Obama will declare his opposition to extending Bush-era Tax Cuts in Cleveland speech

[WI_DEM]

President Barack Obama on Wednesday will declare his opposition to extending the Bush-era tax cuts for the nation's top earners, rejecting arguments from nervous congressional Democrats — and eager Republicans — that the fragile economy is too weak to raise taxes on anyone, including the wealthy.

“Republicans are intent on holding hostage middle class tax relief to give a permanent tax cut to the wealthiest two percent of American,” communications director Dan Pfeiffer wrote on the White House blog Wednesday. “President Obama will call for immediately extending permanent relief to middle class families, and call on Republican leaders to drop their insistence that we add more than $700 billion to our deficit to give an average tax cut of $100,000 to Americans making over $1 million per year.”



Read more: http://www.politico.com/news/stories/0910/41860.html#ixzz0yxHdgl2I

[mzmolly]

1. But Firedoglake and many DU-ers implied that he was planning to extend the tax cuts.

Huh.

[ClarkUSA]

3. Bitter PUMA Jane Hamsher and her many fans are always making up shit about Obama.

Once again, they're wrong.

I'll bet Jane Hamsher wing nut buddy Grover Norquist is sorry she's wrong, too.

[mzmolly]

7. We'll never see a mea culpa

will we?

[ClarkUSA]

8. Sore losers never say sorry.

To quote President Obama: Their mantra is "If I fail, they win!"

[Whisp]

2. kickarse recommended!

[ClarkUSA]

4. When is the speech? nt

[TheKentuckian]

5. I want to hear that he will VETO any extension that includes the top 2-3%

Personally, I think they should all go and that massive amount of money ought to be reinvested in America by getting our infrastructure at least up to code by 2020, a true national highspeed rail system by 2025-2030 ensuring unemployment until we approach full employment again, housing the homeless, incentives for stateside manufacturing, and a renewable energy Manhattan style project that would include a ground up re-think of our personal vehicles and related regulations.

We have much to do if we are to have a puncher's chance at leaving the next generation a better America that they can build from. All the tax cuts are high dollar expenditures that will have a negligible influence on our long term viability but the ones for the predator class are pretty much insane.

The President needs to tell wavering Democrats and senseless TeaPubliKlans that he has a veto pen and he will not hesitate to use it if they send him a bill with trillions of dollars in cuts for the wealthiest few Americans.

[AtomicKitten]

6. An excellent line drawn in the sand. nt

[quaker bill]

9. If tax cuts created jobs

Then after the Bush admin we should all have to be working two of them just to keep up with demand. The effective tax rate for the country last year was the lowest since before World War II. If low tax rates were going to do it, the economy should be running on some high octane stuff right now.

When marginal tax rates on the wealthy were 90 to 95 percent, cutting taxes to stimulate the economy made sense. Now that the effective tax on wealth (according to Bloomberg and Buffett) is roughly around 16 percent (what they actually pay after deductions - not the chart), cutting taxes has very little effect.