Obama: U.S. can't afford to extend tax cuts for rich

Comments (29)
Bear589 wrote:

Yes — we CAN afford to extend the tax cuts — for EVERYBODY. Obama just doesn’t want to do it because (1) he’s afraid he’ll fall out of favor with his labor union buddies and (2) he loves taxes and spending and can’t control himself. CUT THE FEDERAL BUDGET AND REDUCE GOVERNMENT, OBAMA! Stop putting all your time and effort into a bunch of lame excuses why you can’t do it AND GET IT DONE!

Sep 08, 2010 9:11pm EDT  --  Report as abuse
ogre12 wrote:

he did not even put forth tax cuts for the poor that you and me are not paying back right now. What a sham artist! I am chomping at the bit to cast my vote to get this moron out of office along with pelosi and reid!

Sep 08, 2010 9:20pm EDT  --  Report as abuse
ogre12 wrote:

he did not even put forth tax cuts for the poor that you and me are not paying back right now. What a sham artist! I am chomping at the bit to cast my vote to get this moron out of office along with pelosi and reid!

Sep 08, 2010 9:20pm EDT  --  Report as abuse
bd123 wrote:

Did anyone ever stop to think that a big part of the reason we are in debt is because of the three wars(war on drugs) we are involved in? Does everyone believe that these wars provides wealth through military development or locking up the recreational users? well they don’t…Come on, we are going broke fighting the wars in the middle east as well as losing the war on drugs. There needs to be more policy changes in Washington.

Sep 08, 2010 9:59pm EDT  --  Report as abuse
floydhead wrote:

The country is still suffering from the horrible damage the Bush presidency has done to the country, the world. Two failed very expensive unjust wars, free money in the form of tax cuts to the corrupt rich, CEO pigs ruining this country, Enron, the Recession, the list just doesnt stop! Even tap dancing Jesus couldn’t reverse the damage GW did. If McCain was president, we’d have 3 failed wars at 666 times the cost. Republicans FAIL

Sep 08, 2010 10:16pm EDT  --  Report as abuse
bivariate wrote:

The rich are probably smart enough to make the government regret making this decision. I mean think about it “If they were smart enough to make the money they make, then it is probably true that they are smart enough to make the government regret this decision”. I believe the government is doing the right thing though. Nobody said that doing the right thing is always the right move.

Sep 08, 2010 10:27pm EDT  --  Report as abuse
harthenry wrote:

Hi Floydhead;
I would like to give you the benefit of doubt on your arguments, however, I wish you would do a little research first before posting. If you recall, in 2006, the reason America (aka Democrats), outstead most of the Republican Senate in was on the campaign promise from Democrats that they were going to close Club Gitmo and end the war (actually a 2005 compaign promises). Additionally, if you recall from your Civic’s classes in High School, it is Congress that pretty much runs the country and the budget. Hence, the last Senate Rebublican deficit of 2005/2006 before Democrats took control was around 180 Billion. The war was not a George Bush war – please recall how all those in the senate, both Democrats and Republicans held hands in front of the State House singing “God Bless America”, something our media stated they had never seen before, and this was truly an American War.

If you would like for me to help clarify some more details for you, I would be more than happy to help.

Sep 08, 2010 11:27pm EDT  --  Report as abuse
Ed57 wrote:

Not everyone is rich because they’re smarter!
Some passed up riches/opportunities in their lives because they had other interests or goals. Others inheirited their riches…certainly no guarantee they will be as smart as their parents.

Sep 08, 2010 11:33pm EDT  --  Report as abuse
Truth789 wrote:

If the top 1% didn’t ship hundreds of thousands of jobs oversees…I would feel bad for raising their taxes. The income disparity in this country is unreal. If you make over 250K it won’t affect you that much unless your over leveraged and living above your means.

Sep 08, 2010 11:39pm EDT  --  Report as abuse
Ed57 wrote:

This is a highly polarized discussion!
BOTH sides have been fiscally irresponsible at times. Bush’s war in Iraq was certainly irresponsible and Obama’s perpetual renewel of unemployment compensation and other extravagant measures to help the very poor (who already had many welfare/medicaid perks) instead of helping the working middle class and small business is also irresponsible.
These taxes on the persons with incomes above 250,000 are not a bad thing…I only wish it would go in the right direction.

Sep 08, 2010 11:40pm EDT  --  Report as abuse
Marcus1000 wrote:

I don’t have a problem letting the richest people in the world getting off scott free IF they create jobs. THEY DIDN’T. While we were borrowing money to pay our bills with one hand, the richest people were keeping every dollar, contributing nothing. The GOP ripped us off and sold it to the stupids that voted for them as something WE were getting. All WE got was their bill. They ate lobster and caviar on our credit cards and the idiots that voted them in cheered about what a great thing they done.

Sep 08, 2010 11:41pm EDT  --  Report as abuse
Ermie wrote:

Dems raised minimum wage and now we have massive unemployment..period! Raising minimum wages by 31% has effecyivelt priced themselves out if the market tax cut or not!

Sep 08, 2010 11:45pm EDT  --  Report as abuse
uzanabria1 wrote:

They Dems and lefties now in government have already multiplied our national debt many times higher and want to do it even more of it by using the pain of the un-employed as an excuse.
Here is a simple formula to cut our deficit and improve the economy without getting into more debt:
a. Let’s get out of Afghanistan. We lost our objectives there. Our soldiers are dying and we are consuming our resources in a useless police work in a country that has always been in Anarchy and is controlled culturally and politically by Drug Producing War Lords.
We need to concentrate in consolidating the work we have done successfully in Iraq and provide support to other countries in the area and to the ex-soviet dominated countries.
b. Do an immediate review of our contributions to the many World Organizations and end our ties to the ones that are useless. In addition impose immediate cuts to the ones that are overburden by mismanagement and hefty salaries and extremely extravagant and expensive lifelong benefits packages that we the American tax payer are financing. One gross example is the World Bank where miss-management and miss-use of Americans taxpayers’ money is out of control.

Sep 08, 2010 11:59pm EDT  --  Report as abuse
slickjesus wrote:

low taxes equal no services. Shame there is always money to bail out corporations. Using tax $’s for subsidies for the wealthy and the shiftless is no answer.

Sep 08, 2010 11:59pm EDT  --  Report as abuse
uzanabria1 wrote:

c. End immediately all financing of drug enforcement. Through all these years we have wasted millions of dollars from American taxpayers in countries that have done nothing to stop the production of illegal drugs such as heroin and cocaine. Millions of dollars of US taxpayers are miss-used and directed to enrich corrupted politicians.
e. Stop wasting millions of dollars to go after states that want to enforce immigration laws.
f. Stop immediately the multibillion dollars tax cuts and exceptions to all the religious organizations a multi-denomination churches that have proliferated in tremendous number and are really businesses making a lot of money and we are doing that cut also the tax exceptions to all those multi-billion dollars foundations (Clinton like billion dollars businesses).

Sep 08, 2010 12:00am EDT  --  Report as abuse
user6244 wrote:

people today must never read history.
Does anyone here remember reading about when the government was starting the income tax?
if I remember correctly they told people in the day that Hey! Don’t worry we are only going to tax the rich making over 50k.
The majority thought ,what a great idea, lets tax the rich I mean heck I won’t ever in my wildest dreams reach that level so I don’t have to worry about that!! Of course they didn’t think that in the future that inflation would eventually make it so that nearly everyone now pays them.

Sep 08, 2010 12:03am EDT  --  Report as abuse
juankelly wrote:

No… we can’t afford Obama and the democrat majority for another two years. I am praying for 1990s gridlock so the free market can correct itself without federal government interference. Oh, and by the way,if tax revenues are such an issue, why don’t the 50% of Americans who don’t pay any federal income taxes put in a buck or two to pay down some of the debt?

Sep 08, 2010 12:07am EDT  --  Report as abuse
user6244 wrote:

The rich can’t afford in uncertain times as these to hire workers or start a new business. The rich have no idea of just how to create a business plan when the future is as dim as it is being caused by politicians, and the drive by other organizations limit free peoples use of energy. Energy cost besides taxes are a threat to business plans. Until we come to some common ground and settle the tax ruckus and shut down threats to increase taxes on energy to supposedly change the climate and handing the ill gotten funds to friends and huskters we will be bumping along the bottom for some time to come…

Sep 08, 2010 12:10am EDT  --  Report as abuse

Let’s see… they CAN afford $1 trillion in wasted “stimulus”, they CAN afford to bail out fannie, freddie, and AIG, they CAN afford to spend another $150 billion over the next several years on roads & bridges we don’t need because the economy is in the sewer and there’s nothing to transport, but they CAN NOT keep themselves from taking even more money from those who had the smarts to get it in the first place & would likely spend it in a smarter way than the government (which wouldn’t be very hard). What’s wrong with that argument??

Sep 08, 2010 12:14am EDT  --  Report as abuse

*LIBERTY* is what we need. We can only be equal under liberty. No one can tax someone to give another to create equality. Only under Liberty is everyone the same. The government needs to shrink, and taxes cut for everyone. Our presidents and the two parties have failed us for a long time by not understanding the philosophic foundations of our nation.

Sep 08, 2010 12:27am EDT  --  Report as abuse
edgyregi wrote:

It’s time to stop behaving European as to wealth acquired. Taxes are what we pay, for the privilege of living in this country. If some people feel that they can make out better, economically and politically somewhere else, then by all means, GO. Oh by the way, the Sudan comes to mind. Ciao.

Sep 08, 2010 12:56am EDT  --  Report as abuse
ShortMemory wrote:

On the GREAT OBAMA PERSECUTION (GOP):
But there isn’t a Clinton Budget Surplus for the party of NO to squander like the last 8 years!? And what about the ongoing 9 years of war that was never paid for (or found cuts to balance the budget) which is bankrupting this country!? But GOP didn’t want anyone, which has worked of 20-30 years and is now unemployed, to have any Unemployment Benefits without finding a way to pay for it. Oh, and it’s OK to block the appointments, bills, or legislation of this Administration because God forbid a Democrat could pull us out of this mess that the GOP created during the past 8-9 years.

Yep, voting in the GOP is the answer… for the Rich 2%, the Defense contractors, and the Financial Terrorists (aka Bankers/Wall St) to take everything you & I have left!!

The math just on Afganistan: 1 MILLION per soldier for 120,000 troops is a TRILLON spent over 9 years. But to put it into more shocking terms, 1 MONTH for 1 SOLDIER is equal to a $84,000 MIDDLE CLASS JOB or 12 MONTHS for a soldier is 12 MIDDLE CLASS JOBS for a year. Times 120K (Troops) is 1.44 million MIDDLE CLASS JOBS in 1 YEAR. Or 13 million jobs not created over the last 9 years & you wonder why we are in trouble.

Now that you’ve had a dose of the same polarizing political BS you’ve been posting on the current Administration, if we don’t pull together soon and I mean BOTH parties working in unison to get this country straighten out; there will be no future for us because the country will implode and the oh-so-smart greedy elite will wonder what the hell happened.

China is building a 50-city high speed rail system and we are just starting the planning to do a 3-city high speed rail.

Brazil is an Alcohol (sugar cane) based economy that started back in 1974, ignored Big Oil pressure, and today is one of the fastest growing countries in the world.

**Stop the fighting and work together**

Sep 09, 2010 1:10am EDT  --  Report as abuse
Amadeus001 wrote:

So wait. The grand plan here is to shrink the government and shove it aside so that it’s more worthless than it is now. Then we lower taxes for everyone, and then wait for some random rich people to get bored, decide to start a new business and hire a bunch of people. What the heck kind of plan is that?!

Sep 09, 2010 1:32am EDT  --  Report as abuse
adamt78 wrote:

Ricardian equivalence. That’s the only thing keeping the US running. Taxes don’t cover expenditures. There’s no new tax code or revenue-generating strategy that will likely ever break the government even. Thus we really don’t need any taxes. However, the rich are most capable of paying taxes, so if any group is to be taxed, it should be the richest, like the original comprehensive income tax structure was designed.

Sep 09, 2010 2:16am EDT  --  Report as abuse
Rogue100 wrote:

Yeah, can’t afford to reward the people who create jobs…I mean, they only pay 36% of the income while the rest of us pay far less than that.

This Summer of Recovery tour is best immortalized on this This moron really thinks that things were worse under Bush? Bush handed the Congress to the Dems in 2006 due to war-weariness. Unemployment was 4.6%. Then the Dems started spending. 15 months later, unemployment spiked to 5.5 % and hasn’t come down….

Try this on for size, BIlly…http://anti-contrarian.blogspot.com/2010/09/new-t-summer-of-recovery-tour.html

Reuters will continue to lose readers through their censorship. Try the Breitbart model and watch your readership explode.

Sep 09, 2010 2:47am EDT  --  Report as abuse
Rogue100 wrote:

The droning repetition of Dem talking point sin the comments is actually quite funny and sad at the same time.
Obama has already spent more than the Iraq war cost. Who’s ruining the country?

Sep 09, 2010 2:49am EDT  --  Report as abuse
Bosooo wrote:

That is precisely the proposal of the Latin American left, redistribute wealth, create a country of poor and mediocre. It now appears that Mr. Obama is going to punish the effort, success and intelligence, perhaps thought Robin Hood. Before punishing the rich and the poor, should be worried about an economic policy push to revive the industry and trade. Trying to increase government spending at the expense of taxpayers, only happens in leftist governments. With Mr. Obama live the dictatorship of the proletariat. and then what comes next, establishing a socialist or communist regime. Not enough to have caused the world to ridicule the United States.

Sep 09, 2010 8:55am EDT  --  Report as abuse
smartonomist wrote:

The attack on the top 2% of earners is instigating a class war, when the top 2% of earners are already paying more than half the taxes. In fact, as per http://www.taxfoundation.org/news/show/250.htmlthe top 1 percent of tax returns paid more in federal individual income taxes than the bottom 95 percent of tax returns (40.4% of all taxes in 2007). Once you account for all taxes (Federal state and city), the top 2% are in some cases already paying more than 80% of any new profit in taxes.

Usually if someone reached the top 2%, it did not happen by accident. The top 2% is smart, and if only 20% of their profit remains, why take chances with new investments in this risky environment and work hard, when that person already has enough to live well. If that person really want to be efficient with his talent, money and hard work, he or she moves it where the tax pressure is not so high, creating jobs and activity elsewhere, or waits until the investment environment is proper.

Today’s profit taxation has reached such a level, that if it is increased, it most likely will produce less revenues, not more, as that additional taxation would trigger a shrinkage of the base.

The real solution is for government to act like a business, reduce entitlements, reduce guaranteed jobs and produce more services with less, and specially in these tough environment, signal that tax rate will be dropped, not raised, to promote investments.

It is ok for government to invest in worthwhile projects (infrastructure investments, not new entitlements), in order to get the motor running, but if the entrepreneurs are not on board, it can only bring the decline of America.

Like any business, the government must now borrow and invest intelligently in the future, so that economic growth can reimburse that borrowing over time. Borrowing for more entitlements is disastrous, and the signal of higher taxes on profits drives away entrepreneurs, who are the ultimate motor of the economy. Please do not chase or outcast our entrepreneurs!

The Bush tax cuts in fact created more tax revenues, even though the tax rate had been dropped. A badly managed government on the expense side, was in fact the main contributor to our current crisis. The Iraq war, presented as a wise investment for our future, has been disastrous. It tilted the Iraq/Iran balance of power in the middle east, and the cost of bringing that balance back has drained us due to very poor management of that war, and lack of understanding of the big picture.

We need smarter managers at the top, that can see the big picture.

Sep 09, 2010 9:02am EDT  --  Report as abuse
Velmaa1 wrote:

Again no one is understanding what the tax cuts mean. The Bush tax cuts, not paid for, mean that the middle class has actually paid more taxes than those making $250,000.00 and more. Believe me, I know because while Bush was in office and my husband and I kept coming away owing taxes and so much was taken from our checks, I looked at the percentages and found that my husband and I actually in making about $170,000 still paid more in taxes than someone making $300,000. This is not fair because it means that the middle class, which is slowly disappearing is carrying the country on their backs, while the upper income people are really not contributing all they could to this country. The GOP keep saying that they will stimulate the economy and increase hiring. This hasn’t happened so far. It didn’t happen while Bush was in office and was not sustainable and therefore created a bubble which led to this economic disaster. Many of you don’t wish to believe it and I can understand it, but truth is truth.

Sep 09, 2010 10:44am EDT  --  Report as abuse
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