Posted on 11/14/2012 2:37:15 PM PST by tobyhill
President Barack Obama said on Wednesday that Republicans would have to agree to raise taxes on the wealthy as the first step in a budget deal that would prevent a dysfunctional Washington from pushing the economy into recession.
In his first news conference since winning re-election last week, Obama said he would be open to considering Republican priorities like entitlement reform and a tax-code overhaul as part of a broad-based deal to get the nation's finances on a sustainable course.
But Obama said Republicans in Congress would first have to agree to his top priority in the complex negotiations aimed at preventing a $600 billion combination of tax increases and spending cuts known as the "fiscal cliff" that could halt the weak economic recovery at the beginning of next year.
"What I'm not going to do is to extend further a tax cut for folks who don't need it," Obama said, shortly before meeting with a dozen business leaders who are pushing policymakers to reach a deal.
(Excerpt) Read more at reuters.com ...
Boehner should see that bet and raise it.
What good are tax hikes when dimocrats just throw the money away? Any revenue gained through tax hikes will be wasted on more stuff for lazy people - not pay down federal debt.
Why is it that neither Romney nor Obama during the debates seemed to realize that personal income taxes do not affect the ability to hire people. IF you have never had business, rental or farming income, then pull out your IRS Instruction booklet and look at Schedule C, E, and F. You will see that wages for work performed by people for your business or rental property are all deducted from your gross income before any taxes are calculated. Thus hiring people is deducted from your final income as a business expense. So the income you actually have to pay income taxes on have nothing to do with hiring people.
I can see that Obama would not know this, but Romney??? Oh, well, I guess if you are rich, someone else does the taxes and you remain ignorant of how it all works. And misinform the rest of us.
In his speech today Obama said that if the restoration of the Clinton tax rate for the top 2% is passed by the House (the Senate has already done so), he could sign it next week. OH, how happy this would make all the retailers for Thanksgiving and Christmas buying season and the whole economy.
I think revocation of all Obamacare vouchers needs to be part of any deal.
Ack. Not “vouchers”, but waivers.
Give him what he wants...it won’t change anything and two years from now things will be worse and that arrow will no longer be in his quiver.
Give him what he wants...it won’t change anything and two years from now things will be worse and that arrow will no longer be in his quiver.
Give him what he wants...it won’t change anything and two years from now things will be worse and that arrow will no longer be in his quiver.
Give him what he wants...it won’t change anything and two years from now things will be worse and that arrow will no longer be in his quiver.
I’m not hearing anything about “CUTS”. If you give more revenue to the democrats, they will just spend it. Big “O”
wants to bring this Country down so he can impose socialism.
Can you show us where exactly the ‘tax on inomce is clarified”???
There is GROSS income.
There is ADJUSTED GROSS income.
Thjere is TAXABLE income.
I have yet to hear which ‘income’ Obama is referring to when he talks about taxes of any kind.
When Obama is talking about tax on income, I assume he is talking about the Taxable income on page 2 of the 1040 form. Since that is the point at which you look at the tax table, or if you have an income above a certain figure have to do your own calculation. Also, he did clarify that the first $250,000 of income would not go back to the Clinton rate under his plan. Only the amount above $250,000 would loose the Bush tax cut. I guess this means that if you have $500,000 income then you would pay about 2.25% more than under the Bush cuts. At any rate, the tax above a certain figure would go from 35% to 39.5% I can remember when the rich were supposed to pay 90%, and then 70%. Of course, they figured out a lot of loopholes to prevent that. If you don’t do your own taxes, I suggest you take a good look at the 1040 form, and the IRS Instruction booklet.
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