Finally!!!
As a result, when Obama announces at least $2 trillion in deficit reduction measures Monday, he is not expected to offer all the compromises he reached with House Speaker John Boehner, R-Ohio, in July before those talks broke off.
"I would view this as the president's vision for how we achieve deficit reduction, which makes it inherently different than the sorts of legislative negotiations we were undertaking with the speaker over the summer," said the White House communications director, Dan Pfeiffer.again FINALLY!
The plan represents an economic bookend to the $447 billion in tax cuts and new public works spending that Obama has proposed to as a short-term measure to stimulate the economy and create jobs. He's submitting it to a special joint committee of Congress given the task of recommending how to reduce deficits by $1.2 trillion to $1.5 trillion over 10 years.
The White House signaled its approach Saturday by highlighting a proposal in the president's plan that would set a minimum tax rate for taxpayers earning more than $1 million.
The measure – Obama is going to call it the "Buffett Rule" for billionaire investor Warren Buffett – is designed to prevent millionaires from using tax-avoidance schemes to pay lower rates than middle-income taxpayers. Buffett has complained that he and other wealthy people have been "coddled long enough" and shouldn't be paying a smaller share of their income in federal taxes than middle-class taxpayers.
source
6 comments:
While I agree with increasing the taxes on the rich and eliminating loopholes I completely disagree with the cuts to programs.
And while we're at it, lets get the hell out of Iraq and Afghanistan. That's a cool trillion plus we can SAVE right there, but instead of saving, re-invest. Rebuild schools, bridges, highways, public transit projects, etc.
Finally, indeed.
cosign w/truthspew
It's a great news!
I think everyone should be taxed equally. Get rid of all those friggin loopholes the rich and corporations paid for that allow them to make BILLIONS and not pay any taxes on it. Or the corp. can keep some of the tax cuts if they keep their jobs based in the U.S. Allow it to be a benefit for contributing to the economy of the country. Level the playing field and let everyone contribute to the problem. Aren't we supposed to be equal?? That includes the rich who think we don't know they are manipulating the system to their benefit.
Since that mentally ill guy named Reagan started this America has been declining ever since.
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