Obama vs. Orszag - W.H. still seeks to end tax cuts

[kpete]

Source: Politico

Obama vs. Orszag
W.H. still seeks to end tax cuts

President Obama disagrees with his former budget director’s proposal that the Bush tax cuts for the rich be extended for two years, White House press secretary Robert Gibbs said Tuesday.

“We cannot afford to extend the tax cuts for those making more than $250,000 a year,” Gibbs said in his daily briefing, restating the administration’s position repeatedly as reporters asked about a New York Times column by the recently departed budget chief, Peter Orszag. “We should and must pass legislation that extends the tax cuts for middle-class families.”

In his debut column in the Times, Orszag said that keeping the Bush tax cuts for the rich “would still be worth it,” as long as benefits for the middle class are kept. He wrote: “Why does this combination make sense? The answer is that over the medium term, the tax cuts are simply not affordable. Yet no one wants to make an already stagnating jobs market worse over the next year or two, which is exactly what would happen if the cuts expire as planned.”

Gibbs insisted that economists don’t think the best way to help the economy recover is by keeping the tax cuts for the rich. He argued that Orszag was suggesting that such an extension might be politically necessary to get other legislation through Congress.

Read more: http://www.politico.com/politico44/perm/0910/obama_vs_orszag_072739cf-bc02-4646-bfb7-25a46b289c13.html

[Vincardog]

1. IF the TAX CUTS created so fucking many JOBS WHERE THE FUCK ARE THEY?

[AndyA]

3. That's what I've been wondering all along, too. Where are the jobs?

And why didn't the tax cuts prevent the recession if they were as helpful as they say? Job growth during the Bush years was almost nothing. Clinton created tens of millions of jobs, I say the wealthy need to go back to Clinton levels.

[Vincardog]

4. I say tax the wealthy at RAY GUN levels.

[RUMMYisFROSTED]

12. I raise you to Eisenhower levels.

[Vincardog]

13. OK tax everyone making over $200,000/yr at Eisenhower levels and make them pay SS on it all.

[RUMMYisFROSTED]

14. Agreed.

:toast:

[RUMMYisFROSTED]

15. Oh, and cap. gains are taxed @ salary levels.

:think:

[Thav]

5. Make this a mantra

Seriously, tax cuts for the rich allow the rich to gamble their money in get rich quick schemes.

[Arkana]

2. Looks like another fight with Congress.

[elleng]

9. Orzag proposed this as tactic to get the 'good' part thru.

Reasonable, imo.

[ProfessionalLeftist]

6. The richest 1% that those tax cuts benefit....

...don't need jobs. And since when are people making over $250,000/yr "middle class" (according to Orszag)? :wtf:

[superconnected]

7. Agreed, $250k a year are CEO's, not the middle class.

And the middle class has taken a serious pay cut from what it used to be - many people are making 40% less than what they used to - without even changing jobs. The companies have made all of my friends and me take pay cuts.

[superconnected]

8. Blah blah. If they're trying to make Americans consider Muslims as radicals instead of

"peace loving" it's working.

Why is the MSM all over this? I mean, the church burning the Koran is beginning to look sane. They aren't threatening to kill people.

[Thor_MN]

10. W. T. F? The White House does not have to seek anything!!!

Nothing need be done to end the Bush tax cuts. They are over at the end of the year. Period. Full Stop.

If Obama were to push for, and get Congress to write NEW tax cuts, they are OBAMA TAX CUTS. They would have nothing to do with Bush.

Damn Corporate Media... Always twisting the truth.

[Thor_MN]

11. W. T. F? The White House does not have to seek anything!!!

Nothing need be done to end the Bush tax cuts. They are over at the end of the year. Period. Full Stop.

If Obama were to push for, and get Congress to write NEW tax cuts, they are OBAMA TAX CUTS. They would have nothing to do with Bush.

Damn Corporate Media... Always twisting the truth.

[girl gone mad]

16. Cannot afford it?

An odd claim coming on the heels of a 13 Trillion dollar Wall St bailout, in the midst of 2 multi-Trillion dollar ongoing wars.

It will be interesting to see the results. For once, I actually agree with Orszag. Anything we do right now to increase the demand for dollars will cause more pain, higher deficits and lower emloyment.