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Washington - Obama: US Can't Afford Across-The-Board Tax Hike

Published on: November 14, 2012 01:56 PM
By: AP
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US President Barack Obama responds to a question from the news media during a press conference in the East Room of the White House in Washington, DC, USA 14 November 2012. President Obama focused his comments on averting the fiscal cliff and urging congress to come to a bipartisan consensus.  EPA/SHAWN THEWUS President Barack Obama responds to a question from the news media during a press conference in the East Room of the White House in Washington, DC, USA 14 November 2012. President Obama focused his comments on averting the fiscal cliff and urging congress to come to a bipartisan consensus.  EPA/SHAWN THEW

Washington - President Barack Obama says the economy cannot afford a tax increase on all Americans and is calling on congressional Republicans to support an extension of existing tax rates for households earning $250,000 or less.

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Obama says he is confident that he and Congress can reach an agreement that avoids a so-called “fiscal cliff” on Jan. 1, when all tax rates would revert to Clinton-era levels and a series of deep spending cuts kick in.

Obama addressed the fiscal cliff at the opening of a press conference Wednesday in the White House.

In saying that the economy can’t afford plunging into tax increases at the start of the year, the president distanced himself from some in his party who would prefer the tax increases and spending to occur to gain leverage.


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Read Comments (9)  —  Post Yours »

1

 Nov 14, 2012 at 02:14 PM Geulah Says:

He means that the politically entrenched millionaires who have been living off the public dole will be irrevocably harmed by doing nothing and letting the tax cuts end. He means that any chance he has for a legacy would be gone. He means that even the slowest of the slow will finally be enlightened and realize that the issues are special interests, unions, pork barrel politics and a gutless approach to fiduciary responsibility. This goes across the board and is not partisian.

2

 Nov 14, 2012 at 02:41 PM Reb Yid Says:

We can certainly afford the spending cuts, even if we can't afford the tax hikes.

3

 Nov 14, 2012 at 02:54 PM Anonymous Says:

What we really need. Tax hikes on all Americans + drastic spending cuts including military and entitlements. To sooth tax hikes you can raise it 1% for all per year till we return to Clinton levels. Just like spending cuts are implemented slowly. Sorry its painfull but the only way to save something for our kids. Tax hikes on rich bring in only about 100 billion. According to Bloomberg Business week ,if you cut every non discretionary program (food stamps EPa Education etc) it would only solve a third of the defict problem .Yes I lose too.I pay taxes. Anyone who disagrees doesn't know simple math. How else are you going to plug a 16 Trillion dollar deficit.

4

 Nov 14, 2012 at 03:08 PM bkjew Says:

i know people are reading this and saying wow i wiish i would make $250k a year and i wont have a problem if the increase my taxes! but 250k a year LEGALLY on the books is joke $25,000 taxes (with the low tax rate ) $25,000 health insurance for the family plan (thats without dental btw )$50,000 mortgage car#1 $8000 car#2 $5000 tuition $10000 per child x 3 $30,000 vacation $10000 a year food (dont forget we dont get food stamps) $300 a week x 4 x 12= $14,400 cloths $5000 a year=$172,400 may i throw in $25000 a year spending on everything we want?? and $50,000 savings for a rainy day????????? after all we are the reach people!!!!!!!!!!!! feel free to add or take down from my #'s but if you think $250k is a lot explain me why

5

 Nov 14, 2012 at 03:38 PM InsideOne Says:

Reply to #3  
Anonymous Says:

What we really need. Tax hikes on all Americans + drastic spending cuts including military and entitlements. To sooth tax hikes you can raise it 1% for all per year till we return to Clinton levels. Just like spending cuts are implemented slowly. Sorry its painfull but the only way to save something for our kids. Tax hikes on rich bring in only about 100 billion. According to Bloomberg Business week ,if you cut every non discretionary program (food stamps EPa Education etc) it would only solve a third of the defict problem .Yes I lose too.I pay taxes. Anyone who disagrees doesn't know simple math. How else are you going to plug a 16 Trillion dollar deficit.

Wow, someone who speaks the truth...unfortunately, truth and politics do not mix well.

There's no denying it, though...the USA was doing well from top to bottom in the middle of the century, when tax rates were much higher for everyone. This enabled us as a country to take care of our roads and schools, to invest in education from kindergarten to college, and to build an economy that nobody else could match.

We're all suffering from decades of ill-conceived cuts...so let's tell it like it is:

Tax hikes for all (including me, and for god's sake, cut the bloated defense budget)!

6

 Nov 14, 2012 at 03:51 PM awacs Says:

Reply to #3  
Anonymous Says:

What we really need. Tax hikes on all Americans + drastic spending cuts including military and entitlements. To sooth tax hikes you can raise it 1% for all per year till we return to Clinton levels. Just like spending cuts are implemented slowly. Sorry its painfull but the only way to save something for our kids. Tax hikes on rich bring in only about 100 billion. According to Bloomberg Business week ,if you cut every non discretionary program (food stamps EPa Education etc) it would only solve a third of the defict problem .Yes I lose too.I pay taxes. Anyone who disagrees doesn't know simple math. How else are you going to plug a 16 Trillion dollar deficit.

"How else are you going to plug a 16 Trillion dollar deficit."

Maybe, by, um, not spending so much?
Tax rates have not gone much, if at all, in quite a while. It's spending that's blown up.

7

 Nov 14, 2012 at 04:04 PM Anonymous Says:

Reply to #4  
bkjew Says:

i know people are reading this and saying wow i wiish i would make $250k a year and i wont have a problem if the increase my taxes! but 250k a year LEGALLY on the books is joke $25,000 taxes (with the low tax rate ) $25,000 health insurance for the family plan (thats without dental btw )$50,000 mortgage car#1 $8000 car#2 $5000 tuition $10000 per child x 3 $30,000 vacation $10000 a year food (dont forget we dont get food stamps) $300 a week x 4 x 12= $14,400 cloths $5000 a year=$172,400 may i throw in $25000 a year spending on everything we want?? and $50,000 savings for a rainy day????????? after all we are the reach people!!!!!!!!!!!! feel free to add or take down from my #'s but if you think $250k is a lot explain me why

You forgot maaser...

8

 Nov 14, 2012 at 04:54 PM Anonymous Says:

Reply to #5  
InsideOne Says:

Wow, someone who speaks the truth...unfortunately, truth and politics do not mix well.

There's no denying it, though...the USA was doing well from top to bottom in the middle of the century, when tax rates were much higher for everyone. This enabled us as a country to take care of our roads and schools, to invest in education from kindergarten to college, and to build an economy that nobody else could match.

We're all suffering from decades of ill-conceived cuts...so let's tell it like it is:

Tax hikes for all (including me, and for god's sake, cut the bloated defense budget)!

Before defense cut the freebees. Free celluar phone $6 billion, Some of the food stamps, government workers not getting $77,000 but more the private workers at $45,000.; Junkets for government workers blowing big money; even a limited use of Air Force 1,2,3. Paying for separate transporting Obama and his wife on Air Force 1s, Vallerie Jarrett secuirty and Pelosi private trips to California. Step by Step line by line CUTS. before any tax increases. Plus Fixed for 6 years. No increase what so ever. So inflation won't be good for the government which is printin $40 billion a month $.5 trillion add to the money supply with create massive inflation

9

 Nov 14, 2012 at 10:28 PM esther Says:

Reply to #5  
InsideOne Says:

Wow, someone who speaks the truth...unfortunately, truth and politics do not mix well.

There's no denying it, though...the USA was doing well from top to bottom in the middle of the century, when tax rates were much higher for everyone. This enabled us as a country to take care of our roads and schools, to invest in education from kindergarten to college, and to build an economy that nobody else could match.

We're all suffering from decades of ill-conceived cuts...so let's tell it like it is:

Tax hikes for all (including me, and for god's sake, cut the bloated defense budget)!

there is no comparrison between the present and the post ww2 economy.that economy was unprecedented and will never be matched again.america was the only western or major country in the world not in complete shambles and so there was zero foreign competition.the US was absolutely full of enthusiasm,patriotism and can doism.it was a confluenece of events that created that economy.

10

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