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