Obama Pushes For $600 Billion in New Taxes in Debt Talks
NewsMax
Barack Obama proposed $600 billion in new taxes to pay for his historic spending
President Barack Obama threw the talks on the debt ceiling crisis into turmoil on Monday afternoon by proposing a $600 billion tax hike before even meeting with Republican Senate leader Mitch McConnell.
Just as Democrats and Republicans seemed to be inching toward an agreement that would stave off the prospect of a default on the nation’s debts, Obama introduced a measure that is sure to have the GOP howling in opposition.
The new wrench in the works drew scorn from conservatives.
“The Democrats’ insistence on touting their desire to ‘end tax breaks to oil and gas companies’ is becoming quite tiresome,” wrote Andrew Stiles at the National Review’s website. “It’s basically their only specific new tax proposal, but would amount to saving of just $21 billion over a decade. That’s a long way to $600 billion.”
Other conservatives ridiculed the idea that the White House could be taking such a proposal seriously.
“The White House has proposed raising about $600 billion in new tax revenue, including ending subsidies to oil and gas companies, an idea that failed in the Senate,” wrote Bryan Preston at the conservative PJ Tattler blog on Pajamas Media.
“It failed in a Democrat-controlled Senate, and with good reason: It’s a terrible idea. I was at first tempted to post a hoary old Admiral Ackbar – “It’s a trap!” graphic on this story, but it doesn’t really merit that,” Preston continued. “Calling it a trap at least implies that the GOP might fall for it. Honestly, I don’t see that happening. So if it’s not a trap, what is this? For one thing, it’s the Democrats’ answer to everything. For another, it’s class warfare, which is also the Democrats’ answer to everything.”
White House Press Secretary Jay Carney announced the tax proposals after Obama met Senate Majority Leader Harry Reid on Monday morning. He is due to meet McConnell later in the day in a bid to find “common ground.” It is the first time the president has personally gotten involved in the debt ceiling talks.
Carney said the president is still hopeful that the two sides can come to an agreement but said Republicans have to realize that some taxes must go up. “It’s the only way to get it done,” Carney said.
Among Obama’s proposals are an end to tax breaks for big companies and the richest and taxing equity and hedge fund managers on income tax rates rather than capital gains tax rates.
Other changes include changing depreciation rules on corporate jets, limiting itemized deductions for the wealthy and repealing a tax benefit that companies use for inventory accounting.
Earlier the Republicans were making it clear that such tax increases are the only point on which there can be no negotiation, so Obama’s move seems almost assured to stall the talks once more. McConnell said, “It is my hope that the president will take those off the table today so that we can have a serious discussion about our country’s economic future.”
The president has just five weeks to bring the two sides to an agreement that will allow the country to raise the $14.3 trillion ceiling before August 2 or risk defaulting on its debts. Last week, bipartisan talks led by Vice President Joe Biden fell apart when the GOP representatives walked out.
Wild Thing’s comment……..
…”planned to meet with Republican Sen. Mitch McConnell in the early evening.”
“Will you walk into my parlor?” said the spider to the fly;
“‘Tis the prettiest little parlor that ever you may spy.
The way into my parlor is up a winding stair,
And I have many curious things to show when you are there.”
Obama and Reid. You will NEVER get the Republican House to go along with tax increases. They are not gonna cut their own throats and take the country down with them!
“The administration also would tax private equity or hedge fund managers at higher income tax rates instead of lower capital gains rates, change the depreciation formula on corporate jets and limit itemized deductions for wealthy taxpayers. It also has called for repealing a tax benefit for an inventory accounting practice used by many manufacturers.”
Yeah, now THAT’LL help the economy and spur on business to hire more workers.
So Comrade Babeushka, Hussein Obamao – aka Dr. Zhicago and his Washington DC CCCP Baracksheviks -will take on the ‘Go Go GOPhers’ in 2012?
The Greatest Comedy Show on Earth, eh?
– DON’T TREAD ON ME!
Any Republican, in either the House or the Senate that even hints that he might support Obama’s proposal, will seal his own fate.
The American people are angry and there is a developing feeling among them, that the Government has become far too intrusive in their lives.
Unfortunately, but not surprisingly, the media has not reported on this, preferring to paint the picture of all is well under the present Administration.
One only has to look at the poll numbers to get the true story of the feelings of the American people toward both the Executive and the Legislative branches of the Federal Government.
Darth, yes ” Don’t tread on me”.
Sean, your so right.They better know we are watching and paying attention, and they can have no excuses.
The big solution is to get enough people to put some money behind “Far right wing Republicans.” Most people never learned enough history to know that it was the “Radical Republican Party” that elected Lincoln and ended slavery. Still ten million people giving $100 each is a Billion dollars and matchs George Soros and all of Obamas donors.