Obama Calls for Ending Bush-Era Tax Cuts for Wealthiest Americans
JUAN GONZALEZ: There’s a battle looming in Washington over the future of tax cuts for the wealthy. The cuts enacted by President Bush are set to expire at the end of this year. Republicans, led by House Minority Leader John Boehner, have called for extending the $700 billion in tax breaks for the rich. But in his second economic speech this week, President Obama lashed out against Republican economic policies and emphasized his opposition to extending the cuts for, quote, “folks who are already millionaires.”
Speaking in Cleveland, Ohio Wednesday, the President instead called for keeping the tax breaks only for families that make under $250,000 a year.
PRESIDENT BARACK OBAMA:
With all the other budgetary pressures we have, with all the Republicans’ talk about wanting to shrink the deficit, they would have us borrow $700 billion over the next ten years to give a tax cut of about $100,000 each to folks who are already millionaires. So, let me be clear to Mr. Boehner and everybody else. We should not hold middle-class tax cuts hostage any longer. We are ready this week, if they want, to give tax cuts to every American making $250,000 or less. That’s 98, 97 percent of Americans. Now, for any income over this amount, the tax rates would just go back to what they were under President Clinton. This isn’t to punish folks who are better off—God bless them—it’s because we can’t afford the $700 billion price tag.