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Obama’s weekly address: I won’t compromise on tax hikes on the rich

In his weekly address, Obama says he wants an immediate resolution, but only if Republicans agree to raise the top tax rates on individuals earning $200,000 or more.

“If we’re serious about reducing our deficit while still investing in things like education and research that are important to growing our economy – and if we’re serious about protecting middle-class families – then we’re also going to have to ask the wealthiest Americans to pay higher tax rates,” he says. “That’s one principle I won’t compromise on.

“After all, this was a central question in the election,” Obama adds, alluding to the fact that he won.

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He’s right. The GOP is getting smeared with this. Just give it to him. Let it burn.

p0s3r on December 8, 2012 at 12:15 PM

Back to Clinton taxes so that the Middle Class wakes up to the reality that Obama hates YOU, Fools.

Schadenfreude on December 8, 2012 at 12:16 PM

Yes, that 80 billion a year will go a long way to closing that trillion dollar deficit of yours. Smart move.

darwin on December 8, 2012 at 12:19 PM

I think the game plan is to kill off as many small businesses as possible.

darwin on December 8, 2012 at 12:20 PM

…we’re also going to have to ask…

I grow evermore tired of that progressive euphemism “ask.”

How shallow people must be go along with that.

Drained Brain on December 8, 2012 at 12:21 PM

Mock this Fool, 24/7.

Peacocks are indignant.

Gods are too.

Schadenfreude on December 8, 2012 at 12:21 PM

This isn’t going to fly, but this man has a plan for those that voted for bho and his tax plans! Sounds good to me, but like I said it won’t go anyplace?

http://nation.foxnews.com/apartment-rent-hike/2012/12/07/apartment-complex-threatens-rent-hike-obama-voters-help-pay-what-you-asked
L

letget on December 8, 2012 at 12:21 PM

I think the game plan is to kill off as many small businesses as possible.

darwin on December 8, 2012 at 12:20 PM

Because they can’t be controlled.

JeffWeimer on December 8, 2012 at 12:21 PM

A five percent tax increase on top of the already higher fuel costs, ObamaCare and numerous other taxes associated with it will effectively kill off many small businesses.

darwin on December 8, 2012 at 12:22 PM

I’ll be damned!

tom daschle concerned on December 8, 2012 at 12:22 PM

Drained Brain on December 8, 2012 at 12:21 PM

A gun to the head merely expedites the right answer.

Left Coast Right Mind on December 8, 2012 at 12:23 PM

Republicans have to give in. There’s a time to fight and a time not to.

Too much of the public sees this as simply an issue of the rich not paying “their fair share.”

Give in and turn the issue back to spending. Once the public is made aware that the $80 billion won’t do anything to solve the deficit/debt crisis the issue can turn back to the real problem.

At the end of the year we’ll have another $1 trillion deficit. Republicans can then say that they raised the taxes on the rich and we’re still having trillion dollar deficits.

SteveMG on December 8, 2012 at 12:25 PM

Can’t small business just cut the pay of employees.

Mormontheman on December 8, 2012 at 12:26 PM

The only way for people to wake up to how disastrous Dear Liar’s policies are, is to suffer the effects of them. Give him what he wants, history will not be kind to him.

rbj on December 8, 2012 at 12:28 PM

His impertinence and arrogance must and will be punished. One day he will get his. They all do. Look at Quadafi and Morsi.

Schadenfreude on December 8, 2012 at 12:31 PM

Obama wants to run on middle class was taken hostage. Send him a tax cut for the middle class and go home.

Mormontheman on December 8, 2012 at 12:32 PM

Obama’s Arab Spring

Schadenfreude on December 8, 2012 at 12:33 PM

The deficit for just the first two months of the 2013 fiscal year (October and November) is already at $292 billion.

That’s almost 44 months worth of that $80 billion/year tax increase.

I see a problem here.

tbrosz on December 8, 2012 at 12:34 PM

I see a problem here.

Yeah, two problems really. One is those numbers; the other is the public’s view that the numbers can be eliminated by taxing the rich.

Until the second solution is shown to be false the first problem can’t be addressed.

SteveMG on December 8, 2012 at 12:37 PM

I think the game plan is to kill off as many small businesses as possible.

darwin on December 8, 2012 at 12:20 PM
Because they can’t be controlled.

JeffWeimer on December 8, 2012 at 12:21 PM

And too hard to unionize.

Obama wantns big government, big business and big labor in control of every aspect of Americans’ lives, from the conditions of employment to education of their children to their medical care.

Religion and family are marginalized, as they compete for loyalty to the government.

Wethal on December 8, 2012 at 12:38 PM

Sandy aid of 80 billion requested by christie. Put the sandy aid and tax cut for the rich together in one bill.

Mormontheman on December 8, 2012 at 12:41 PM

Everyone in America is getting a tax increase regardless of what both parties say.

And inflation will continue to spiral ever upwards.

Long story short – everyone’s going to continue to get poorer in real terms. Unless of course you are a member of the Barky regime:

The Presidency is more spendthrift than all of Europe’s monarchies combined, and then some.

CorporatePiggy on December 8, 2012 at 12:42 PM

“If we’re serious about reducing our deficit while still investing in things like vacations and shiny objects that are important to growing our collection of stuff – and if we’re serious about getting a new car every year – then we’re also going to have to ask the credit card companies for a higher credit limit” he says. “That’s one principle I won’t compromise on.

Financial genius in discussion with spouse at 123 Maple St, Anywhere, USA.

BobMbx on December 8, 2012 at 12:44 PM

Hey, where are all the trolls acknowledging Obama’s ownership of this debacle?

Galt2009 on December 8, 2012 at 12:55 PM

have to ask the credit card companies for a higher credit limit”

Well what happens when the credit card company says NO, NO you spent too much, are too much in debt, and we won’t raise your limit?

Our wonderful spineless wonders won’t say NO to bho though?
L

letget on December 8, 2012 at 12:57 PM

…then we’re also going to have to ask force the wealthiest high earning Americans to pay higher tax rates,” he says. “That’s one principle I won’t compromise on.

Fixed. So the ‘principle’ he wont compromise on is to confiscate more private wealth in the name of fairness. It wont make anyone’s life better, nor will it make a dent in our crushing debt. But it will make his angry, anti-American base feel better and will further reduce the independence, opportunities and ambitions of every American. So it’s all good.

RadClown on December 8, 2012 at 12:58 PM

…we’re also going to have to ask…

I grow evermore tired of that progressive euphemism “ask.”

How shallow people must be go along with that.

Drained Brain on December 8, 2012 at 12:21 PM

I’m beyond being tired about that outright LIE on his part – if you don’t have a choice in the government stealing your hard-earned property there is no Ask about it.

It’s theft at the point of a gun, nothing more.

Galt2009 on December 8, 2012 at 1:04 PM

The middle class is holding the poor hostage. They wint take a tax hike to reduce inflation.

Mormontheman on December 8, 2012 at 1:04 PM

Fixed. So the ‘principle’ he wont compromise on is to confiscate more private wealth in the name of fairness. It wont make anyone’s life better, nor will it make a dent in our crushing debt. But it will make his angry, anti-American base feel better and will further reduce the independence, opportunities and ambitions of every American. So it’s all good.

RadClown on December 8, 2012 at 12:58 PM

Question for the trolls:

When did it become morally acceptable to steal the property of some as a monetary sacrifice to the gods of government waste?

And if it’s okay to ream the rich, what to stop them from reaming others? Like you?

Galt2009 on December 8, 2012 at 1:05 PM

Obama Logic:

Since I will NOT compromise,
Anything that goes wrong is all the Republican’s Fault for Not Compromising.

jaydee_007 on December 8, 2012 at 1:05 PM

I think the game plan is to kill off as many small businesses as possible.

darwin on December 8, 2012 at 12:20 PM

Small business represents individual initiative

Obama loves big business. Who loves Obama? Just picked up this tidbit about WAPO:

The Washington Post’s dividend payment also stands to benefit those with a significant stake in the company, such as Warren Buffett’s firm Berkshire Hathaway. Berkshire is its largest shareholder with an estimated 1.7 million shares, which means it could get a roughly $17 million dividend payment.

Kaiser, whose mega Foundation promoted Solyndra, got Obama to dump tax dollars on his fantasy. Maybe somewhere there is a little guy who wants to develop solar. The best way to help a little guy with no credibility is to get out of his way, and let him take a risk and mortgage his house for startup. THat doesn’t happen in the controlled Obama world. It’s the big buddies who get the bank loans and the federal grants, and the little guys who get squelched and regulated out of the game.

Walmart heirs are big obama supporters. Walmart loves increases in minimum wage. Why? Because Walmart can absorb the increases, while smaller competitors cannot. The enemy of my enemy is my friend

entagor on December 8, 2012 at 1:07 PM

The “starve the government” approach won’t work.

(1) It can print money;

(2) Public choice theory, i.e., powerful constituencies protect their pet programs;

(3) Globalization has made capital more widely available.

Eventually all this won’t be enough but that eventuality is farther off than we thought.

Although when it hits it won’t be a whimper, it’ll be a bang.

SteveMG on December 8, 2012 at 1:09 PM

It’s theft at the point of a gun, nothing more.

Galt2009 on December 8, 2012 at 1:04 PM

http://www.zerohedge.com/contributed/2012-08-20/major-general-why-are-domestic-government-agencies-purchashing-enough-lethal-

davidk on December 8, 2012 at 1:10 PM

Isn’t it odd that this is the campaign promise he can’t renege on?

Cindy Munford on December 8, 2012 at 1:10 PM

Education spending is NOT a federal responsibility. STOP letting Obama get away with talking about it as if it were.

Charlemagne on December 8, 2012 at 1:20 PM

The “starve the government” approach won’t work.

(1) It can print money;

(2) Public choice theory, i.e., powerful constituencies protect their pet programs;

(3) Globalization has made capital more widely available.

Eventually all this won’t be enough but that eventuality is farther off than we thought.

Although when it hits it won’t be a whimper, it’ll be a bang.

SteveMG on December 8, 2012 at 1:09 PM

It’s not about starving the government – it’s about producers changing their behavior from making money that will simply be stolen over to putting their efforts into surviving the coming collapse.

We have no choice IF it’ll happen but WHEN it’ll happen – and if we can hasten the result by getting ready for it, so be it.

Fuel the fire.

Galt2009 on December 8, 2012 at 1:22 PM

Charlemagne on December 8, 2012 at 1:20 PM

+ 16 Trillion.

Cindy Munford on December 8, 2012 at 1:36 PM

End all the Bush cuts. Enough of providing for an increasingly large class of people who only receive from the federal government and not contribute.

The GOP should not only let the Bush tax cuts expire, they should also:

- end deductions for jumbo mortgages
- tax all endowments, trusts, and foundations with more than $500 million in assets
- end deductions for state taxes

if the American people want to spend like drunken sailors then they should pay for that privilege. If this policy turns into a serious recession, then consider it a teachable moment in economics.

iconoclast on December 8, 2012 at 1:40 PM

It’s not about starving the government

There was a view, promoted chiefly during the Reagan years, that the way to ratchet government down was to starve it of resources.

That obviously hasn’t worked.

SteveMG on December 8, 2012 at 1:40 PM

+ 16 Trillion.

Cindy Munford on December 8, 2012 at 1:36 PM

[Snort]

BobMbx on December 8, 2012 at 1:41 PM

A) 200k is NOT a million.

B) Obama is holding hostage the tax rates for MILLIONS of tax payers because he wants to engage in the politics of class envy.

That’s the messages that need to be communicated. But I don’t hold out hope for that.

ProfShadow on December 8, 2012 at 1:41 PM

Really mess with his head, give him his tax rate hikes and a $25,000 cap on deductions. Throw in a 2% annual tax on wealth in excess of $40 Billion.

agmartin on December 8, 2012 at 2:06 PM

Did the people vote for higher taxes or for gifts? I thought they voted for gifts.

DeathtotheSwiss on December 8, 2012 at 2:08 PM

Wow! Who didn’t see this coming:

Despite Tax Increase, California State Revenues in Freefall
http://www.breitbart.com/Big-Government/2012/12/07/CALIFORNIA-STATE-BUDGET-GOES-OFF-THE-CLIFF

California State Controller John Chiang has announced that total state revenue for the month of November 2012 fell $806.8 million, or 10.8%, below budget.

Democrats thought they could hammer “the rich” by convincing voters to pass Proposition 30 to create the highest state income tax in the nation. But it now appears that high income earners have already “voted with their feet” by moving themselves and their businesses out of state, resulting in over $1 billion shortfall in corporate and income taxes last month and the beginning of a new financial crisis.

Galt2009 on December 8, 2012 at 2:17 PM