Schumer calls Bowles-Simpson 'trap' for middle class
October 9th, 2012
12:33 PM ET
2 years ago

Schumer calls Bowles-Simpson 'trap' for middle class

Washington (CNNMoney) – Tax loopholes should be closed, and the savings should pay down deficits, not lower taxes for the wealthy, according to Charles Schumer, the No. 3 Senate Democrat from New York.

"It is an alluring prospect to cut taxes on the wealthiest people and somehow still reduce the deficit, but you can't have your cake and eat it, too," Schumer said Tuesday, in a speech at the National Press Club.

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Filed under: 2012 • Charles Schumer • CNNMoney.com • Congress • Senate
soundoff (24 Responses)
  1. Four and The Door

    Tax loopholes should be closed, and the savings should pay down deficits, not lower taxes for the wealthy, according to Charles Schumer, the No. 3 Senate Democrat from New York.
    _______________________________________________________________________________________________
    Apparently Charles Schumer thinks every American with a job is wealthy because this is who gets a tax break under Mitt Romney's plan. Maybe it is just not politically convenient for a Democrat to understand that point. No problem. 70 million Americans understood that point made well during debate No.1.

    October 9, 2012 12:38 pm at 12:38 pm |
  2. CBR

    Senator Schumer offers his opinion and we should listen. It is another side to the tax story. The call for lowering or keeping the tax on the 1% should be a reminder that we can make sacrifices for the good of our country. If we can pay a little more to help those in the middle class and those who work and pay taxes then we should do so.

    October 9, 2012 12:41 pm at 12:41 pm |
  3. bigbird

    rich republicans and Romney coming, were finally on are own. the summer of 2013 I hear the drumming
    of "no war in Iran" "bring the soldiers home"

    October 9, 2012 12:44 pm at 12:44 pm |
  4. Annirich

    Shumer: wealthy progre ssive com munist dem; same as all the other dems. Why have fiscal responsibility and quit spending? Heck we'll just go to the public and tax them and that is exactly what the Dems had done and will continue to do. They have no conception of how hard we people work for OUR money. Nope, they just blow it as they have with Stimulus, all the green energy crap, free cell phones, free gimmees, free healthcare? And who do they think is going to pay for all of that? $16 TRILLION of debt and we're still $1 TRILLION in DEFICIT spendiing! And Shumer wants more of our money? Rich or poor it's the same. The dems will just continue to spend!

    October 9, 2012 12:44 pm at 12:44 pm |
  5. mds03197

    @ Four and the Door: I agree. This is simply a scare tactic by the democrats. They try to win as many uneducated votes as possible.

    October 9, 2012 12:45 pm at 12:45 pm |
  6. HOLY TIGHTY WHITIES WILLARD

    The top earners should pay the 39% rate. End of story.

    October 9, 2012 12:46 pm at 12:46 pm |
  7. tee1227

    That`s why the republicans want to win OH so they can give more tax cut`s to the rich 1%. Here is some news to back it up. Ohio Secretary of State Jon Husted to appeal early voting decision to the U.S. Supreme Court

    October 9, 2012 12:55 pm at 12:55 pm |
  8. roso

    These dems want to make me puke, it was clearly stated he was going to have the wealthy pay more. Dumbos should listen, well since obamam only listens to himself i guess the rest just follow, no leadership at all from the dems.
    Romney 1 win 0 loses
    Banmmy 0 wins 1 loss

    October 9, 2012 12:56 pm at 12:56 pm |
  9. Keeping it Real

    Naturally Schumer would only think of how to raise income instead of how do we stop spending more and more money? This is the main problem with Democrats right now. Tax and Spend seems to be their only way.

    October 9, 2012 01:00 pm at 1:00 pm |
  10. gt

    chuck is correct....but you cant spend money you dont have...you cant have programs that dont work....and you cant think that public education is always the way do find answers....the senate is gutless....

    October 9, 2012 01:01 pm at 1:01 pm |
  11. Leede

    "Schumer stopped short of offering any ideas" is the picture of what we have had the last four years. Spend with reckless abandon, criticize any cuts or compromise and do a whole lot of nothing. He and Obama are birds of a feather.

    October 9, 2012 01:05 pm at 1:05 pm |
  12. Ray E. (Georgia)

    Didn't our fearless leader already dismiss Bowles-Simpson? As well as every other deficit reduction plan that was presented? So what is Schumer talking about? To reduce the deficit and balance the budget a lot more than the rich has to pay more taxes. Taxing the so-called rich will gurantee practically no new jobs to speak of. About half of the people pay no taxes now. It is the Liberal/Obama plan. You like it? Re-Elect Obama.

    October 9, 2012 01:07 pm at 1:07 pm |
  13. Fair is Fair

    Hey Schumer... Bowles-Simpson was commissioned by... (drum roll, please)... OBAMS. So wha you're saying is that Obama set the "trap" for the middle class. Got it.

    October 9, 2012 01:07 pm at 1:07 pm |
  14. myviewis

    Leede

    "Schumer stopped short of offering any ideas" is the picture of what we have had the last four years. Spend with reckless abandon, criticize any cuts or compromise and do a whole lot of nothing. He and Obama are birds of a feather.
    -------------------------–

    I agree. Obama had no new ideas to offer either in the debate and it is obvious by the mess our country is in that they really "do a whole lot of nothing".

    October 9, 2012 01:09 pm at 1:09 pm |
  15. Chuck Shroomer

    His mouth is the biggest trap

    October 9, 2012 01:12 pm at 1:12 pm |
  16. lisasc

    The Simpson-Bowles deficit comm was a bi-partisan effort to lower the debt. As an American I supported this effort and thought it was very fair. This will be a big consideration that will affect how I vote.

    October 9, 2012 01:15 pm at 1:15 pm |
  17. Ben M

    It's sad to see that the Media is still covering the last debate and people are focusing on the what Mitt said (lies after lies) instead of focusing the what October surprise brought us. The unemployment rate to 7.08 and some republicans stating that it was the administration that cooked the book! Media coverage was only for 1 day, and that was it. This is what Mitt and GOP wants. Gets the attention away for progress and focusing on his debate. I'm sure this will end Thursday and the next debate between PODU and Mitt.

    October 9, 2012 01:16 pm at 1:16 pm |
  18. Hammerer

    Schumer knows all about setting traps. He is one of the most vocal obamacare pushers. The largest tax trap to hit the American taxpayer in history.

    October 9, 2012 01:16 pm at 1:16 pm |
  19. Observer

    @Four and the Door

    Maybe it's not convenient for people to vote for a man who won't even show the country he's trying to preside over, his own tax return. Maybe it's not convenient for public school teachers to vote for the man who's trying to bring down everything they've worked for. Maybe it's not convenient for the thousands of unemployed people to vote for a billionaire who sent their jobs overseas and profited on it, and who keeps getting richer in front of their eyes while they incur more debt. Maybe it's not convenient for people to trust the Repubs, the FISCALLY CONSERVATIVE PARTY, who took the biggest national surplus from Clinton and in less than a decade turned it into the biggest deficit in national history. And maybe I could keep going. But that's not convenient for the Repubs either.

    The wealthiest Americans are wealthy, many of them, because the other millions of Americans are not. They got their money the same way Mitt did, their families had it, or they were networked in, or they used corporate loopholes. Less than 500 people possess MORE THAN HALF THE NATIONAL WEALTH. Their greed is unrivaled in history. And Romney wants to give them a tax break, during a recession, and during a national deficit. But fine look at it your way, its a tax break for everyone!!! So Romney isn't really a bad guy then, right? Yeah he's just a moron.

    October 9, 2012 01:34 pm at 1:34 pm |
  20. Borderless

    The unemployment rate plummeted to an impressive 7.8%. Which, of course is right where it was when Obama took office. It didn't "change". That's not a surprise.

    October 9, 2012 01:34 pm at 1:34 pm |
  21. myviewis

    Borderless

    The unemployment rate plummeted to an impressive 7.8%. Which, of course is right where it was when Obama took office. It didn't "change". That's not a surprise.
    -----------------------------

    What you're saying is that it was an impressive 7.8% when Bush left office and when Obama took office?

    So Obama managed to take unemployment from 7.8% when he took office to a high of 10.0% in 2009 and has kept a consistent unemployment rate of 9.9, 9.8 and so on. And now that he claims it is back to 7.8% we should cheer??? That is so dumb.

    October 9, 2012 01:44 pm at 1:44 pm |
  22. Observer

    @ Borderless

    And considering the situation that was left to him by the Repubs, stabilizing the unemployment rate is a triumph. Do you know that most of the bailouts have already been repaid? Do you have any idea how much worse trouble we would be in if not for Barack's economic reform? Do you realize that the greed and corruption within Wall St. and the corporate world necessitated more regulation? I know regulation is a word a lot of rich Repubs hate, because to them it means they can't continue their corrupt profiteering practices, but hey, if you don't want government regulation then conduct yourselves with a sense of business ethics.

    Why anyone who is not independently wealthy and operating outside the law would vote for Romney is anyone's guess.

    October 9, 2012 01:46 pm at 1:46 pm |
  23. wjmccartan

    Regardless of who wins everybody will still be paying taxes to support one side or the others goofy plans. The thing I find distrubing is that politicians and others that have all the cash, get the people with the least amount of money to go at each others throats, puppetmasters that's all they are. Europe has recently tried to put in place a tax on trading of 1%. This would bring a fair bit of coin back to American public and tax those who can afford to play with money. If a President can only serve 8 years in office, why not a senator or a governor. People that live their lives in politics, loose touch with reality. Playing to many games with their constituants lives and money, constantly being plied by special interest groups. Which ever party takes the reigns of government, should start their term by getting rid of all of the Bernake's and those from wall street that have been brought in to play with the countries finances to line their own pockets. Fresh blood has to be brought in with an eye to help their fellow citizens, not to pilfer them. Lastly those of you who say 50% of Americans don't pay tax, go out and talk to them and explain to them that their payroll tax isn't a tax. I mean really, you should also that those included in that bracket were the men and women serving in the United States military, people who die so you can have these free and open discussions. Long live the United States of America.

    Lucid One

    October 9, 2012 01:47 pm at 1:47 pm |
  24. Borderless

    @Observer
    Solyndra repaid their loan? I missed that one.

    October 9, 2012 02:03 pm at 2:03 pm |