Obama Refuses To Extend Bush Tax Cuts for the Wealthy

After the political drubbing U.S. President Barack Obama and the Democrats took during last week’s midterm elections, Obama is determined not to cave in to the republicans. He steadfastly refuses to extend George Bush’s tax cuts for the wealthy which expire at the end of the year.

Obama denied statements made by his senior advisor David Axelrod to the Huffington Post. Axelrod suggested that the administration was ready to back a temporary extension of the current rates. Mr. Obama said Mr. Aelrod’s comments were “misinterpreted.”

“Here’s the right interpretation — I want to make sure that taxes don’t go up for middle class families starting on January 1st,” Obama said at a news conference at the conclusion of the G-20 Summit here. “That is my number one priority for those families and for our economy. I also believe that it would be fiscally irresponsible for us to permanently extend the high income tax cuts.” [link]

Economists argue that not extending the Bush tax cuts for the wealthy “would constitute a profound and damaging ‘anti-stimulus’ that would harm our prospects for expansion in the near future.” [link]

In a letter signed by more than 300 economists, The National Taxpayer Union argued that raising taxes on the wealthy would result in lost jobs and hiring freezes. “The promise of a tax increase in January 2011 would create significant economic distortions as individuals and businesses conserve capital or stave off hiring,” the letter reads.

Click link to read more

But Obama’s most unexpected allies may be the millionaires and billionaires who benefitted from Bush’s tax cuts.

“This is a time when the wealthiest Americans need to give back to the country,” said millionaire Jeffrey Hollender of the Responsible Wealth Project, whose 700 or so members argue that the country simply cannot afford to keep tax cuts for the wealthiest Americans who hardly need that cash.

“There are so many benefits that the wealthy have,” Hollender told NEWSWEEK’s Nancy Cook.

“…if you came from a much less affluent background, I could see someone having a more hard-edged attitude about money—like, “I made it all myself, so let me keep every penny I can.” [But] I would hope that someone who came from a less affluent background would have more compassion. The challenge is that I don’t believe in starting out poor or starting out rich. A lot of it is luck, and we’re standing on the backs of those who came before us.



 


70 Responses to “Obama Refuses To Extend Bush Tax Cuts for the Wealthy”

  1. 1
    Sandra Rose says:

    Obama is very stubborn. But as the old folks say: a hard head makes a soft behind. :coffee:

  2. 2
    Danielle says:

    I agree with the President :yes:

  3. 3
    ChaCha says:

    Thanks OTB for recognizing the Bad Bish in my previous Gravi :rofl:

  4. 4
    ChaCha says:

    As you will see I am having GRAVI OCD so now you see me….now back to BEYsics <—- See how I did that (Phro)

  5. 5
    CivilEngineer says:

    It’s not a tax increase…they’re gonna start paying the real rate not whatever cut Bush gave them. Why do they NEED a tax break when they are making enough money to pay their regular rate?? :shrug:

  6. 6
    Cariblife says:

    I don’t get it, all the rich people got these tax cuts and the economy was tanking, jobs were being lost, and they just kept hoarding the money like they were saving for the end of the world, fast forward a few years and we are going to keep doing the same thing?? Please explain to me how this is supposed to improve the economy.

    The middle class and poor people need the money not the rich who helped make this mess in the first place.

  7. 7
    SnootyPooty1 says:

    They dont need a tax break their money needs to be put back into the economy is it fair that the middle class have to pay their taxes but the rich get a break really ….
    I agree with Obama

  8. 8
    CivilEngineer says:

    Further proof that George Bush killed our economy and made himself richer in the process!

    Not only does he NOT care about black people, he doesn’t care about anybody but himself…#kanyemoment

  9. 9
    ySoSerious says:

    Good. :coffee:

  10. 10
    Sandra Rose says:

    CivilEngineer says:

    Why do they NEED a tax break when they are making enough money to pay their regular rate??
    _____________________

    Because the rich help to prop up the economy? Because the rich employ millions of people keeping them off the welfare rolls? Because the rich won’t send jobs overseas where the labor is cheaper? :shrug:

  11. 11
    Str8Cpt says:

    Still waiting on that Paula and Tasia post :waiting:

  12. 12
    Cariblife says:

    If the rich don’t send jobs overseas then who does?? not being facetious.

  13. 13
    Str8Cpt says:

    Facetious?!

    I :love: you Carib :hug:

  14. 14
    Sandra Rose says:

    Str8Cpt says:

    Still waiting on that Paula and Tasia post
    ____________________

    Isn’t that story already all over the blogosphere? I thought you kids came here for something fresh and new? :shrug:

  15. 15
    Sandra Rose says:

    Cariblife says:

    If the rich don’t send jobs overseas then who does??
    ___________________

    Wouldn’t you prefer that the jobs stay here? :shrug:

  16. 16
    proberson07 says:

    GOOD! I AM HAPPY TO SEE THAT HE IS STICKING TO HIS GUNS AND DOING WHAT IS RIGHT FOR MIDDLECLASS AMERICANS. IF HE HAD CHANGED HIS MIND AND BACKTRACKED PEOPLE LIKE SANDRA OR FAUX NEWS WOULD OF SAD HE WAS BACKTRACKING OR LYING AND FOLLOWING THROUGH WITH HIS CAMPAIGN PROMISES.

    SANDRA. WHY ARE YOU NOT TALKING ABOUT THE CHINESE AND THEIR MANIPULATIVE MONETARY PRACTICES? DON’T ASK DON’T TELL? THE EDUCATION GAP WITH BLACK MALES? HIV IN THE BLACK COMMUNITY? YOU DO NOTHING BUT ATTACK THE PRESIDENT AND YET YOU ACT AS IF YOU ARE SPEAKING FOR THE PEOPLE AND THEIR INTERESTS. GET OFF YOUR HIGH HORSE AND GET BACK TO WHAT YOU KNOW! -GOSSIP!

  17. 17
    proberson07 says:

    Still waiting on that Paula and Tasia post

  18. 18
    ySoSerious says:

    @ Sandra

    Of course. Cause Rhi Riding Hood everyday is soooooo fresh and new. :coffee:

  19. 19
    Cariblife says:

    I would prefer the jobs but since the rich own and run the big companies that employ the middle class and poor I was just under the assumption that they are the ones outsourcing or am I wrong??

  20. 20
    Cariblife says:

    :hug: u too Str8 and a :kiss: peck on the cheek though.

  21. 21
    proberson07 says:

    The rich are sending jobs overseas. the rich are in the pocket of foreign governments and corporations. the rich are selling this country and destroying our national interest and security. wake up! why is it that the republican administration has done nothing but attack the president? they have not promoted any new initiatives or programs as it relates to education, health care, jobs or the economy. all they want to do is make the president fail and destroy the fundamental constitutional rights and privileges that Americans hold dear. be vigilant people!

  22. 22
    proberson07 says:

    and Sandra who is going to pay for these Bush era tax cuts? What happened to fiscal responsibility? What about the platform that they were elected under? Uh huh! **MESSAGE***

  23. 23
    SnootyPooty1 says:

    The rich are the ones who send the jobs overseas so that they can get cheap labor and make more profits.

    WHO own the companies that outsource definitely not the poor or middle class come on man

  24. 24
    cheeks8683 says:

    Because the rich won’t send jobs overseas where the labor is cheaper?
    ________________________________________________________________

    Really??? Cause u know they like to outsource…U know that was bush’s middle name while he was in office lol

  25. 25
    SnootyPooty1 says:

    The rich are sending jobs overseas. the rich are in the pocket of foreign governments and corporations. the rich are selling this country and destroying our national interest and security. wake up! why is it that the republican administration has done nothing but attack the president? they have not promoted any new initiatives or programs as it relates to education, health care, jobs or the economy. all they want to do is make the president fail and destroy the fundamental constitutional rights and privileges that Americans hold dear. be vigilant people!
    ___________________________________________________________________________
    :cosign: well stated

  26. 26

    @SANDRA ROSE
    “CivilEngineer says:

    Why do they NEED a tax break when they are making enough money to pay their regular rate??”
    _____________________

    Because the rich help to prop up the economy? Because the rich employ millions of people keeping them off the welfare rolls? Because the rich won’t send jobs overseas where the labor is cheaper?”
    ____________________________________________________________________________

    The rich don’t “provide” a dayum thing. LOL. Where did you get this malarkey from?

  27. 27
    Str8Cpt says:

    @ Sandy…..but your commentary will be pure comedy :yes:

    :rofl: @Yso

  28. 28
    Str8Cpt says:

    @Snooty….looking good ma :thumbsup:

  29. 29
    AWESOME ARSENAL says:

    I’m pissed that Obama hasn’t had any balls to confront these folks until now. All that reachin across the aisle bipartisan shyt ain’t get him nothin but fresh puncture wounds in his back from both parties. The republicans don’t have any ideas besides gettin rid of him and having folks with short memories and backwards/racist/classist policies vote against their own best interest.

  30. 30
    SnootyPooty1 says:

    All the RICH care about is keeping their money and making more money

  31. 31

    :shocked:
    WHOOOOOOOOOOOOOOOOOOOOOOOOA!

  32. 32
    His_Mommy623 says:

    I only came in here 2 say HEY SNOOTAYYYY!!! :hug:

  33. 33
    SnootyPooty1 says:

    @Str8Cpt Thank you

  34. 34
    SnootyPooty1 says:

    Hey HIS I love the pic…………

  35. 35
    proberson07 says:

    @Str8Cpt where you at in CPT? I worked there at the self help center at the Compton Court house last summer. I love that city. @ Sandra. Lets do better and stop trying to promote your misinformed Anti-Obama agenda. Are you getting paid from by the Republicans or by Faux News? :/

  36. 36
    OutsidetheBox says:

    :rofl: @Man! :rofl:

  37. 37
    His_Mommy623 says:

    Thank u Snooty Poots! u have been missed mama! *squeezes u*

  38. 38
    OutsidetheBox says:

    His your hair is gorg! :thumbsup:

  39. 39
    His_Mommy623 says:

    Oh lookie theres my Otbizzle! *throws my camera @ u* WHY DONT U LOVEEE MEEE? *smokes n cries*

  40. 40
    His_Mommy623 says:

    Thanks bebeh! I guess u do wubz me! :lol:

  41. 41
    jazi65 says:

    The rich got richer when Bubble head Bush was in office…screw em!

  42. 42
    OutsidetheBox says:

    You know it! *snaps a special pic with the camera* :wink:

  43. 43
    CivilEngineer says:

    I see all I would have said has been posted. And @Sandra like I tweeted to you before, the problem is not tax breaks…big business needs less control. Sell shyt to Americans but don’t actually employ any<—there's the problem!

    If a company wants to employ cheap labor then move to that country because taking tax breaks and not giving anything back to America is not helping the country.

  44. 44
    Str8Cpt says:

    @Proberson

    Aww…chit….I knew you looked familiar :lol:

    I’m not to far from there

  45. 45
    OutsidetheBox says:

    :rofl: Stop lying!!!! You dont know PRoberson IRL….do you?
    @Str8
    *jealous*

  46. 46
    His_Mommy623 says:

    oh Chocolate Civil cakes!

    @Otb, pls take atleast 5 more *drools*

  47. 47
    AWESOME ARSENAL says:

    @His :thumbsup: :thumbsup:

  48. 48
    His_Mommy623 says:

    @awesome, why thank u for both of those thumbs lol

  49. 49
    Str8Cpt says:

    @OTB…I think I’ve seen him in person, that’s all…There was a time when I was going to CPT court self-help center a lot :(

    #Idontdostalkers

    :coffee:

  50. 50
    CivilEngineer says:

    Hey @His…beautiful pic :yes:

    OTB!! What is up?!

  51. 51
    AWESOME ARSENAL says:

    @Sandra
    You only have to look at the ghetto black communities to see how folks not from the community that have businesses but don’t employ the community and pay taxes outside the community contribute to our situation.

  52. 52
    SnootyPooty1 says:

    HEy HIS squeezes you right back extremely tight momma

  53. 53
    AWESOME ARSENAL says:

    @His
    If only I had more thumbs…………….

  54. 54
    Kezi says:

    Good for Obama :clap: The wealthy don’t need it. They use the cuts to give our extraordinarily high bonus’s while freezing jobs regardless. Now he just needs to hit the businesses shipping jobs overseas with taxes and we’ll be back on the right track.

  55. 55
  56. 56
    MissHarlem says:

    As an adult I am thoroughly confused that anyone wouldnt understand that in order to right some wrongs some people will have to sacrifice. I furthermore dont understand why anyone with a clear mind doesnt get why the rich shouldnt be given any more slack at the expense of the country.

    *SLAPS THE CHIT OUT OF MYSELF FOR EVEN COMING IN THIS POST*

  57. 57
    Mamacita says:

    @Sandra

    AND HERE LIES THE PROBLEM! People complain about the “recession” all day long but want to CONTINUE to live their lives the same way. They don’t want change, don’t want to sacrifice, don’t want to get rid of policies that caused it in the first place, don’t want to work, but are the first ones to COMPLAIN about the problems. Where are the solutions?

    They go on and on and on about how we got into this mess but don’t want to CHANGE to fix it. They just sit back and wait for Obama to pull a wand out his a*s and make all the problems go away! This is some BULLSH*T.

    *storms off*

  58. 58
    Bird says:

    The argument is that the tax cuts will allow the extremely wealthy 1% to hire the rest of us. Problem with that is we have been in a recession for 3 years now. When were they gonna give us all those jobs? In the mean time we get broker and they get richer. Way to go Mr. Pres!

  59. 59
    Bird says:

    Sandra Rose says:

    Because the rich help to prop up the economy? Because the rich employ millions of people keeping them off the welfare rolls? Because the rich won’t send jobs overseas where the labor is cheaper?
    ***********************************************
    They aren’t propping up the economy right now. And the employees make it possible for the rich to keep getting richer. They can’t run the companies with senior level management alone. You act like they are doing us a favor. Its give and take. The rich are sending jobs overseas that is why our ecomony is falling apart. They are shipping away those good paying low skilled jobs like manufacturing and now customer service and help desk jobs.

  60. 60
    Sandra Rose says:

    jazi65 says:

    The rich got richer when Bubble head Bush was in office…
    ____________________

    Yeah, and did you notice everyone had jobs then? The 9.6% unemployment is Obama’s problem, not Bush’s.

  61. 61
    Sandra Rose says:

    Bird says:

    The argument is that the tax cuts will allow the extremely wealthy 1% to hire the rest of us. Problem with that is we have been in a recession for 3 years now.
    _________________

    You probably didn’t notice that we started losing jobs when Obama took office and started wasting our tax dollars on million dollar dog parks.

  62. 62
    SnootyPooty1 says:

    I lost my Job before Obama took office

  63. 63
    SnootyPooty1 says:

    BTW… and so did atleast 20 people that I know

  64. 64
    MissHarlem says:

    If there is a 9.6 umemployment wouldnt that also mean that there is 91.4 employment rate. Just saying!

  65. 65
    proberson07 says:

    Sandra…. the bailout happened and the two wars that we are currently in occurred before Obama came into office.

  66. 66

    I don’t see how anyone can blame Obama for this economy! I mean the word “recession” was being talked about way before he got elected. I remember that damn $600 stimulus check…

    Cutting taxes for the rich will not have the “trickle down” effect for middle class people like me…that’s bullshyt. Give a break to the people that need it! I don’t see how 1% of the entire population will save the economy…that’s as ludicrous as Obama spending $200 M a day for his India/Indonesia trip :coffee:

  67. 67
    Daisy says:

    The unemployment rate was on its WAY UP BEFORE Bush left office. I just heard how many jobs were lost during the LAST yr Bush was in office that was NOT President Obamas fault. The climate had already been set and he is now trying to STOP the ball from rolling as a President should do.

    SAY NO TO TAX CUTS FOR THE WEALTHY :nono: and :no:

    #teamObama :cheer:

  68. 68
    Jay Bee says:

    obama just cut the check!

    shiiiiit give all tax payers waivers until 2012 im tired of paying taxes we are being robbed either way

    notice he said it would be irresponsible to raise taxes on middle case..in other words, hes saying well damn somebody gots to do it

    theres no more MIDDLE CLASS
    its working class..the elite and underpriveledged…….. oh yea poor working class too!

  69. 69
  70. 70
    dollfacechick says:

    To all those who work for small businesses be aware. The rich people that you don’t want to recieve tax cuts are your employers and when their bottom line decreases they will get their money back by either cutting jobs or increases prices. Right now business can’t afford to risk losing customers or clients with price increases so goodbye job, hello unemployment.

    This is not really a rich vs poor problem like they want you to believe. Its about the Dems hating the Repubs and not willing to look for REAL solutions. I’m still waiting for the “across the isle” solutions we were promised.

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