Tags: price | obama | tax | cuts

Rep. Tom Price: Obama Tax Plan Would Fund US for Only 8 Days

Tuesday, 27 Nov 2012 10:04 PM

By Todd Beamon

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
President Barack Obama’s plan to end the Bush-era tax cuts for families earning more than $250,000 a year would finance the U.S. government for only eight days, Georgia GOP Rep. Tom Price charged on Tuesday.

“The president's plan to increase taxes on the upper 2 percent (of American earners) covers the spending by this federal government not for eight years, not for eight months – not for eight weeks, but for eight days,” Price, the chairman of the House Republican Policy Committee, told MSNBC.

The Obama tax-rate plan would generate only $82.3 billion a year, according to estimates by the Congressional Budget Office, Price said.

Editor’s Note: New 'Obamacare Survival Guide' Reveals Dangers Ahead for Your Healthcare

The Bush-era tax rates expire and massive spending cuts automatically kick under sequestration on Jan. 2.

“Eight days only,” Price told MSNBC. “It's not a real solution. I’m puzzled by an administration that seems to be more interested in raising tax rates than in gaining economic vitality.”

A more balanced approach – which includes cuts to federal spending on such programs as Medicare, Medicaid, and Social Security – is what Obama should be focused on, he said.

The tax increases and spending cuts would total about $500 billion next year, Fox News reports.

In addition, about $1.2 trillion will be cut from the federal budget over 10 years should both sides fail to reach a deal to keep the nation from going over the so-called fiscal cliff, Fox reports.




© 2014 Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Facebook
Google Plus
Top Stories

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