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ProSense Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-29-11 11:42 AM
Original message
Obama Urges End of Tax Breaks for Millionaires

Obama Urges End of Tax Breaks for Millionaires

By JARED A. FAVOLE

WASHINGTON—President Barack Obama on Wednesday said tax breaks for oil companies and "millionaires and billionaires" must end if the country is going to get its fiscal house in order.

"You can't reduce the deficit without having some revenue in the mix. And the revenue we're talking about ... is coming out of folks who are doing extraordinarily well," Mr. Obama said, citing hedge fund managers and corporate-jet owners as examples.

President Obama, speaking at a nationally televised news conference, has started taking a more visible role in trying to settle a budget debate with Congress that has stretched on for months. Bipartisan talks toward slashing the deficit hit an impasse last week over taxes. Since then, the president has met with leaders of both parties in search of a solution.

But the rhetoric has intensified in recent days, with both parties signaling they are digging in their heels, including on the tax breaks. The White House wants to end the breaks, while Republicans argue that doing so during an economic recovery would stifle growth.

more
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tekisui Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-29-11 11:44 AM
Response to Original message
1. And, he means it this time!
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Sarah Ibarruri Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-29-11 11:46 AM
Response to Original message
2. Oh my god, I'm about to pass out! nt
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Sarah Ibarruri Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-29-11 11:50 AM
Response to Original message
3. If he keeps insisting, and doesn't settle for 1%, I'll personally donate to Obama's campaign again
And participate in it, again.
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CakeGrrl Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-29-11 11:54 AM
Response to Original message
4. From the sound of today, I think he's holding some nuclear options in reserve.
He laid it out quite clearly: There's no reason not to get it done. He cited his daughters as better examples of not waiting until the last minute.

If they don't get things done by the August 'deadline', they'll wish they had.
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Enrique Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-29-11 11:57 AM
Response to Original message
5. flashback to Dec. 7, 2010
http://www.huffingtonpost.com/2010/12/07/obama-bush-tax-cuts-video_n_793123.html


NEW YORK -- Over the past three months, Obama described the Bush-era program that he's now adopting as his own as "tax cuts for millionaires and billionaires" no fewer than 50 times, according to a review of his stump speeches, weekly addresses, and comments to campaign donors and members of the news media.

(...)
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jenmito Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-29-11 01:09 PM
Response to Reply #5
9. Yup-it's too bad that the Dem.-controlled Congress wouldn't pass the tax cut extension for
the "lower 98%" of us without including the upper 2%. He TRIED to get them to pass it and they wouldn't. But in '12, he will NOT pass any extension for the top 2%. The country will be in a different place.
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tekisui Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-29-11 02:09 PM
Response to Reply #9
10. How will the country be in a different place?
The House is repug controlled now, making it even more unlikely. His words ring hollow today.
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jenmito Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-29-11 02:47 PM
Response to Reply #10
11. Obama will be able to show that extending the tax cuts for the rich did NOT do what those who voted
for them SAID it would do, and that what it DID was add to the debt.
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tekisui Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-29-11 02:50 PM
Response to Reply #11
12. He could have done that last year, too.
Same arguments were made and the same arguments were ignored.
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jenmito Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-29-11 03:00 PM
Response to Reply #12
14. Yup, and the DEM.-controlled Congress wouldn't pass them without the cuts for the rich.
And Obama obviously felt it was more important to keep his promise to extend the tax cuts for the rest of us than to veto the bill. But with all of this ammunition he has, showing how the cuts for the rich didn't work, he will be in a strong position to veto any bill with more tax cuts for the rich.
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Dawgs Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jun-30-11 08:03 AM
Response to Reply #9
16. Doesn't change the fact that he extended them for two years.
He could have let them expire and then fought for the unemployed later on.

"Leaders lead"
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JoePhilly Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-29-11 12:36 PM
Response to Original message
6. Odd how when Obama uses the "Bully pulpit" ... some still complain "its just talk".
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vroomvroom Donating Member (496 posts) Send PM | Profile | Ignore Wed Jun-29-11 01:08 PM
Response to Reply #6
8. I am willing to Wager "its just talk". Friendly wager of $50 to DU...yes?
For a good cause lets take a bet....we've been down this road before and many here know Obama too well. I say it is just talk. If you dont agree lets make a bet...the loser donates $50 to DU. And confirmation receipts will be necessary to prove the donation.
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JoePhilly Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-29-11 03:47 PM
Response to Reply #8
15. Sure ... with one detail .... you need to be specific ...
What SPECIFIC issues, what specific DETAILs, do you want refer to in this bet.

I won one of these wagers back during the State of the Union ... because back then, clearly, Obama was "definitely" going to announce "major cuts" to Social Security (or at least, so said the DU psychics). It did not happen.

So sure, I'm in ... but let's be clear ... you need to detail what you think the CAVE will be. So I know what the wager actually refers to.

Does Obama have to get all of the Bush tax cuts repealed? Repeal for only those over 1 million, 5 million? No benefit cuts to medicare or Social security?

What I often find is that those who dislike Obama, see every compromise as the end of the world, even if he gets other concessions. They simply ignore those.

So, if you and I are going to play this game ... let's get specific.

You made the challenge, so you get to propose your "line".

I'll respond when I see it.

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jenmito Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-29-11 01:05 PM
Response to Original message
7. K&R. He was very strong and feisty today. n/t
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Vanje Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-29-11 02:55 PM
Response to Original message
13. Been there
Edited on Wed Jun-29-11 02:56 PM by Vanje
Words. Only cheap words. These cost nothing.
Lets see what they actually MEAN.
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montanto Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jun-30-11 09:38 AM
Response to Original message
17. Hell, I urge ending the tax breaks for millionaires. Seems like . . .
Obama ought to be in a position to do more than I can about it.
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