Obama: ‘Permanent Tax Cuts for Millionaires’ Off the Table (Video)
November 6, 2010
(ChattahBox Political News)—President Obama tells Americans, in his first radio address after the mid-term electoral losses, he knows the country is fed up with the toxic partisan political climate and the slow pace of economic recovery. “So am I,” said Obama. And although he’s willing to work with Republicans, he’s drawing a line in the sand when it comes to permanently extending tax cuts for the wealthy. The President, pointed out the utter folly of borrowing billions of dollars from China to provide the super rich with a tax cut they don’t need. “I don’t see how we can afford to borrow an additional $700 billion from other countries to make all the Bush tax cuts permanent, even for the wealthiest 2 percent of Americans,” Obama said in his address before embarking on an Asian economic trip.
The Republicans, emboldened with their gains in the House, are refusing to compromise, demanding that all the Bush tax cuts, due to expire at the end of the year, be made permanent, especially for the super wealthy. Sen. Mitch McConnell (R-KY) made a graceless speech after the election, taunting President Obama, saying the GOP would work with Obama, as long as he agrees to “move in our direction.” And the Kentucky senator also doubled down on his pledge to topple the Obama presidency, no matter what.
Amid this overheated rhetoric, Obama is attempting to pass an extension of tax cuts for only the middle class. But it appears he’s offering up a temporary extension of tax cuts for the wealthy, in exchange for making middle class tax cuts permanent.
The one area of agreement is the extension of tax cuts for those making less than $250,000 a year.
“Let’s start where we agree. All of us want certainty for middle-class Americans. None of us want them to wake up on January 1st with a higher tax bill. That’s why I believe we should permanently extend the Bush tax cuts for all families making less than $250,000 a year. That’s 98 percent of the American people.”
The point of contention between the White House and the fake deficit hawk Republicans are the tax cuts for the wealthy.
“But at a time when we are going to ask folks across the board to make such difficult sacrifices, I don’t see how we can afford to borrow an additional $700 billion from other countries to make all the Bush tax cuts permanent, even for the wealthiest 2 percent of Americans. We’d be digging ourselves into an even deeper fiscal hole and passing the burden on to our children.”
The President throws down the gauntlet.
“I recognize that both parties are going to have to work together and compromise to get something done here. But I want to make my priorities clear from the start. One: middle class families need permanent tax relief. And two: I believe we can’t afford to borrow and spend another $700 billion on permanent tax cuts for millionaires and billionaires.”
“There are new public servants in Washington, but we still face the same challenges. And you made it clear that it’s time for results. This a great opportunity to show everyone that we got the message and that we’re willing, in this post-election season, to come together and do what’s best for the country we all love.”
The Republicans are desperate to tie in the tax cuts for the wealthy with the extension of those for the middle class, because they know they will have a difficult time politically extending the tax cuts for the rich separately.
Will President Obama veto a permanent extension of tax cuts for both the wealthy and the middle class? Let’s hope so.
Photo Source: White House Flickr