Officials: Obama ready to veto a bill blocking ‘fiscal cliff’ without tax hike for rich

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, Obama’s 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.

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.

“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!!!

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Ugh! The Petulant President.

God save us all.

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