July 9th, 2012
12:30 PM ET
2 years ago

Obama calls for Bush tax cut extensions for those making less than $250,000

Washington (CNN) - President Barack Obama revitalized his push for holding down middle class tax rates Monday, calling on Congress to pass a one-year extension of the Bush-era tax cuts for people earning less than $250,000 a year.

In a White House statement delivered while people described as working Americans stood behind him, Obama said his proposal would provide the certainty of no tax increase next year for 98% of Americans.

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Filed under: 2012 • Congress • President Obama • Taxes
soundoff (17 Responses)
  1. Marie MD

    YES!! We need to help those who are struggling. The rich are only getting richer. You can't tell me that somebody is having a bad time in this economy when they have two or three or four homes when so many are having trouble keeping just one.
    I saw an old co worker yesterday who is a die hard conservative republican. This man thought that the oldman/AK bimbo was a good ticket but he is NOT sure he will vote for the bishop!! Trust me when I tell you the rethugs don't want this guy in the WH!!!

    July 9, 2012 05:24 am at 5:24 am |
  2. Gurgyl

    I really LOVE this dude. Yes, obama12.
    PS: Bain Capital is a joke to USA and world.

    July 9, 2012 06:33 am at 6:33 am |
  3. Ed1

    Why don't you just stop the out of control spending and stop trying to blame and over tax the people who invest in this country.

    You continue to want to tax the rich and it's starting to sound like the same old saying the rich have to much. Have you thought that they might have earned the money they have and without the rich this country will not make it. You can't keep crying foul on the rich they have earned it thru the laws that are on the books if you want change then you might think about spending within you budget that's right you don't have a budget without overspending built in.

    July 9, 2012 07:26 am at 7:26 am |
  4. Wire Palladin, S. F.

    "That's class warfare," cried the plutocrats. Why should the rich have to pay more than 14% when the middle class gets to pay 28%?

    July 9, 2012 07:27 am at 7:27 am |
  5. Namejkane fl SEND THE THREE TIME LOSER romney HOME AND MAKE IT FOUR.

    Make the so called job creators that don't creation any jobs in the USA ,but creation jobs overseas pay a penalty or tax ,screw them !!!

    July 9, 2012 07:39 am at 7:39 am |
  6. demwit

    Another Bush-era policy extension!?? But...

    July 9, 2012 07:55 am at 7:55 am |
  7. Jules

    We need more spending from the middle and lower class and that means they need more money in their pockets. That is what will drive the economy and add jobs – more purchases.

    July 9, 2012 01:26 pm at 1:26 pm |
  8. Claudia, Houston, Tx

    FYI: Republicans have always stood on the argument that extending the Bush era tax cuts would create jobs, which never happened and now they're saying Obama and the Democrats policy don't allow job creation, Mitch McConnell said that just yesterday. IF YOU'VE BEEN LISTENING PEOPLE, YOU SHOULD BE SCRATCHING YOUR HEAD.

    July 9, 2012 01:30 pm at 1:30 pm |
  9. Claudia, Houston, Tx

    P.S. It appears Obama is giving the GOP the opportunity to prove their argument and I'm just loving it.

    July 9, 2012 01:34 pm at 1:34 pm |
  10. Bill from GA

    The difference in taxes at 35% and 39% , for a small business with 500,000 of TAXABLE income, would be 10,000 per year.
    (the tax on the first 250,000 would be unchanged, the extra 4% of the next 250,000 is $10,000.)

    Probably not a really big deal for half a million in income.

    July 9, 2012 01:34 pm at 1:34 pm |
  11. Rudy NYC

    Four and The Door wrote:

    Regardless of the fact that I never said Obama created the entire federal government, he certainly has increased it significantly in just 3 1/2 years.
    -----------------------
    That's the lie conservatives continue to spread. No he most certainly has not. Spending has increased only 1.5%, or less per year, over the past 3 1/2 years. It increased only 3-4% during Clinton's two terms per year.

    Meanwhile, Reagan and Bush-43 hold the records for increased deficit spending, especially Reagan because he wasn't actually in a shooting war. They increased annual spending over 8% from one year to the next. Bush actually is the first POTUS on record to start a war and not raise taxes to pay for it, regardless of party. In fact, Bush is also the second POTUS to start a war and not raise taxes to pay for it.

    July 9, 2012 01:39 pm at 1:39 pm |
  12. Bill from GA

    We all want a Great Country, and we all want to pay as little in taxes as possible. In the long run, taxes for all should return to the Clinton Era rates.

    Also, treat ALL income the same, even income from Capital Gains. And whatever special treatment Romney's kind get, even though they have Litle or none of their own capital invested.

    July 9, 2012 01:46 pm at 1:46 pm |
  13. Captain Awesome

    Hmm. A couple of points here:
    I thought that only the rich got these eeeville Bush tax cuts. Oh! It was across the board tax cuts???
    Does the middle class understand that they won't be getting more money, but only a continuation of the current tax policy?
    If the Bush tax cuts are what brought the economy down in the first place, why is obama extending them for everyone but a segment of the population?
    If the Bush tax cuts were so eeevilel, why did obama extend them ALL back in 2010?

    Of course I'm being sardonic, but this is nothing more than snake oil that the president is selling. This will accomplish nothing except giving the mentally pliable people the warm-fuzzies.

    July 9, 2012 01:47 pm at 1:47 pm |
  14. Brook

    Obama you got to love the guy............he is for the miiddle class and always has been. This guy is for the people and speaks from his heart. We know that he got our backs......Romey on the other hand got (trying to take way our dreams and hopes)......................

    July 9, 2012 01:48 pm at 1:48 pm |
  15. mcskadittle

    Rudy, regardless of this or never mind st ronnies spending, how do you think mitt will be any different, the last republican how got us into this mess?

    none and done

    July 9, 2012 01:48 pm at 1:48 pm |
  16. Sniffit

    "That's the lie conservatives continue to spread. No he most certainly has not. Spending has increased only 1.5%, or less per year, over the past 3 1/2 years. It increased only 3-4% during Clinton's two terms per year..... "

    Indeed...it can't be said enough: THE TWO WHO INCREASED GOVERNMENT SPENDING THE LEAST WERE THE DEMOCRATS.

    July 9, 2012 01:50 pm at 1:50 pm |
  17. Four and The Door

    "This isn't about taxing job creators," Obama said. "This is about helping job creators."
    _________________________________________________________________________________
    This isn't really about taxing job creators or helping job creators. The problem is, it isn't about economics at all. It's about the politics of envy and striking a note of retribution in these hard times against those Americans who have committed the crime of success. Interesting but pathetic view of his role as President.

    Mitt Romney instead builds his strategies on the premise that all Americans should do better. Isn't this honestly what we should have as an objective?

    July 9, 2012 02:07 pm at 2:07 pm |