Tags: Obama | tax | cuts | election

Obama Pledge: I Will Raise Taxes on the Rich

Monday, 09 Jul 2012 12:59 PM

By Newsmax Wires

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
President Barack Obama will veto any congressional legislation that extends Bush-era tax cuts to wealthier Americans, the White House made clear on Monday.

"He would not support it. He would not sign that bill," White House spokesman Jay Carney told reporters when asked whether Obama would veto any bill passed by the Republican-controlled House of Representatives that keeps tax cuts in place across-the-board for all income levels.

Carney spoke after Obama called for a one-year extension of the Bush-era cuts for families earning less than $250,000 a year, seeking to put Republicans on the defensive and reinforce his re-election campaign mantra of being a middle-class champion.

Obama wants to let tax cuts enacted by Republican President George W. Bush, his predecessor, expire on Jan. 1 for higher income earners.

During his speech, Obama — eager to shift election-year attention away from the nation's lackluster jobs market — called on Congress to extend tax cuts for only low and middle income earners while allowing taxes to increase for families that make more than a quarter-million a year.

"Let's not hold the vast majority of Americans and our economy hostage while we debate the merits of another tax cut for the wealthy," said Obama, flanked by a dozen people the White House said would benefit from the middle class-oriented tax cut extension.

Obama wants Congress to pass a one-year extension of the Bush-era tax cuts for households making less than $250,000 before they expire at the end of the year. He said the outcome of his November election contest with Republican rival Mitt Romney would then determine the fate of the tax cuts for higher income earners.

"My opponent will fight to keep them in place. I will fight to end them," he said.

Obama has long supported expiration of the tax cuts for those making more than $250,000. But the White House and the president's re-election team are reviving his arguments now as a way to paint congressional Republicans as obstructionists and Romney as a protector of the wealthy, suggesting the GOP push for an across-the-board extension of the tax cuts puts the middle class at risk.

The president's announcement also follows Friday's dismal jobs report, which showed the nation's unemployment rate stubbornly stuck at 8.2 percent.

Romney supports extending the tax cuts for all income earners. His campaign spokeswoman Andrea Saul said Monday that Obama's proposal amounted to a "massive tax increase" and proved that the president "doesn't have a clue how to get America working again and help the middle class."

The contours of the tax debate are largely the same as they were when the cuts were due to expire at the end of 2010. While Obama opposed an extension for higher income earners then as well, he ultimately agreed to full two-year extension, in part to win concessions for other legislation.

The president did not say whether he would veto legislation this year that again extended the whole range of tax cuts in full, leaving that to Carney to spell out.

Democrats see the tax debate as part of a larger coordinated attack on Romney, which includes intensifying calls for him to explain offshore bank accounts and release several years of tax returns.

The strategy is aimed at portraying Romney, whose personal wealth could exceed $250 million, as disconnected from middle-class voters.

Romney aides say the Democratic attacks on the presumptive GOP nominee's wealth an "unfounded character assault."

Romney hasn't shirked from his wealth in the face of renewed Democratic criticism. He held a $50,000 per person fundraisers Sunday in the Hamptons, New York's exclusive string of waterfront communities on Long Island's South Shore.

Romney aides also announced that the campaign and the Republican National Committee raised a combined $106 million in June, the former Massachusetts governor's biggest monthly haul so far. The Obama campaign and the Democratic National Committee raised $71 million last month.

Republican lawmakers immediately balked at Obama's call for a partial extension.

"No one should see an income tax hike next year — not families, not small businesses and other job creators," said Senate Minority Leader Mitch McConnell.

The president's pitch may also face some opposition from congressional Democrats. House Minority Leader Nancy Pelosi and Sen. Charles Schumer, of New York., a member of the Democrats' Senate leadership, have both advocated denying the tax cut extension to those making above $1 million annually.

Extending the tax cuts only for households making below $250,000 costs the government about $800 billion less over 10 years than extending them for everyone. The full cuts cost the government about $4.5 trillion over a decade.

Obama was to continue the tax debate Tuesday during a campaign trip to Iowa. His re-election team was also promoting the president's tax policy at a series of events this week in battleground states, including New Hampshire, Colorado and Nevada.

The Bush-era tax cuts are due to expire at the end of the year unless Congress votes to extend them. Economists worry that across-the-board tax increases, along with automatic spending cuts also scheduled to take hold at year's end, could be a blow to the shaky U.S. economy.

© 2014 Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Sen. Johnson: Lawsuit Support Good Sign for Obamacare Repeal

Wednesday, 23 Apr 2014 17:07 PM

Sen. Ron Johnson of Wisconsin says his lawsuit targeting the Affordable Care Act has garnered the support of 38 Republic . . .

9/11 Museum Film Slammed for Offending Muslims

Wednesday, 23 Apr 2014 16:54 PM

Religious leaders are slamming a documentary to be shown at the nation's premier 9/11 museum because it might make peopl . . .

LIGNET: Putin's Ukraine Moves Rattle His Eurasian Union Allies

Wednesday, 23 Apr 2014 16:23 PM

Armenia, Belarus and Kazakhstan supported Russian President Vladimir Putin's power grab of Crimea and intend to sign the . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved