ChasC5
11-15-2010, 1:07pm
Obama to GOP: How do you pay for tax cut extensions?
Obama to GOP: How do you pay for tax cut extensions? - The Oval: Tracking the Obama presidency (http://content.usatoday.com/communities/theoval/post/2010/11/obama-to-gop-how-do-you-pay-for-millionaire-tax-cuts/1)
When President Obama and the Republicans meet this week to discuss the George W. Bush tax cuts, he will have a question for them about extensions for the wealthy.
"If they feel very strongly about it, then I want to get a sense of how they intend to pay for it," Obama told reporters yesterday as Air Force One made its way back from Asia.
Obama supports extending the tax cuts for the middle class, but raises a deficit objection for Americans who make more than $200,000 a year, and couples who make more than $250,000.
"I believe it is a mistake for us to borrow $700 billion to make tax cuts permanent for millionaires and billionaires," Obama said. "It won't significantly boost the economy, and it's hugely expensive. So we can't afford it."
The lame duck Congress needs to resolve the issue soon: The Bush tax cuts expire at the end of the year.
Republicans say no one should have their taxes raised in this economy, and that the wealthy people Obama talks about include business owners who create jobs.
"We aren't going to get our economy moving unless we stop the tax hikes and cut government spending," said Michael Steel, a spokesman for incoming Speaker of the House John Boehner, R-Ohio. "That's what Republicans pledged to America, and that's what we'll fight for."
Senate Minority Leader Mitch McConnell, R-Ky., said the issue isn't paying for tax cuts -- it's whether people will be facing tax hikes when the Bush rates expire.
"While the president and some of his allies in Congress have a strange desire to raise taxes on hundreds of thousands of small businesses across the country, we would welcome the president's help to extend all the current tax rates so that no one sees a tax hike," McConnell said.
Obama meets Thursday with Republican and Democratic congressional leaders, including Boehner.
The high-end tax cuts are something "the Republicans expressed some strong feelings about," Obama said. "I want to hear from them how strongly they feel about it, particularly given that they're also saying they want to control the deficit and debt."
In the meantime, other lawmakers are floating various ideas for a compromise on the Bush tax cuts.
Sen. Charles Schumer, D-N.Y., talked about changing the definition of "rich" during an appearance Sunday on CBS' Face The Nation.
"Democrats had originally called for tax cuts for people below $250,000, Republicans for everybody," Schumer said. "What if we moved it up to $1 million? Everyone below $1 million will get a tax cut but the millionaires and billionaires won't."
Lovely ... I can't wait to hear the GOP NOT support this. :lolsmile:
Obama to GOP: How do you pay for tax cut extensions? - The Oval: Tracking the Obama presidency (http://content.usatoday.com/communities/theoval/post/2010/11/obama-to-gop-how-do-you-pay-for-millionaire-tax-cuts/1)
When President Obama and the Republicans meet this week to discuss the George W. Bush tax cuts, he will have a question for them about extensions for the wealthy.
"If they feel very strongly about it, then I want to get a sense of how they intend to pay for it," Obama told reporters yesterday as Air Force One made its way back from Asia.
Obama supports extending the tax cuts for the middle class, but raises a deficit objection for Americans who make more than $200,000 a year, and couples who make more than $250,000.
"I believe it is a mistake for us to borrow $700 billion to make tax cuts permanent for millionaires and billionaires," Obama said. "It won't significantly boost the economy, and it's hugely expensive. So we can't afford it."
The lame duck Congress needs to resolve the issue soon: The Bush tax cuts expire at the end of the year.
Republicans say no one should have their taxes raised in this economy, and that the wealthy people Obama talks about include business owners who create jobs.
"We aren't going to get our economy moving unless we stop the tax hikes and cut government spending," said Michael Steel, a spokesman for incoming Speaker of the House John Boehner, R-Ohio. "That's what Republicans pledged to America, and that's what we'll fight for."
Senate Minority Leader Mitch McConnell, R-Ky., said the issue isn't paying for tax cuts -- it's whether people will be facing tax hikes when the Bush rates expire.
"While the president and some of his allies in Congress have a strange desire to raise taxes on hundreds of thousands of small businesses across the country, we would welcome the president's help to extend all the current tax rates so that no one sees a tax hike," McConnell said.
Obama meets Thursday with Republican and Democratic congressional leaders, including Boehner.
The high-end tax cuts are something "the Republicans expressed some strong feelings about," Obama said. "I want to hear from them how strongly they feel about it, particularly given that they're also saying they want to control the deficit and debt."
In the meantime, other lawmakers are floating various ideas for a compromise on the Bush tax cuts.
Sen. Charles Schumer, D-N.Y., talked about changing the definition of "rich" during an appearance Sunday on CBS' Face The Nation.
"Democrats had originally called for tax cuts for people below $250,000, Republicans for everybody," Schumer said. "What if we moved it up to $1 million? Everyone below $1 million will get a tax cut but the millionaires and billionaires won't."
Lovely ... I can't wait to hear the GOP NOT support this. :lolsmile: