Obama's Next Step On Debt: Tax Rich To Pay Fair Share

Key quote from President Obama reacting to Congress raising debt ceiling:

"This is, however, just the first step. This compromise requires that both parties work together on a larger plan to cut the deficit, which is important for the long-term health of our economy. And since you can't close the deficit with just spending cuts, we'll need a balanced approach where everything is on the table. Yes, that means making some adjustments to protect health care programs like Medicare so they're there for future generations. It also means reforming our tax code so that the wealthiest Americans and biggest corporations pay their fair share. And it means getting rid of taxpayer subsidies to oil and gas companies, and tax loopholes that help billionaires pay a lower tax rate than teachers and nurses.

"I've said it before; I will say it again: We can't balance the budget on the backs of the very people who have borne the biggest brunt of this recession. We can't make it tougher for young people to go to college, or ask seniors to pay more for health care, or ask scientists to give up on promising medical research because we couldn't close a tax shelter for the most fortunate among us. Everyone is going to have to chip in. It's only fair. That's the principle I'll be fighting for during the next phase of this process. "

Category:

Autos & Vehicles

Tags:

• obama
• debt
• john boehner
• joe biden
• medicare
• tax
• rich
• wealthy
• deficit
• debt ceiling

[HNK222]

@Jenga18260 How about at the same tax rate as people making less than one million dollars? Or is that too obvious? Also, since the average American can't claim an off-shore tax haven as their "address" to avoid paying ANY taxes, how about closing that loop hole?

For people who recieve billions in free money from the government because they're "too big to fail", how about allowing them to fail and go into bankruptcy like the Americans who they robbed and who lost everything ?

[Jenga18260]

"The rich need to pay their fair share."

"And how much is that?"

"... More."

"How much more?"

"More, more."

[mrhoffame]

@AXESMI I hear ya!

[AXESMI]

@mrhoffame The Fair Share Percentage is "How much of your money the government wants"! Vote Tea party unless you like having only politicians and their rich buddies being the only ones with money.

[AXESMI]

@mrhoffame Actually we didn't do anything. We raised the Debt Ceiling 2T and then imposed 2T in cuts over 10 years. Both of those together equal Zero change.

[AXESMI]

@BlackRepublican2010 that was a very well written, factual and intelligent comment! Bravo!

[AXESMI]

And the Democrats voted it down! LOL

[BlackRepublican2010]

Obama raising the income tax saying it will raise revenues shows how ignorant Obama is about "rich people" (not all people remain rich their whole life)but Obama does not even pay attention to his own partner in crime, Warren Buffett. Buffett makes $100,000 a year salary,so his tax rate would not be impacted by an income tax hike.Furthermore, Buffett makes most of his money through capital gains & dividends, taxed at 15-20%.Buffett knows this, & his own company owes back taxes!NOBAMA!

[TheRealArchAngel]

P.S. The Major advantage that Sweden has over the U.S. is that they don't have Establishment politicans trying to get payoofss and kickbacks for thier states or campaigning sslushfunds intrade for votes,the Nationalists in Sweden have embraced Capitalistic Ideeas,Liberal Utopianm idealists aren't forcing your kids to watch Al Gore's movie while they collect 3x more then you make,and have 90% pension for life because of union bargining while making stupider gullible AGW believing kids

[TheRealArchAngel]

"So exactly which part of this success story do you find so unappealing"

You missed all the"catches"

1) nationalizewd Industry isn't even 5%,and those that are are run like private business,(no President hiring and foring GM CEO senerios,shting down SUV divisions and building a $75k electric car nobody wants)

2) Almost all the hospitals are private

3) Almost all the scools are Private

4) Unions are decentralize and dont have much bargining power and can never strike on a term deal