(CNN) – A top adviser for President Barack Obama's re-election campaign said Sunday the president was entirely dedicated to ending the so-called Bush tax cuts for the wealthy at the end of this year.
"He is 100% committed to it," Robert Gibbs said on CNN's "State of the Union."
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Obama signed a bill in 2010 to extend the Bush-era tax cuts, citing the need for economic stimulus at the time, but has since vowed he would not permit another extension.
The tax breaks are set to expire in what's known as the "fiscal cliff," a package of spending cuts and removal of tax breaks that will take place on January 1 if Congress fails to act. In total, $7 trillion could be taken out from the economy.
Tax breaks that would end include the Bush tax cuts, middle class protection from the Alternative Minimum Tax, and more than 50 "temporary" tax breaks for individuals and businesses that have been on the books for years.
For its part, the White House has proposed raising taxes on the very wealthy as a way to help make a dent in the federal deficit.
"Let's make some progress on our spending by doing away with tax cuts for people that quite frankly don't need them, tax cuts that haven't worked and have them pay their fair share," Gibbs told CNN Chief Political Correspondent Candy Crowley.
The so-called "Buffett Rule," named after billionaire investor Warren Buffett, would impose a minimum 30% tax rate on those making more than $1 million. The measure, however, was blocked in the Democratic-controlled Senate in April.
On the campaign trail, the president continues to call for a tax increase on the wealthy, arguing they need to pay their "fair share."
"We have got to make sure that those of us who can afford to do a little bit more - because we have been so blessed by this country - that the wealthiest among us can pay a little bit more to help close this deficit," Obama said at a campaign stop in Poland, Ohio, on Friday.
Republicans, on the other hand, say the solution to the country's deficit problems should center on spending cuts and further tax breaks.
Asked on Sunday about the looming fiscal cliff, Senate Minority Leader Mitch McConnell said it would be a mistake for Obama to override a Republican-led bill in Congress to extend the cuts, should it make it to the president’s desk.
"The president shouldn't veto that," he said on the same CNN program. "This is the same president who signed the very same thing two years ago with the argument to do otherwise would make the economy worse."
– CNNMoney's Jeanne Sahadi contributed to this report.
Watch State of the Union with Candy Crowley Sundays at 9am ET. For the latest from State of the Union click here.
Depending on the directions and character of the likes of Karl Rove and being manipulated by the mega-millions of "the money" should be conditions that on their own raise a big red flag.
Good luck, buddy! I admire. People who make more than 250 K or more Raise TAX, these GOP idiots cry on deficit, they took ambush Tax Cuts, Reagan Trickle Down nonsense, now these idiots Re talking like worst than "DRUNKARDS".
Nonsense! Yes, on OBAMA12.
PS: this election is RICH v/s AMERICAN MIDDLE CLASS.
Obama will cave in Bush tax cut extension
The BUSH tax cuts are going to continue for the working class ONLY. The people who make $250,000.00 and above will have to pay higher Taxes and Millionairs & Billionairs will pay higher Taxes also . NO Tax hikes for Middle Class & Tax hikes for the wealthy period. And that is exactly how it should be.
Good. This tax reduction benefited the wealthy and did nothing for the economy.
Taxes for the wealthy. NO taxes for the middle class. Yes, Obama is exactly right !
According to polls 92% of people put the economy at or near the top of their importance list. However I see nothing from either party that will actually solve the jobs problem. Here is something that will: REQUIRE RETAILERS TO PURCHASE A PERCENTAGE OF THE GOODS THEY BUY FOR RESALE IN CERTAIN CATEGORIES AND WHEN AVAILABLE TO BE IN THE FORM OF GOODS MADE IN THE THIS COUNTRY BY AMERICAN WORKERS.
Before dismissing this suggestion think it through. By selecting the correct categories the amount of goods set aside for production in this country would be large and would certainly promote new manufacturing by american companies or new investment in this country by foreign companies faced with the loss of a significant part of their market. In addition this would not require tariffs or stimulus and it would be extremely easy to implement and track with very little cost to the taxpayer.
If their is a reason why this can't be done I would like to know what it is.
Once you get past a flat tax, the term "fair share" becomes rather meaningless. The ultra wealthy pay more than a fair share of income tax; they just pay far less than a fair share of capital gains tax
Just think of the huge number of dollars that will be spent by the very rich to prevent expiration of the Bush tax cuts. When will we Americans say "enough is enough" and vote to diminish the power of the rich who run the government? Vote for the ones who can not be bought by special interests.
Why are republicans so set against paying their fair share? Mittens pays at a rate under 14%, and those who make a fraction of what he makes, pays 28%.
The wealthy people in this country beleive they pay their fair share. But in reality it is the middle class who pay the MOST in taxes over all. The tax breaks and loop holes are designed especially for the wealthiest people and Corporations only. No body should be above helping this country get back on it's feet period.Everytime theres has been a recession or a depression it has always been the Middle-Working Class that has had to sacrafice and pay the price for it.Not to mention the wars. But this time it's too much and now EVERYBODY has to pitch in and suck it up even the Wealthiest People of this country.They may own allot of bussiness and Corp. ect, But it's the working people who are the engines of their Wealth. So they can GET-OVER-IT ! and suck it up and PAY MORE.
If Mittens, millionaires and billionaires paid the middle class rate, we would not have a huge Bush/republican national debt. Then the GOPers might not be so quick to go to unnecessary war, bail out banks, and give big tax breaks to big oil.
How about a 15 percent tax on all income including capitol gains. a 5 percent federal sales tax geared toward the debt.
Why do you think the millions are pouring into the Romney coffers? The millionaires know that they will get a huge tax cut on day one.
The problem I have with the tax break is where do this money go ?
$250k at 30% is $75k in taxes.
20% of $50k is $10k.
how is that not a 'fair share'
why do we punish people for being succesful.
Wow.....Simply unbelievable. Obama and the liberals actually running on "increasing taxes" from every direction--and thinking that they are going to win!! Actually, it is hilarious. Being that the majority in the country are not Obama liberal followers--they understand how economics works. That is why all polls have indicated, that the majority do not want taxes raised on anyone!! But, forward Obama and liberals......We will see you in November *wink*.
Giving away TAX CUTs is like giving money away to everyone in the welfare program....tax cuts dont create jobs; and after over 10yrs of GW BUSH TAX CUTS I think that the experiment has proven to be a failure to the American people; the rich, wall street fat cats and the corporations are sitting on thrillions of dolllar$$$ of profits and NOT investing and betting on Americans in creating jobs; rather they are stashing their welfare tax cut money away in Swiss Bank Accounts, Bermuda and the Caymen Island and Shipping American Jobs overseas like Etch-A-Sketch Mitt RobMe!!!
Say NO to GW BUSH TAX CUTS....SAY NO TO CORPORATE WELFARE GIVEAWAYS!!
We don't have a command economy. The Supreme Court in the Obamacare case just said that the federal government cannot force people to buy things.
these corporation are making more money than anytime in history, Obama has done a fabulous job of setting these so called job creators to put trillions in their pockets, but instead if doing their part and share their bounty with the American people, they've conspired with greed and the repubs to make Obama a one term president, by creating excuses about, uncertainty; which the repubs have been creating since Obama took office, taxes which are lowest on 60 years, and deregulations which are lower than the bush years. it's time these repubs stop blocking job creation just because they want to win. I've never seen a gullibilize country that incentifise their candidates to destroy their country just today get rid of one man. I. guest theyve indulged in the coolaid the repubs are giving them.
.GOP is SO concerned about the DEFICET...........except when the rich are asked to GIVE BACK THE 3% BUSH GAVE THEM.......................The T/P led gop is a SHAM..............a mind numbing program that the RICH USE to get the "GREAT UNWASHED" to pay more of their LIFE ESSENTIAL........so that the RICH KEEP 3% of their big time discretionary monies..............
This Bush tax cut for the wealthy was Not meant to go on forever. It had a time limit which was meant to be fait accompli..... .It should go as originally planned ,particualrly considering the state of this nation!!!....There is however "no honor among thieves" so how hard is the president going to have to work to bring this to a close. GO FOR IT OBAMA!!!!!!
I hope the Bush tax cuts will finally be allowed to expire. The last 10 years have proven that they do not create jobs. If they did, the unemployment rate would be 0% now. It is time for Obama to stop trying to work with rebublicans who are doing everything that they can to stand in the way of progress. There is no way that giving revenue away in the form of tax cuts will reduce the deficit, and the republicans want to increase the tax breaks. The tax rate for the wealthy needs to be increased. The rebublicans argue that this will only be a drop in the bucket, but it a step in the right direction. When I have my review in a few weeks at work for my yearly raise, do you think I will turn down the raise because it's not the million dollars I am wishing for?
King Romney don't believe in the America financial system and without a doubt he has something to hide from Americans. Therefore he should leave the political scene, Americans alone and move to Bermuda, Cayman islands and enjoy his hidden funds
I'm thinking President Romney, Speaker Boehner and Majority Leader McConnell will have the last say. Sorry, Bumbles.