September 12th, 2010
12:12 PM ET
13 years ago

Obama's plan to extend some tax cuts may be gaining traction

[cnn-photo-caption image= caption =" A consensus may be forming on President Obama's plan to extend Bush-era tax cuts to everyone but the nation's richest people."]Washington (CNN) - A consensus may be forming on President Barack Obama's plan to extend Bush-era tax cuts to everyone but the nation's richest people.

On Sunday talk shows, Obama's economic advisers touted the idea while the top Republican in the U.S. House said he would vote for it if no other option existed.

The Bush tax cuts enacted in 2001 and 2003 cover all taxpayers and are scheduled to expire at the end of the year.

Obama and congressional Democrats want to keep in place those tax cuts that apply to Americans earning less than $250,000 a year. People earning more than that would have their rates restored to higher levels in place before the tax cuts were enacted.

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Filed under: issues • John Boehner • Peter Orszag • President Obama • Taxes
soundoff (42 Responses)
  1. jenn, philadelphia

    So when this bill doesn't pass because of moderate Democrats, exactly how will President Obama blame the Republicans? I'm sure he'll find a way. The only thing he's done successfully since taking office has been the "blame game".

    September 12, 2010 01:49 pm at 1:49 pm |
  2. Kenneth

    For the politically inept ... take heed. Boehner and the rest of the republicans have known all along that the measures being presented by this administration have merit. Their only concern is who controls or is given credit for implementing policies. The republicans say no as a political tool because they know that racism and the division of our country is beneficial to maintaining their appointment to office. Now that elections are drawing near they have to show some semblance of cooperation. Once they regain their appointments it will be back to refusing to cooperate at any cost to the American people. Come on folks ... lets not be completely ignorant to the motivations of politicians. Petty bickering and name calling does not resolve any of our issues. Those who think that there has not been any attempt at bi-partisan politics need to consider this. How can EVERY proposal presented by any person be denied? I can understand 10, 20, or maybe even 50 percent of the time but 100 percent? Come on lets get real. NO ONE with an intellect ... not even republicans can possibly be wrong 100 percent of the time. So what is the real problem with this administration? Other than lack of cojones from House and Senate democrats who wither away because they too want to be re-elected. TERM limits for ALL representatives!!!!

    September 12, 2010 01:53 pm at 1:53 pm |
  3. Reality Check

    Wasn't one of the President's campaign promises that those who make less than 250K wouldn't see any tax increase? Allowing this to expire does exactly that-the excuse that it's an expired cut does not negate that it is an increase.

    September 12, 2010 01:55 pm at 1:55 pm |

    It's real simple.

    What kind of idiot thinks THE RICH need more money?

    They are, after all... RICH!

    Another 3% on their income taxes will NOT make them "not rich".

    Another 3% on their income taxes will NOT hurt the economy.

    Another 3% on their income taxes WILL mean that our government will be borrowing hundreds of billions of dollars LESS from CHINA.

    This whole debate really is THAT simple.

    September 12, 2010 01:56 pm at 1:56 pm |
  5. T'SAH from Virginia

    Boehner saying this means the democrats are on the right track!!! They have ALWAYS been on the right track with the RepubliCAN'Ts obstructing everything!!!

    Why the sudden 'change in heart'!!???

    DEMOCRATS – STATE the CASE – UNITE the BASE and WIN this RACE in November!!! Yes We Can!!

    September 12, 2010 02:02 pm at 2:02 pm |
  6. Joanne ontario canada

    The American people have the best President since J.F.K. For pete's sake let the man do his job. Obama is the most intelligent president you people have had in a long time. Americans are crying about the little taxes they pay. They would never survive in Canada. Our standards of living are much higher than yours. In order to improve your infrastructure, your economy, your health care you need to increase taxes. Appreciate what you have and support your Pres instead of putting him down. My word the Republicans literally bankrupt the U.S. and you want them back in power. God help you all.

    September 12, 2010 02:11 pm at 2:11 pm |
  7. NVa Native

    The Republicans have said this in the past just so they could weaken the bill so no one will like it, then pull out at the last minute. They don't ever plan to vote for it, to them it's a childish game.
    Like the pubescent bully on the school yard who says he'll be your friend then try to humiliate you infront of people. Or the wife beater who says, "I do it because I love you", or "you made me do it".

    Don't trust these home grown terrorists Mr President.

    September 12, 2010 02:13 pm at 2:13 pm |
  8. Ken in NC

    I am curious. If the Bush tax cuts should be extended so they can create jobs, what were they doing from 2001 until now. The top 2% had these very tax cuts for 10 years and only created about 2,000,000 jobs vs 8,000,000 before the tax cuts. It seems to me if you give the rich an additional $100,000.00 per million tax break, they will more than likely bank it or use it to set up foreign shops at a cheaper cost than here so how does that benefit this nation?

    September 12, 2010 02:14 pm at 2:14 pm |
  9. Anonymous

    Tax cuts of any kind right now seem counter productive, but if thats what it takes to change the sentiment in the country I'm for it.
    Our taxes are all too low to begin with- sorry fellow Americans. But we ask for a lot form our government in a very large country. it takes money to run it and keep everyone happy.
    I find it interesting that Boehner is finally coming around just days before the mid-terms.
    Imagine what we would have a citizens if the politicans would DO their job instead of trying to SAVE it.

    September 12, 2010 02:23 pm at 2:23 pm |
  10. Donnatella

    Don't trust Boner, he knows that people are on to him and the republicans, we have sat and watched to rich in this country get even richer during the Bush years, now they have the nerve to complain because they don't want to pay extra taxes on all the money they have acccumulated over the years. Well BOO HOO try living off of $55K a year and then we can talk,

    September 12, 2010 02:29 pm at 2:29 pm |
  11. Fed Up

    No one's taxes should be increased, but someone has to pay for the Democrats mess!

    September 12, 2010 02:32 pm at 2:32 pm |
  12. Obamidable Snowman

    The "wealthy" are also small businesses that file individual returns folks.

    September 12, 2010 02:47 pm at 2:47 pm |
  13. Daniel Schlafer

    Totu 4 President -- What is happening to this country is that George W Bush passed tax cuts that favored the wealthiest americans and increased the national debt . Private business has set on the stimulus money received from the Obama administration . Perhaps you should look at history before you decide who is playing the blame game ? What is really a shame is our american presidential history ? George W Bush would have fit perfectly after Warren G Harding , Calvin Coolidge , and Herbert Hoover ! That darn depression that Republican "trickle down " economic policies started back in the 1920's is similiar to what Franklin Delano Rooselvelt had to do when he became president in 1933 .

    September 12, 2010 02:53 pm at 2:53 pm |
  14. Ted D

    Let's get some clarity on a few points here, shall we.

    First, to the Republicans squawking that these are Bush's tax cuts: Obama and the Democrats have always supported middle class tax and are the party that has always supported the middle class in general.

    Secondly, because the wealthy gain the most from the society in which they live they have the most to lose if that society fails, and this justifies a progressive tax rate in which they pay more to protect their interests and advantages.

    Thirdly, paying a few percentage points more in taxes, which will return the wealthy to the tax rates of the nineties in which they prospered, will certainly not be a burden to them and will benefit the broader society.

    September 12, 2010 02:53 pm at 2:53 pm |
  15. stormerF

    How is extending tax cuts for the middle class,going to improve the economy? I for one will not be investing moy money in any stock,or Municipal Bonds,or re-investing in any businesses. I am Middle class I just don't have the money to risk. That is why the Rich can re-invest,or Invest in business adventures that grow the economy and create jobs.. Taxing anyone never increased the economic growth,especially those who have the money to invest and take risky chances.

    September 12, 2010 03:00 pm at 3:00 pm |
  16. Otto

    The only true Republican or conservative are those having more than 20 million in the bank.

    All those people jumping up and down, calling themselves Republicans or and conservatives are a joke. They are simply followers of a poppet leader and trash talking selfish people. Rich people wants to keep their wealth and prefer to spend on items for their pleasure only. Why then are there so many million dollar plus yatchs and owners who are beat red all over; burn like leather in the Cali sun? They are the ones who pay the lobbyists, who donate to the Republicans and have the bills either change for their benefit or killed before they can be changed against them. Healthcare, Wall Street and other bills were watered down to please just the 2% who own the multi-million yatchs.

    September 12, 2010 03:33 pm at 3:33 pm |
  17. D. Bunker

    Of course this sensible idea is "gaining traction"; it's had the support of Main Street Americans for years. We all know how the GOBP policies favoring the ultrarich predators feeding on the average American has reduced our standard of living.

    September 12, 2010 03:37 pm at 3:37 pm |
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