOTHIN'!
Not to mention the 'fiscal cliff'.... since he's the One who built that!!!
Ugh! The Petulant President.
God save us all.
I said this the other night during the debate on my FB page...
I’d rather have Romney invest in my business than the government give a tiny tax credit for hiring someone...0bama has no idea how to grow business... I’ll get more from an investor ...than the government....sheesh...