September 12th, 2010
12:12 PM ET
4 years ago

Obama's plan to extend some tax cuts may be gaining traction

 A consensus may be forming on President Obama's plan to extend Bush-era tax cuts to everyone but the nation's richest people.
A consensus may be forming on President Obama's plan to extend Bush-era tax cuts to everyone but the nation's richest people.

Washington (CNN) - A consensus may be forming on President Barack Obama's plan to extend Bush-era tax cuts to everyone but the nation's richest people.

On Sunday talk shows, Obama's economic advisers touted the idea while the top Republican in the U.S. House said he would vote for it if no other option existed.

The Bush tax cuts enacted in 2001 and 2003 cover all taxpayers and are scheduled to expire at the end of the year.

Obama and congressional Democrats want to keep in place those tax cuts that apply to Americans earning less than $250,000 a year. People earning more than that would have their rates restored to higher levels in place before the tax cuts were enacted.

CNN Radio Political Notebook:

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Filed under: issues • John Boehner • Peter Orszag • President Obama • Taxes
soundoff (42 Responses)
  1. sonny c.

    Republican's want to make nice ? That is a story.

    September 12, 2010 12:18 pm at 12:18 pm |
  2. mary

    extending the tax cuts for the middle class but not for the wealthiest is the fair way

    September 12, 2010 12:24 pm at 12:24 pm |
  3. Daniel Schlafer

    We discussed this on the Boehner post about possibly voting for the middle class tax cuts . I do not quite understand how the House Leader of the Republican Party can make the comment ? Since Leader Boehner and his fellow Republicans have all ready called the Obama administration " socialist " , it is hypocritical to think House Republicans will agree with President Obama ? Therefore President Obama will have to look elsewhere for anything other than Democatic support . The House Republicans have opposed almost all Obama administration proposals and seem more concerned about Tea Party acceptance than good governance .

    September 12, 2010 12:27 pm at 12:27 pm |
  4. Claudia, Houston, Tx

    Republicans placed their hand on the Bible and took an oath they will work for "ALL" the people and if they refuse to do so then they like our military men and women should be "Court Marshalled". If they don't then we have no right to court marshall any of our Military men and women.

    September 12, 2010 12:27 pm at 12:27 pm |
  5. USN

    WHAT? You mean Bush's tax cuts were not just for the RICH???And they are a GOOD IDEA ????? I may faint .

    September 12, 2010 12:35 pm at 12:35 pm |
  6. USN

    Hey claudia huston tx , when do we start with the dems and obama?

    September 12, 2010 12:38 pm at 12:38 pm |
  7. katiec

    I will believe it when I see it that the republicans will support only continued tax cuts for middle class America. They have voted against and obstructed every movement that has involved help for us and our country for the last twenty months. Voted against anything and everything to help resolve the crisises they created.
    They represent Wall St and the rich, having sacrificed us and our country for their devotion.
    They state that if in power they will continue their unworkable, unacceptable, irresponsible policies that brought our country to it's knees.
    America, we cannot allow this.
    A party that has thrown away all integrity, honor, refuse to do the job they were elected to do, has lowered theirselves to the gutter in hopes of winning this next election is a party that has totally lost it's way.

    September 12, 2010 12:39 pm at 12:39 pm |
  8. Liberal4Obama

    Republicans tried selling to the American people that giving rich people tax cuts would not grow the deficit and their BOLD FACE LIE failed miserably.

    The GOP does not have a plan to grow the economy and bring jobs back, only President Obama and Democrats in Congress have put in place plans that will achieve this goal, the GOP has only stood in the way of progress.

    Boeher needs to do more than saying he would be open to the idea, he needs to STOP blocking the economic recovery just because he and his pals don't like the guy in the WH, enough with the divisiveness.

    If you don't have a plan Mr. Boehner just get out of the way and let the grownups handle it.

    September 12, 2010 12:43 pm at 12:43 pm |
  9. GI Joe

    Boehner LIES - just as several of them did in health care reform when they said if it was "weakened to their whims" they would vote for it.

    They lied then, they lie down. Death Panels, Muslim haters, birthers, on and on and on - BLATANT LIES.

    September 12, 2010 12:46 pm at 12:46 pm |
  10. TOTUS 4 PRESIDENT

    What happened to the principles of our country? The "wealthy" are now public enemy number one? They are economically discriminated against, and that's okay because they happen to have some money? The "wealthy" already pay the OVERWHELMING amount of taxes in the country with the existing discriminatory "progressive" income tax system, in order that 50% of the country can PAY NO TAX, but get a disproproartionate share of the benefits. We don't have a 50% poverty level (although Obama is trying his best to get us there), so why aren't more if these folks paying SOMETHING? Sometimes it is only fair (and past due) to give these overtaxed citizens the same break that others get. It's called fairness.

    September 12, 2010 12:49 pm at 12:49 pm |
  11. u2canfail

    I did a day trip to the beach. It was almost depressing watching the many huge yachts running around wasting gas. The parties were in full swing. These guys are fine, they don't need tax relief. There are Americans without jobs, due to the wealthy thinking "as long as it makes money, it OK". Nothing else matters." Jobs have steadily gone overseas, the middle class has lost ground. This is a no brainer, tax cuts continue for under $250,000, not above.

    September 12, 2010 12:51 pm at 12:51 pm |
  12. shoegazer

    I think I read somewhere that if the tax cuts,as they are today,stay in place,it's 3 billion more thrown into the black hole.Revise the cuts as they are proposing and it's a mere 2.2 billion.Either way you look at it,
    you lose.

    September 12, 2010 12:52 pm at 12:52 pm |
  13. malabar

    Well as long as they are the Bush tax cuts. hahaha, no hypocrisy there eh dems? nice to see u libs come around ;-)

    September 12, 2010 12:52 pm at 12:52 pm |
  14. Tom-Vermillion Ohio

    CNN can dramatically change the Gallup ratings in their favor IF CNN does the following:
    A)Debunk Fox News (there is lots of opportunity here)
    B)Stay away from all Wedge Issues (Report it, but quickly move on to something else, do NOT fan the flames)
    C)Show that 'conservatism' is just a means to sway public opinion (just because it 'sounds good' does not make it so)
    D)Defend the President, USE him to improve your ratings in a positive mannor. Cooperation will get you everywhere with him.
    E)Fox News solidly supports the conservatives, in fact, CNN cannot win them over, CAPTURE the rational-realist center. There is no one representing us!

    September 12, 2010 12:57 pm at 12:57 pm |
  15. MatthewDetroit

    People have NO idea what others are paying in taxes.

    Everyone wants to get lippy and say,"Oh let those rich people pay their fair share".

    Ask yourself this. What is a fair share.

    If EVERYONE paid 15% of what they earn, NO Loopholes, that would be fair.
    To say that some pay no taxes. Some pay 10%, some pay 20%, some pay 30%, some pay 40%....that my friend is unfair.

    The Estate tax is also wrong. I spend my whole entire life working hard and earning money. Then when I die, the Goverment takes my money that I want to give to my children. THAT IS WRONG FOLKS.

    September 12, 2010 12:58 pm at 12:58 pm |
  16. katiec

    When Bush initiated his tax cuts for the wealthy, several millionaires, billionaires questioned the intelligence of this. They stated they really did not need the tax cuts.
    As to the wealthy and big business paying their share, they have lawyers that are able to find every loophole, take advantage of anything they can.
    We middle class cannot afford to do so.
    Some do not pay ANY taxes.
    It is not a war against the haves and have not, it is a fight for fairness.

    September 12, 2010 01:01 pm at 1:01 pm |
  17. 8 Years of having a drunken driver at the wheel put America in the ditch, why would working Americans return the keys to the crowd drinking at the same bar?

    In my opinion all of them should be allowed to expire, yes, even mine. We could not afford the cuts then and we certainly cannot afford them now. The tax cuts have added 3.5 trillion to the deficit and will at least that much over the next 10 years.

    However, if we must extend some, I agree, let the less than 250K expire at least that will bring in 700 billion.

    And to all saying that hurts small business, my question is have you ever taken a business admin course?

    If so, you would know that if you are making 250K as a sole properitor or partnership then you SHOULD know that if your company is sued, and the party wins, they will not only own YOUR company but YOUR house, and any other personal assets you have.

    The only way to prevent that is to incorporate your "small company", then your taxes are separate from the corporations taxes and you will only be taxed on what you claim as income out of the corporate profits.

    If your "small business" is bringing down a quarter of a mill and you have not incorporated, then your success is due more to dumb luck than business savvy.

    September 12, 2010 01:01 pm at 1:01 pm |
  18. TOTUS 4 PRESIDENT

    First Christine Romer and now Loony Tunes Auston Goolsby?? Why is Obama trying so hard to destroy our economy by placing such incompetent people in positions of economic authority?? Lots of initials behind your name is a dead giveaway that you have absolutely NO practical knowledge or sense of what works in the real world... Romer and Goolsby are poster children of this.

    September 12, 2010 01:02 pm at 1:02 pm |
  19. MatthewDetroit

    The Wealthy in this country pay MORE than their fair share and that is a fact.

    If they PAY the MOST than they should get the biggest cut.

    Why do the 40%+ that DO NOT PAY ANY federal income tax deserve any tax cut.

    By the way.. DEMS.... Stop calling it a tax cut.
    They may have tax rebates.
    They may have a relief check.
    It may be redistribution of wealth.
    BUT IT IS NOT A TAX CUT.

    A tax cut is when you lower the rate of what someone pays in taxes.
    It is IMPOSSIBLE to give people a tax cut when they do not pay the federal taxes.

    DEMS love to make up words, semantics, and policies.
    Call it what it is and stop lying.

    THE DEMS THIS YEAR made up the term – SAVE CREATE JOBS.
    They can not possibly prove it but they lie and make it up. Great Spin.

    When you create a job call it that. When you lower unemployment from 9.6 % then lets talk.

    Otherwise stop lying and making claims.

    September 12, 2010 01:10 pm at 1:10 pm |
  20. DB TX

    This is nothing but class war, extending tax cut for middle class but not for wealthy is not going to boost economy. The job will not created as forecast by Dems. Obama is making another false campaign promise to buy election.

    September 12, 2010 01:17 pm at 1:17 pm |
  21. vic, Nashville TN

    I agree with president Rich must pay more tax because they exporting our Jobs. I like free market but not exporting our jobs

    Exporting jobs cost tax payers lot (food stamps , unemployment benefit) Let rich pay more tax to balance our budget

    September 12, 2010 01:28 pm at 1:28 pm |
  22. roro

    Now that Boner knows he'll look so bad if he doesn't go along with eliminating tax cuts for the rich, he'll do it. He fully expects to be Speaker, the egotist that he is, so he figures it's about time he did something FOR the middle class, instead of just saying NO to everything in the Repuglicans effort to make Obama fail. What a two-faced, tan-faced golfing idiot.

    September 12, 2010 01:28 pm at 1:28 pm |
  23. Mike from MN

    Folks ... please understand that there are really only two controls the gov't has in ensuring the economy does not go down the drain are: 1) interest rates, and 2) tax rates.

    As soon as Bush/GOP took office, both interest and tax rates went down from Clinton era levels.

    Economic growth stalled. Inflation skyrocketed. Then the bubble burst in 2006 with the full effect hitting everyone in 2008.

    In-appropriate low interest and tax rates as they were under Bush/GOP only makes sense during – a RECESSION.

    Consider this: if recession in US history was a result GOP economic policies. Every recession (including the great depression) was then FIXED by the Dems.

    September 12, 2010 01:34 pm at 1:34 pm |
  24. stevegee

    Ideally the progressive income tax should be abolished - it's Socialism. But, in the meantime, the Bush tax cuts should be extended to ALL citizens, regardless of income.

    Stop Obama, Pelosi and Reid, and their Socialist agenda! In November, vote Republican.

    September 12, 2010 01:34 pm at 1:34 pm |
  25. kat

    All this BS about making it fair to cut taxes for some and not all is smoke and mirrors. Our biggest problem in this country is that we have far too many entitlement programs encouraging perfectly capable people to NOT work. We the people who sacrifice and work our butts off don't think it's fair to support people who refuse to carry their own load.

    September 12, 2010 01:42 pm at 1:42 pm |
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