In weekly address, Pres. Obama says wealthy Americans should pay more in taxes

[cal04]

Source: Washington Post

President Barack Obama says he won’t accept a plan to avert the so-called fiscal cliff that doesn’t ask the wealthy to pay more in taxes.

In Saturday’s radio and Internet address, Obama says the election showed support for his “balanced” approach and Congress can provide certainty by extending tax cuts for middle-class families.

(snip)
The White House says Obama would veto any legislation extending tax cuts for families making $250,000 or more.

Obama is expected to meet with congressional leaders next week.

Read more: http://www.washingtonpost.com/politics/congress/in-weekly-address-obama-says-wealthy-americans-should-pay-more-in-taxes/2012/11/10/09e19436-2b27-11e2-aaa5-ac786110c486_story.html

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Weekly Address: Extending Middle Class Tax Cuts to Grow the Economy
http://www.whitehouse.gov/the-press-office/2012/11/09/weekly-address-extending-middle-class-tax-cuts-grow-economy

[KansDem]

1. YES!!!

"Trickle Down" and the Bush tax cuts were supposed to give the wealthy more money so they could re-invest in America: creating jobs and bolstering the economy. It didn't work.

Instead, they invested in foreign countries and hid their swag in secret off-shore tax havens.

Simply stated, the rich didn't live up to their part of the bargain. Now it's time for them to pay it back.

[JackN415]

2. Stick to your gun, Mr. President! We voted for you for this.

[hamsterjill]

3. +1000

Please do not back down, Mr. President!

[Scuba]

10. + another

[knightmaar]

4. Uh-oh

He ended that with "have a good weekend."

Only a communist, muslim atheist would forget to god bless everyone.

[alp227]

8. I expect The Blaze, Daily Caller, Free Republic, etc. to be HOWLING about "OBAMA DIDNT SAY GOD BLESS

After all, these same fools complained about NBC editing out "under God" from a Pledge of Allegiance segment played before a golf tournament.

[John2]

5. Wow!

President Obama has placed a line in the sand. That is what I'm talking about. Screw the talking heads. You go President Obama! I think Romney did President Obama a favor in those last two Debates. No more Mr nice guy or turning the other cheek.

[EC]

6. I'd like to know what the rich think they can do about it.

All the other countries are also demanding they pay their taxes. They got away with paying no taxes for decades. They can threaten all they want. If some of these businesses stop producing I'm betting that if the need were there in the first place for that business, someone else will take it up. If they want to move elsewhere, where? They'll have to pay where ever they go.

[limpyhobbler]

7. "the wealthiest Americans to pay a little more in taxes" & working families to take benefits cuts?

sounds fair.

Not really.

[grahamhgreen]

9. May I suggest (again) a return to the Greates Generations tax rates....

WE CAN ELIMINATE THE DEBT AND DEFICIT BY RETURNING TO THE GREATEST GENERATIONS TAX RATE ON THE ULTRA RICH!

According to the President, eliminating the Bush tax cut (4% increase) will raise 700 billion in revenues in 10 years (http://www.cbsnews.com/8301-18560_162-7032813.html).

Which means a 40% increase on the top tax rate to a rate similar to the pre-Reagan rate of 79.6% would yield 7 trillion in 10 years.

A 58% increase to 94% (the rate the Greatest Generation thought was best) would yield over 10 trillion dollars over the next 10 years.

So our deficit of 1.3 trillion would be gone in a little over a year and our DEBT would be gone in under 10 years (as we pay it down).

Simple! Done and done - and we haven't increased taxes on investment income to pre-Clinton levels yet!

2010 Y1: 14T - 3T (2T normal revenues plus additional 1T from tax on ultra-rich) = 11T debt
2011 Y2: 11T(debt) + 1T(deficit) - 3T = 9T debt
2012 Y3: 9T(debt) + 600B(deficit) - 3T = 6.6T debt
2013 Y4: 6.6T(debt) + 700T(deficit) - 3T = 4.3T debt
2014 Y4: 4.3T(debt) + 800T(deficit) - 3T = 2.1T debt
2015 Y5: 2.1T(debt) + 800T(deficit) - 3T = .1T debt
2016 Y6: .1T(debt) + 900T(deficit) - 3T = +2 Trillion SURPLUS!!!