CNN - Gibbs on Obama tax plan

Obama communications director Robert Gibbs steps into 'the Situation Room' with Wolf Blitzer.

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[mark99501]

You are contradicting,if the tax cuts work why the recession?You cant have it both ways.

[owchywawa]

"raising taxes on the rich,we are living the the wealty tax cuts for the rich era and our economys in recession,how do you right wingers explain that?tax cuts for wealthy doesnt trickle to the Us,it trickles to india and china,yes im whining."

It's because the fed creates money which we do not have. It has nothing to do with the Bush tax cuts. The Bush tax cuts help the economy. Any tax cut does.

[mark99501]

raising taxes on the rich,we are living the the wealty tax cuts for the rich era and our economys in recession,how do you right wingers explain that?tax cuts for wealthy doesnt trickle to the Us,it trickles to india and china,yes im whining.

[Americanbasher]

Krankenhausmannschaf: Have you forgotton that it was Bush and the Republican Congress that passed legislation that required banks to raise the interest rates and/or minimum payment amounts that were initially imposed on borrowers? Republicans at that time claimed this was done so that banks would not be overewhelmed with large long term debts. At the same time Bush & the Republican congress were running large long term debts of their own!

[gatorade54]

How'd big corporations do in the 90's before the bush tax cuts? I remember that they were doing just fine. They'll do alright no matter what but not everbody has the ability or the resources to start their own business or go to college to get a better paying job. Corporations can't make money if people can't buy things. Big business got a huge tax cut for 8 years. Now it's everyone else's turn.

[Krankenhausmannschaf]

and trust me i am no bush fan at all. you can blame the man for many bad things, but the credit crisis has to do with bad speculations by banks all around the WORLD. German banks, Japanese banks, they are all in this. Mr. Bush never gave loans to people he should not have given loans to.

p.s.remember people always know better how to spend their money then an individual which has no liability for the money. its your work, your money, you keep it and spend it wisely.let it work for you

[Krankenhausmannschaf]

Gator you have to remember that obamas tax plans severely effect large investors. i come from a very wealthy family which would be hit especially hard by his tax increases of course, but you have to realize that you discourage many large investors from investing into small start up business that carry potential when the returns on your risk are punished so heavily. and remember many of the taxes obama wants to have are easy to get around. in the end it would mean less revenue, not more.

[JohnR22926]

gator: 2/2. You have a good point on the savings issue, but lets be honest here. Our national motto ought to be "have a dollar, spend a dollar; and then spend a second one on the credit card". Our pathetic savings rate isn't driven by a bad economy, but by a culture of spending/materialism.

Finally, I want the corporations to get richer. That way they'll expand, create more jobs, pay more taxes, etc. Also, "we" are the corporations. We own the stock (501K's, etc.).

[JohnR22926]

gator: 1/2: I have to disagree. I'm focused on GDP growth, unemployment, and inflation. IMO the tax cuts worked well until last summer when we entered an economic downturn (normal cyclical stuff).

Look at Europe. They've been cutting corporate tax rates lately (Ireland in particular) and their GDP growth/unemployment is excellent.

Also, I'm not upset that "rich" people are doing well. That means a larger tax base, expanded GDP, etc. Lets focus instead on helping the poor.

[gatorade54]

Yeah, the Bush tax cuts are working great. The definition of insanity is doing the same thing over and over and expecting different results. The current way obviously isn't working for the majority of American's and the gap between rich and poor is getting bigger everyday. Saving the average American a 1,000 bucks a year will take us a lot further than making sure that corporations get richer.