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The Spectacle Blog
It was billed as a major announcement on taxes, but President Barack Obama didn’t say anything new: he wants to extend the Bush tax cuts for those earning less than $250,000 a year while letting them expire for the upper income earners. He is challenging congressional Republicans to act now — all the tax cuts expire in January absent congressional action — so he can pose as a middle-class tax-cutter and proponent of tax fairness.
The real question is what Obama would do come January if Congress sends him a renewal of the full tax cut. Would he veto it and let taxes go up on everyone? Or would he once again agree to extending all the tax cuts like he did at the end of 2010? Naturally, the president is trying to avoid that scenario with a congressional vote now, though his deficit reduction plans add up better if he lets taxes go up on everybody.
While polls suggest Obama’s tax fairness argument has some takers among the American people — and make no mistake, it is purely a fairness argument; the deficit reduction case for allowing only the tax cuts on the wealthy and investors to expire is weak — Democrats are divided too. House Minority Leader Nancy Pelosi wants to move up the threshold at which the cuts expire to $1 million a year. Some Democrats want all the tax cuts to expire, while others want them all extended. Obama’s attempt to thread the needle is nothing new.
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More Blog Posts by W. James Antle, III
http://spectator.org/blog/2012/07/09/obama-breaks-no-news-on-taxes
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CopyKatnj| 7.9.12 @ 3:46PM
"The real question is what Obama would do come January if Congress sends him a renewal of the full tax cut."
He should be packing his bags to move back to Chicago. At that point his tax policy concern will be how high his rate is.
Occam's Tool| 7.9.12 @ 6:43PM
The Obama is a scumbag. A worthless, wasted 4 years.
Bob Grant| 7.9.12 @ 7:05PM
This man won't be happy 'til the marginal tax rate is over 80% and the unemployment rate is over 25%.
Then, phase 2 of his plan will be implemented. Guys, read all you can about the WPA because that will be your next employer.
Me? I'm getting ready by developing my upper body strength. I hear digging holes and refilling them can be hell on your lat muscles.
Mike G| 7.9.12 @ 9:17PM
Obama wants tax rates at the Clinton era levels? I say give it to him just as soon as he accepts Clinton era budgets. If he wants to go back in time, go all the way, not halfway.
RJ| 7.10.12 @ 12:47AM
"A fairness issue"? I am always surprised at how the left gets away by saying fairness dictates that those who are not paying any income tax can demand that those who are paying most of the bills should pay more, in the name of "fairness."
I recall during the 2008 campaign, Obama was questioned (I believe by Neil Cavuto) as to the steps he would take to reduce the deficit. He mentioned raising the capital gains tax. When the reporter said that historically, that results in a decrease in tax revenue, Obama agreed, but said he would do it in the interest of "fairness." The question was how was he going to close the deficit and his admitted that his answer would make it worse. How is that for leadership? How is that a rational answer?
ncatty| 7.10.12 @ 10:50AM
This kind of uncertainty is killing the economy. Raise or lower them, but do it permanently and let people make the adjustments.
Bob Grant| 7.10.12 @ 12:17PM
Permanent? Obama?
No, no, no, no
You need to understand how a Banana Republic dictatorship operates. The last thing a BR dictator wants to provide is certainty. Much of what empowers BR dictators is the UNCERTAINTY cast upon it's subjects.
The only permanence that works is borne from constitutional principles reflected by sane tax law. For instance, a 15% flat tax backed up by a balanced budget amendment or permanent a federal spending cap...or both.