Debt ceiling: What Obama wants in taxes
July 12th, 2011
02:40 PM ET
3 years ago

Debt ceiling: What Obama wants in taxes

New York (CNNMoney) - Taxes. They've become the most controversial issue in the debt ceiling talks.

Republicans say President Obama wants to enact "job killing" tax hikes "now." Obama says that's not so: He says his tax increases would be targeted so as not to hurt the economy and would not take effect until 2013.

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Filed under: Debt • President Obama • Taxes
soundoff (20 Responses)
  1. Proud member of "Global Zero"

    I make way below the goal set by the tax debate. I am also one that believes all of our taxes should go back to the Reagan rate. I also would like to see on my tax return...little boxes to check where our taxes go. Mine would go to education, green energy technology, infrastructure, social security, medicare, and medicaid. I would never check the box for war or to pay the salary of any republican in congress. When will they lower their salaries and benefits. I do not want to pay for their pensions. They want to risk my money in the market...they should have theirs risked too. Congress gets paid way too much for doing way too little.

    July 12, 2011 02:48 pm at 2:48 pm |
  2. Sniffit

    Good opportunity for illustrating the GOP moving goal posts:

    1. GOP says "Obama wants to enact job killing tax hikes right now"

    2. Obama says "nope...they won't take effect until 2013"

    3. GOP will say "that still kills jobs now because of magic pize-dust unicorn farts and giant corporations angrily trying to retaliate against the American public in order to influence the 2012 election...oops....did we just admit that?"

    Fact: these corporations and "jobs creators" are sitting on record profits and record amounts of capital. Two things are motivating them to withhold job creation: (a) hopes that they can get better puppets in 2012 and (b) they've spent 4 decades or so failinng to raise middle-class salaries and forcing the middle-class into skyrocketing consumer debt that the true problem at the root of our slow recovery is the demand vaccuum created by the greed of giant corporations and the ultra-wealthy. They're perfectly happy to sit around and do nothing but gamble on Wall Street with their billions though while the rest of us suffer. The way they figure it, we'll eventually crack and be willing to take lower salaries and less bennies for more and longer work along with the obliteration of the societal safety net.

    July 12, 2011 02:51 pm at 2:51 pm |
  3. S. In California - Obama 2012

    Mr. President if you want to get your policies enacted this is what you need to do: AGREE with the republicans. As soon as you do – I guarantee they will suddenly CHANGE their minds. Tax increases for the rich – victory achieved. End of story.

    July 12, 2011 02:53 pm at 2:53 pm |
  4. Donkey Party

    Every one of the lying, scumbag GOP cultists should face treason charges for purposely attempting to destroy the country.

    July 12, 2011 02:58 pm at 2:58 pm |
  5. 'merica ruined by rethugs

    Job-killing taxes....those must be pre-emptive strike type of job-killing taxes. W's top-heavy tax break (unfunded, mind you, and originally with an expiration date) sure incented those "job creators" so much so that we don't have an unemployment issue now.....
    Snapping back to reality, demand creates jobs. Here's an idea that the Repubs can get their minds around: alter some marginal tax rates so that if these job creators invest in their companies (i.e. jobs) then they get tax breaks. If they sit on piles of cash like they're doing right now, they can afford to pony up some extra revenue in taxes. Freedom isn't free, the free ride for the wealthy and greedy corporations needs to end now. No way grandma needs to cough up more than some wealthy Koch head who has bought the Republican party.
    Stop playing games with the debt ceiling, that is about what we already owe, why is that so hard to understand???. If I decide I won't pay my mortgage, I get hit with more expenses in terms of fees thus increasing my debt; seems so fiscally conservative to go that route....smh

    July 12, 2011 03:02 pm at 3:02 pm |
  6. Bill from GA

    Would one of these talking heads on tv ask mcconnell or bonehead where they get the notion that tax increases, done in moderation, destroy jobs? These two constantly make that claim and are never held accountable.

    In fact, evidence is to the contrary, that tax increases, as done any time since WW2, have no detrimental effect on jobs. Debt, and government spending cuts (layoffs, lack of spending on infrastructure) have a direct downward impact on jobs.

    Rein in government waste, and hold more Americans accountable, but taxes are too low to support our country.Really, most Americans would rather have a good job than a government handout.

    July 12, 2011 03:02 pm at 3:02 pm |
  7. Rick McDaniel

    The GOP lies as much as Obama does. Well, almost, anyway.

    The tax issue is entirely a personal issue for the GOP, as they simply don't want to pay the taxes, as they ARE the rich that will be affected. What Obama doesn't admit, is that the Dems are just as rich, and just as opposed to taxing themselves.

    July 12, 2011 03:13 pm at 3:13 pm |
  8. Dominican mama 4 Obama

    I've been laying back for the past week or so reading posts from Sniffit, GI Joe, Marie in Md and many others who are knowledgeable and justifiably worked up over this whole debt ceiling scenario.
    The problem that I'm having is that this was something that we knew was coming wayyy back during the lame duck session. You know you've got a fight coming your way, you prepare for it. You don't sit back and hope that your foe has suddenly had a "come to Jesus moment".
    The fight is here Mr. President. We know your intentions for the middle class; they are honorable, but you're NOT dealing with an "honorable" adversary. You're dealing with the 'devil' himself.
    My suggestion to you sir is that you take my position and stop trying to rationalize or explain things to folks that just don'w want to listen because of who is doing the talking. My advice to you sir is that you hunker down and stick to YOUR guns.
    This is a FIGHT sir, a dirty street fight. No holds barred.
    You're fighting for the survival of the middle class this is not the time to appease.
    This is THE MOMENT, do not hesitate from kicking them in the nuts, severely, accurately and repeatedly.
    We're the circle that will embrace you and tend to your wounds after you've defeated them.
    Obama 2012.

    July 12, 2011 03:17 pm at 3:17 pm |
  9. donna

    America needs to rid itself of the Republican/Teaparty,so the American people have a "Decent Alternative Party to choose from? Obama will for certain win in 2012,for trying to keep Taxpaying Citizens from being thrown on the streets by Right Wing Extremism. If social security stops for Americans, I do think our streets will "Errupt into chaos" Gop brings "Shame" on Americans!! Vote them out! Hail to the Chief!!!! Obama and Democracy will win the election,and bring America back from Republicorp!

    July 12, 2011 03:17 pm at 3:17 pm |
  10. Hammerer

    As McConnell said Obama's plan is "smoke and mirrors".
    Same song different verse.

    July 12, 2011 03:24 pm at 3:24 pm |
  11. Rudy NYC

    History shows tax increases bring us out of recessions and excessive cuts (in spending or cuts) take us into recessions. Those are the simple facts of history.

    July 12, 2011 03:31 pm at 3:31 pm |
  12. Anonymous

    The letting the tax rates go back to Clinton era rates for the top 1% is not going to harm the ecomony. Taxes will still be at the second lowest level in 70 years and at a rate at or below that in existance during every booming economy we have had since WW II. The right-wing rhetoric on this subject is pure fantasy. I guess they think if they use the words "job killing tax increases" enough, everyone will believe it.

    We will find out now if the GOP is serious about deficit reduction. This is a huge deal that has $4.33 in spending cuts for every dollar of tax increase – and that tax "increase" is simply letting tax cuts that were never intended to be permenant expire. The GOP should jump on this, unless, of course, their primary interest is their uber-rich benefactors and not the best interest of America as a whole.

    July 12, 2011 03:37 pm at 3:37 pm |
  13. Mikey

    The letting the tax rates go back to Clinton era rates for the top 1% is not going to harm the economy. Taxes will still be at the second lowest level in 70 years and at a rate at or below that in existence during every booming economy we have had since WW II. The right-wing rhetoric on this subject is pure fantasy. I guess they think if they use the words "job killing tax increases" enough, people will believe it.

    We will find out now if the GOP is serious about deficit reduction. This is a huge deal that has $4.33 in spending cuts for every dollar of tax increase – and that tax "increase" is simply letting tax cuts that were never intended to be permanent expire. The GOP should jump on this, unless, of course, their primary interest is their uber-rich benefactors and not the best interest of America as a whole.

    July 12, 2011 03:39 pm at 3:39 pm |
  14. Rudy NYC

    "Tax hikes destroy jobs. And the last thing we should be doing right now, at a time of 9.2 percent unemployment, is enacting more government policies that will destroy jobs," House Speaker John Boehner said Monday.
    --------------
    Draconian spending cuts kill jobs, too. Seeing how the tax cuts did not produce any jobs, I don't see how they can kill any jobs.

    July 12, 2011 03:40 pm at 3:40 pm |
  15. S. In California - Obama 2012

    Let me say thank you to the men on these blogs democrat and yes, republican. Even though I am a woman – the men do an extremely GOOD job of outlining the facts and putting things into perspective.

    Rudy NYC, Snifit and G.I. Joe JOB WELL DONE.

    July 12, 2011 03:42 pm at 3:42 pm |
  16. Sorensen

    It is very embarrassing to watch a bunch of stupid politicians playing infantile games with the taxpayers money.
    However, if the social security checks stop for whatever reason, Obama and Plouffe are finished in politics and
    a lot of other things forever.

    July 12, 2011 03:58 pm at 3:58 pm |
  17. ConservaFASCISTS/Domestic Terrorists/Taliban/Al Queda/TRAITORS

    End the Bush tax cuts NOW!!!!! They're not paid for. That's tax SPENDING. You know that lame line the republicans keep saying: "we don;t have a revenue problem, we have a spending proble," well the Bush tax cuts are SPENDING!!!

    July 12, 2011 04:01 pm at 4:01 pm |
  18. Keeping it real

    Draconian spending cuts kill jobs, too. Seeing how the tax cuts did not produce any jobs, I don't see how they can kill any jobs.

    So the out of control spending by Democrats kills jobs, yet you continue to support them? The tax cuts did promote investments and growth, which in turn promote jobs. Just where do you think companies will get the money for further growth? Yeah, the consumers, which can no longer afford to invest in goods and services due to the higher cost and taxes.

    July 12, 2011 04:03 pm at 4:03 pm |
  19. Lost in Texas FOREVER

    "Job killing tax hikes", huh? Well somehow I guess I keep forgetting how many jobs so for the tax cuts have created for the economy. Did the so-called job creators warn the GOP that, if you think we're not hiring now just wait, if you raise our taxes we're NEVER going to hire? And don't give me that old line about uncertaincy about the economy.....CEO pay has gone up over 23% while average worker pay has stayed the same or declined over the same period of time. GOP is the one starting the class warfare they complain about. Offer your open hand to the upper class and keep your foot on the middle class, thank you very much Mr. Cantor.

    July 12, 2011 04:05 pm at 4:05 pm |
  20. The Other Michael in Houston

    This whole notion that Tax Hikes destroy jobs is just laughable. Big Business has had the tax cuts for years now and still have not created enough jobs to fill the demand. Most of you so called "conservatives" that blog on here are not in the income bracket that wouldbe affected if the President increases taxes on the top 2%. Most of you will suffer, as will many others if we dont deal with our REVENUE problem. That's right. We have a revenue problem and a spending problem. And why is it that I hear no Republican, who is willing to dismantle Medicare, talk about dismantling there free government funded healthcare plans?????? And to all you Tea people that scream about how high the deficet is, think about what you supported from 2000-2008, an Enron scheme at the highest level. Yep, President Bush kept the Medicare Act off the books, kept both wars off the books, mortgage America future to the likes of China, and god knows what else we dont know about. President Obama put those debts back on the books where they belong and now all of you want act surprise that the deficet is so high.

    July 12, 2011 04:12 pm at 4:12 pm |