Obama: Let's 'revamp' our taxes
January 21st, 2013
06:33 PM ET
2 years ago

Obama: Let's 'revamp' our taxes

New York (CNNMoney) - Ronald Reagan did it. George W. Bush did it. On Monday, Barack Obama did it.

Each president used an inaugural address to herald his intent to push tax changes during his term. Reagan and Bush were successful, but experts say Obama faces high hurdles to achieve the tax code revamp he has in mind.

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Filed under: CNNMoney.com • President Obama
soundoff (9 Responses)
  1. Name lynn

    What is the white house leaders wants obama to do about the taxes, is it rite or wrong obama will not hurt the poor an middel class people. The rich people will pay their own taxes, an probely a little bit more we the poor people have been paying the rich taxes for years now the rich people will be paying their own taxes.

    January 21, 2013 06:44 pm at 6:44 pm |
  2. LIbertyGuy

    Here is a revamp for you... GET RID OF THE DAMN INCOME TAX CODE!!! FYI THIS IS COMING FROM A TAX ACCOUNTANT. The tax code spits on american liberties and treat citizens unequally. How they hell can you say we are all treated equally when some Americans are taxed differently than others. How can we be all equal when you get more tax deductions if you have children vs if do not. It goes on and on the inequalities in the tax code but don't worry America. The Supreme Court has already stated that as tax payers you have no right to complain on these matters.

    January 21, 2013 07:33 pm at 7:33 pm |
  3. man what

    If I have a child n u don't for tax clamed we r not equal but if we both have a child we r. but if u got a $1000 deduction for b n white n I got a 2000$ deduction for b n black thn it wouldn't b fair get it.

    January 21, 2013 08:17 pm at 8:17 pm |
  4. Ed1

    Lets start by having a flat tax rate, scale down the government at every level, must have a balanced budget or you just lay off people until you can pay them, stop holding SS and Medicare hostage every time you say you have to cut spending, when you commit fraud you go to jail and never have any Federal checks again of any kind, line item veto power for our budget, and you pay out debt off in five years or less. After all of that then you have term limits for any elected Federal job, 401K that you contribute to, Obamacare, and no tax money used for retirement period.

    Then we might start to have a Government and Leadership we can trust.

    January 21, 2013 09:56 pm at 9:56 pm |
  5. The REAL TRUTH...

    I doubt we'll get rid of the tax code.. a FLAT tax would be great, but the 1% would ensure that never happens as it does not favor them. The tax code is set up to favor them today... it's about as regressive as it can be,
    I'm no tax accountant, but the child deductions are there because those with children have less DI at the end of it all than those on an equivalent income level, sans kids. It's not different than seniors paying the "school district" portion of their property taxes even tho' they have no kids in school.

    At some point, we ALL have to share the pain... if everyone only paid for what they "used/consumed" we'd be in a huge mess...

    January 21, 2013 09:57 pm at 9:57 pm |
  6. Ed1

    Lynn and man what,

    I don't think you have a clue as to what you are talking about. Two percent of the people pay over 80 percent of the taxes and I can tell you right now the poor don't pay any taxes.

    The middle class pay the other 15 – 20% of the taxes don't know where you received you information from but as I can tell you must have voted for Obama.

    January 21, 2013 10:01 pm at 10:01 pm |
  7. Larry L

    Republicans have a somewhat intuitive argument but the data doesn't support the claim. We had the Bush tax cuts when the economy tanked. It appears that the wealthy hold on to their wealth rather than leveraging a weak economy. Trickle-down just never seems to work!

    January 21, 2013 10:11 pm at 10:11 pm |
  8. J.V.Hodgson

    Bowles simpson demonstrated as did some Of the last Bush president research ther is plenty of room for tax reform to get things moving. And other matters that can work economically.
    1) Cut the corporate tax rate to 30 % and eliminate all the kick backs and tax loopholes corporates use. The Bush research said that could take you down to 28% but I say take the 2 % until 2015/2016 budget and apply the 2% money to infrastructure spending, effect on budget deficit/ debt zero but GDP would expand and debt to GDP declines it may also mean corporates invest more in employment or expansion and qed GDP grows again along with maybe higher tax revenue at lower rates.
    2) the minimum wage should be 20 % above the poverty line income level based on 50 weeks at 40 hours work and a system that says no federal or state income taxes. However a leaf out of janese employment law would solve many problems it says no more than 30 % of employees may be part timers or Non regular employees. The rest have to be full time with benefits. Yes it costs more but more people have more to spend ( at Macdonalds. Walmart or Best buy and pay taxes social security etc. prices may rise to maintain corporate profits but it works GDP wise.
    3) Yes spending cuts needed especially defense and others but capping income tax reliefs to the very wealthy also need to be done... they dont need child allowance mortgage relief if you are earning over $400K and certainly not on second, third or fourth houses, and a cap on relief at $1m or less on main residence.
    Regards,
    Hodgson.

    January 22, 2013 02:57 am at 2:57 am |
  9. Wilson

    If Obama gets what he wants, more jobs go out the window, and prices go up even more. Does anyone really think business are not going to pass along their cost increases to the consumers??? Are you "obama voters" really that niave?

    January 22, 2013 08:00 am at 8:00 am |