Barack Obama No Extra Tax Cuts for the Rich Beyond the First $250,000
G20 Summit news has not been strictly confined to international news as President Barack Obama said Friday in Seoul his No. 1 priority is to preserve tax cuts for middle-class Americans.
Obama spoke at a news conference at the end of the G20 Summit. He said he is not caving in to Republican demands to extend Bush administration tax cuts for the wealthy, CNN reported.
"Here's the right interpretation: I want to make sure that taxes don't go up for middle-class families starting on January 1 -- my number one priority for those families and for our economy. I also believe that it would be fiscally irresponsible for us to permanently extend the high-income tax cuts," the president said.
"I think that would be a mistake, particularly when we've got our Republican friends saying that their number one priority is making sure that we are dealing with our debt and our deficit."
Obama said he wouldn't negotiate tax cuts at the G20 Summit. He said he would hold the discussions when Congress returns to work for a lame-duck session next week.
"I'm not going to negotiate here in Seoul. My job is to negotiate back in Washington with Democratic and Republican leaders," he said.
The president also said outgoing House Majority Leader Nancy Pelosi should remain in a leadership position as minority leader.
Do you feel the President will refuse to give in to the extension even if it means middle-class Americans are paying thousands more in taxes come January? What do you think allowing the Bush tax cuts to expire would do for his chances of re-election in 2012? Sound off below.
http://www.thirdage.com/news/g20-summit-break-gives-obama-chance-address-bush-tax-cuts_11-12-2010#ixzz159Ap83Ka
Obama spoke at a news conference at the end of the G20 Summit. He said he is not caving in to Republican demands to extend Bush administration tax cuts for the wealthy, CNN reported.
"Here's the right interpretation: I want to make sure that taxes don't go up for middle-class families starting on January 1 -- my number one priority for those families and for our economy. I also believe that it would be fiscally irresponsible for us to permanently extend the high-income tax cuts," the president said.
"I think that would be a mistake, particularly when we've got our Republican friends saying that their number one priority is making sure that we are dealing with our debt and our deficit."
Obama said he wouldn't negotiate tax cuts at the G20 Summit. He said he would hold the discussions when Congress returns to work for a lame-duck session next week.
"I'm not going to negotiate here in Seoul. My job is to negotiate back in Washington with Democratic and Republican leaders," he said.
The president also said outgoing House Majority Leader Nancy Pelosi should remain in a leadership position as minority leader.
Do you feel the President will refuse to give in to the extension even if it means middle-class Americans are paying thousands more in taxes come January? What do you think allowing the Bush tax cuts to expire would do for his chances of re-election in 2012? Sound off below.
http://www.thirdage.com/news/g20-summit-break-gives-obama-chance-address-bush-tax-cuts_11-12-2010#ixzz159Ap83Ka
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