Obama’s Next Step On Debt: Tax Rich To Pay Fair Share

Obama’s Next Step On Debt: Tax Rich To Pay Fair Share

Good afternoon, everybody. Congress has now
approved a compromise to reduce the deficit and avert a default that would have devastated
our economy. It was a long and contentious debate. And I want to thank the American people
for keeping up the pressure on their elected officials to put politics aside and work together
for the good of the country. This compromise guarantees more than $2 trillion
in deficit reduction. It’s an important first step to ensuring that as a nation we live
within our means. Yet it also allows us to keep making key investments in things like
education and research that lead to new jobs, and assures that we’re not cutting too abruptly
while the economy is still fragile. This is, however, just the first step. This
compromise requires that both parties work together on a larger plan to cut the deficit,
which is important for the long-term health of our economy. And since you can’t close
the deficit with just spending cuts, we’ll need a balanced approach where everything
is on the table. Yes, that means making some adjustments to protect health care programs
like Medicare so they’re there for future generations. It also means reforming our tax
code so that the wealthiest Americans and biggest corporations pay their fair share.
And it means getting rid of taxpayer subsidies to oil and gas companies, and tax loopholes
that help billionaires pay a lower tax rate than teachers and nurses. I’ve said it before; I will say it again:
We can’t balance the budget on the backs of the very people who have borne the biggest
brunt of this recession. We can’t make it tougher for young people to go to college,
or ask seniors to pay more for health care, or ask scientists to give up on promising
medical research because we couldn’t close a tax shelter for the most fortunate among
us. Everyone is going to have to chip in. It’s only fair. That’s the principle I’ll
be fighting for during the next phase of this process. And in the coming months, I’ll continue also
to fight for what the American people care most about: new jobs, higher wages and faster
economic growth. While Washington has been absorbed in this debate about deficits, people
across the country are asking what we can do to help the father looking for work. What
are we going to do for the single mom who’s seen her hours cut back at the hospital? What
are we going to do to make it easier for businesses to put up that “now hiring” sign? That’s part of the reason that people are
so frustrated with what’s been going on in this town. In the last few months, the economy
has already had to absorb an earthquake in Japan, the economic headwinds coming from
Europe, the Arab Spring and the [rise] in oil prices — all of which have been very
challenging for the recovery. But these are things we couldn’t control. Our economy didn’t
need Washington to come along with a manufactured crisis to make things worse. That was in our
hands. It’s pretty likely that the uncertainty surrounding the raising of the debt ceiling
— for both businesses and consumers — has been unsettling, and just one more impediment
to the full recovery that we need. And it was something that we could have avoided entirely. So, voters may have chosen divided government,
but they sure didn’t vote for dysfunctional government. They want us to solve problems.
They want us to get this economy growing and adding jobs. And while deficit reduction is
part of that agenda, it is not the whole agenda. Growing the economy isn’t just about cutting
spending; it’s not about rolling back regulations that protect our air and our water and keep
our people safe. That’s not how we’re going to get past this recession. We’re going to
have to do more than that. And that’s why, when Congress gets back from
recess, I will urge them to immediately take some steps — bipartisan, common-sense steps
— that will make a difference; that will create a climate where businesses can hire,
where folks have more money in their pockets to spend, where people who are out of work
can find good jobs. We need to begin by extending tax cuts for
middle-class families so that you have more money in your paychecks next year. If you’ve
got more money in your paycheck, you’re more likely to spend it. And that means small businesses
and medium-sized businesses and large businesses will all have more customers. That means they’ll
be in a better position to hire. And while we’re at it, we need to make sure
that millions of workers who are still pounding the pavement looking for jobs to support their
families are not denied needed unemployment benefits. Through patent reform, we can cut the red
tape that stops too many inventors and entrepreneurs from quickly turning new ideas into thriving
businesses — which holds our whole economy back. And I want Congress to pass a set of
trade deals — deals we’ve already negotiated — that would help displaced workers looking
for new jobs and would allow our businesses to sell more products in countries in Asia
and South America, products that are stamped with the words “Made in America.” We also need to give more opportunities to
all those construction workers out there who lost their jobs when the housing boom went
bust. We could put them to work right now, by giving loans to private companies that
want to repair our roads and our bridges and our airports, rebuilding our infrastructure.
We have workers who need jobs and a country that needs rebuilding; an infrastructure bank
would help us put them together. And while we’re on the topic of infrastructure,
there’s another stalemate in Congress right now involving our aviation industry which
has stalled airport construction projects all around the country and put the jobs of
tens of thousands of construction workers and others at risk — because of politics.
It’s another Washington-inflicted wound on America, and Congress needs to break that
impasse now — hopefully before the Senate adjourns — so these folks can get back to
work. So these are some things that we could be
doing right now. There’s no reason for Congress not to send me those bills so I can sign them
into law right away as soon as they get back from recess. Both parties share power in Washington,
and both parties need to take responsibility for improving this economy. It’s not a Democratic
responsibility or a Republican responsibility; it is our collective responsibility as Americans.
And I’ll be discussing additional ideas in the weeks ahead to help companies hire, invest
and expand. So, we’ve seen in the past few days that Washington
has the ability to focus when there’s a timer ticking down, and when there’s a looming disaster.
It shouldn’t take the risk of default — the risk of economic catastrophe — to get folks
in this town to work together and do their jobs. Because there’s already a quiet crisis
going on in the lives of a lot of families, in a lot of communities, all across the country.
They’re looking for work, and they have been for a while; or they’re making do with fewer
hours or fewer customers; or they’re just trying to make ends meet. That ought to compel
Washington to cooperate. That ought to compel Washington to compromise, and it ought to
compel Washington to act. That ought to be enough to get all of us in this town to do
the jobs we were sent here to do. We’ve got to do everything in our power to grow this
economy and put America back to work. That’s what I intend to do, and I’m looking forward
to working with Congress to make it happen. Thanks very much, everybody.

73 thoughts on “Obama’s Next Step On Debt: Tax Rich To Pay Fair Share

  1. Wow such hate. Obama didnt have a majority in the Senate or the House… He couldnt force through tax increases. The Tea Party is a minority within the Republicans but they wouldnt vote on tax increases alone without the tea partiers so what could Obama do?

  2. Actually perhaps Obama did win here if he can capitalize. The tax cuts were extended in 2010 in a lame duck session so they will expire before the next congress takes power after the elections in 2012. Hopefully this means this cuts can expire without becoming a political issue or being tied to raising the debt which Obama succeeded in pushing it past 2012. If you think about it perhaps these cuts will be separate and wont be held hostage.

  3. Dear retards….you arent rich…..you will never be rich……STOP DEFENDING THE RICH AT YOUR OWN EXPENSE DUMBASSES

  4. lol it makes me laugh when he says that "Billionairs pay less than teachers (percentage wise) Lets not look at percentage but the actual number. Lets say you make $1,000,000,000 (Billion) dollars and pay 15% Tax on that. Which means the Billionaire pays $15,000,000 (15 Mil) in Taxes and lets say the teacher that makes $40,000 that year pays 20% which means that the teacher contributed $8000.

    What amount is greater $8000? or $15,000,000?

    Also which creates more jobs in the economy?

  5. To insure that we live within our means huh! Obama it is obvious that the biggest corporations own you just like George Bush!

  6. He pussied out to the Republicans and the Tea Party. Fuck it, I'm going Republican but will remain a liberial til the end.

  7. @kurolap Well that logic make sense if there was only 1 billionaire and 1 teacher paying taxes in the country…

  8. We should start using gold and silver to sell stuff to each other, like the contitution requires, that way pricks like bankers and politicians will be forced out of our business since they can not track it, tax it, and best of all, they can't create it from nothing and then hand it out to their favorite corporate boot-lickers! Must be why honest money is illegal, huh?

  9. Lets scare some seniors and play some class warfare. After all we are always campaigning if we are not playing golf. My poll # are dropping and there is no way I will be re-elected because of the terrorist tea party. You see its not about the government spending so much money and that we will go bankrupt any day now. Its about me "OBONGO" the messiah. Well folks there you have it Bush and the terrorist tea party have destroyed America so its time to vote for some CHANGE. Your future B. OBONGO

  10. nuthins gonna happen it just a bunch of fear mongering so the republicans can get their way for the spoilt assess

  11. @Huboons Because you have to take into account who uses the public space, public resources, court systems, infrastructure, and military spending. The wealthy by way of being involved in commerce (thats how you make money after all) use the gross majority of the equity paid for with tax dollars to facilitate their ability to earn money.

  12. @Huboons @Huboons If you are the Walton family (Walmart) you became billionairs by creating a business, which requires working infrastructure to sell and receive goods, interstate commerce, court system to settle debts, banking regulation and market regulation to provide stable investment markets, and even a military to represent your interest abroad…COUGH OIL…COUGH…..

  13. @Huboons @Huboons The bottom line the federal government is a very expensive operation designed in modern times to protect the economy through subsidy and militarism and maintain order and social services so we arent drowning in homeless people in the streets like 19th century London. The poor get their services and the rich get everything else including the poor's money since it just flows back into their coffers at the end of the day thanks to our consumer society.

  14. @Huboons @Huboons This is modern America, there is nothing moral about it. The rich maintain their oligarchy and the rest of us just try not to end up below the rising tide of poverty. I'm sorry this doesnt click for you without explanation .

  15. @Huboons The problem is you think you have the moral high ground in a secular argument devoid of morals. Is it moral to eat bread in front of a man who is starving to death? Of course not, but greed is not called immoral as the basis for capitalism is it? No, its not, and government is a balance between the moral interests of a society and the pragmatic interests. If you own a business you will only have customers if your community has money to buy from you.

  16. @Huboons Capitalism is A-moral, so is socialism because one in inequitable and cruel and one is punitive and cruel. Life is cruel, you pick your poison and try to allow for everyone the right to exist and determine their own fate.

  17. @FlaashMobUSA Your ideas dont even dignify an answer. Their paternalistic simple minded idea of how Cuba is an example of the only way socialism works is laughable. You need to learn about Northern European nations and how their governments deal with social programs before you think one example of something gone wrong means it never goes right. So simple minded

  18. @Huboons I'm sorry you have no idea the adult world works….I would suggest books but I'm guessing if a fox news contributer didnt write it you wouldnt read it so I guess have fun living in a reality where you clearly need no one else because you're superman.

  19. @StinkFingerr Actually 1% own 20% of the country's wealth. That stat came out last week. You sure it sounds equitable?

  20. @insomniacmunky,
    Well, that depends. If that money is put to work here in America it certainly is. If not, we need to discover why not. Either way, confiscatory taxes are not an answer.
    Question: When the wealthy purchase yachts & business jets, who is employed manufacturing & maintaining them? Did I hear someone say Blue Collar workers?

  21. @redcups21 Sorry bub, if you get rich through a Credit Default swap Derivatives scheme that falsly inflates Home values, and in turn increases ARM's causing a Domino effect of Forclosures, resulting in loss of wealth to middle class causing them to be poor.Then your statement is incorrect. Hey that scenario sounds familiar Hmm what Country did that happen in?

  22. @StinkFingerr Its not put here to work in America, its sheltered abroad and done in open view of the government. The problem is the 1% isnt really American anymore, the 1% of the world that owns the majority of its assets are basically a population who are truly international and so is their money.

    Point 2, no most of those items are not even made in the US anymore, and if they are they represent a marginal fraction of the real economy. The wealth of those who buy them is not marginal.

  23. @insomniacmunky Well Capitolism combined with Usury is A-Moral, matter of Fact, In the Torah,Koran, and King James Bible Usury is considered a SIN. Yeah a SIN, Yet, Christians Jews and Muslims participate in Banking, who's very livelyhood is USURY. Usury causes people to lose homes, their cars, livelyhood. Yet Christians Muslims and Jews participate in an a-moral, system that their religion specifically states is a Sin. Thats the Hypocrasy of religious capitolists. It's all bullshit..

  24. @redcups21 You are absolutely wrong, the poor are getting poorer, in fact you should look up the growing wealth gap which is now at about the same point as 1893…..NOT A GOOD TIME FOR THE POOR…..in fact 80% of new wealth created in the 2000's went to the rich….go ahead and look it up.

    Also 1% now own 20% of our country….they owned 7% under Reagan

  25. @nandansho I try to tell people about usury all the time. Not because I think its the root of all evil, but it is probably the most hypocritical part of our modern world

  26. @insomniacmunky When you state wealth created in the 2000's You should mention that there is a big difference between Wealth created by manufacturing a product and Wealth created through Ponzi schemes, Credit Default Swaps and investment Banking, The latter creates ZERO Jobs, but only shifts money into a small minority's hands, which ends up in a Tax Shelter or Swiss Bank Account or off shore corporations. Wallstreet and War is what drained the treasury and destroyed middleclass gains.

  27. @redcups21 Non sequitur response; The premise is not that, that is a "credible" way to get rich. That came from YOU! The issue is it is a fact that these Credit default swaps made Wallstreet criminals ULTRA Rich. Stick to the subject, and not Red Herrings.

  28. @insomniacmunky,
    Yes, I aggree. The climate here is distinctively unfriendly for business. Hence the migration of jobs overseas.
    This situation can & must be corrected if we expect to restore prosperity.

  29. @Noktirnal The top 2% also benefit most from the expenditure that takes the most money, our military. They pay 60% but they take advantage of 100% of government spending in the form of consumer money that makes its way back into their hands in addition to all the other infrastructure and defense they utilize.

  30. @insomniacmunky Ask a Christian, Jewish or Muslim Banker about USURY You'll find there are very few People who are true to their faith. most are hypocrites, pretending to be moral, but "Sin" when ever it's convenient.USURY which is a SIN in major Faiths, is ignored by "religious" hypocrites who are more intrested in Money, vs an Honest Heart concerning their Faith, It's sad, and now I understand when people state; That Societys involved in Usury + Capitalism are ran by and controlled by Satan.

  31. The current economic climate creates the moral hazard whereby the wealthy are tempted to move jobs overseas.

  32. @capleton48 Question? How do you cash your checks, and did you pay for your House and Car with cash or did the Banks loan it to you?

  33. Here's what you want to do.
    Publicly audit & eliminate the private federal reserve( the former will enable the latter).
    Return to a precious metals standard.
    Re-negotiate unfavourable trade agreements made by Bush the senior & Clinton.
    Repeal the income tax in favor of The Fair Tax ( Google the Fair Tax).
    Balance the budget.
    Sell off federal land holding in the west minus military bases & national parks & use the mony to pay the principle on the national debt.
    All better now.

  34. People who max credit cards, get loans for Homes, Cars,etc..Are the ones who Keep Banks alive, pure and simple. Banks make huge gains when people use Credit to buy things vs paying cash. It's the consumer who feeds the Machine, If people would truly and honestly live within their means, Banks would disappear overnight. Don't Blame Banks for having a grip on your life, You readily handed your life over to them when you asked them for a loan, or to cash your paycheck.

  35. @redcups21 Sir I'm speaking specifically about how The US Government and related Economies just about collapsed over Wallstreet schemes. Nowhere have I infered that all rich or Wealthy people are the guilty parties concerning our near economic collapse. That is YOUR perspective. People like Bill Gates or Apple computers or Companies that actually produce a product that can be sold overseas thus creating American Jobs, are not the Wallstreet criminals who raped the Treasury.

  36. @dellvostro784 Thank you!

    Look guys, I'm from Canada..and taxes here are higher for …EVERYONE. Now we don't have a defecit problem nor do we have healthcare problems (except long line ups)

    If you want to be a Richard and raise taxes, don't target individuals. If you want to raise it by 2%, raise it 2% for everyone

  37. "I will lead from behind, and make you get in your neighbors face to PAY THEIR FAIR SHARE. You will now be divided, If things work I will take credit. If they don't it's Bush's fault – or those waskuwy wupulickans:… Blah Blah and a boo hoo…

    Made in America My As..

  38. @FlaashMobUSA You clearly dont know anything about the world outside of your back yerd and fox news. Go look up Sweden and tell me socialist programs operating with a capitalist framework doesnt create a healthier society. They have better schools, better healthcare, more vacation time, live longer, have higher college graduation rates (above 90%), and crime rates that our safest cities would marvel at. So exactly which part of this success story do you find so unappealing.

  39. @thenewmike2012 T Party caused the downgrade? Hold on. 2 months before the "deadline" Moodys and S&P BOTH stated that the US needed to show cuts for 4.2 Trillion or they would consider the downgrade. We cut just over 2 trillion, and S&P downgraded. Are you sayig the T party refused to cut 2 trillion more? If a teacher told you that you need a 80 on test to get an A, you score a 40, and then say it was your study partners fault you got a Bt? This is a WASHINGTON problem, not a R or D one

  40. MR PRESIDENT..as a small business owner I can tell you this. More people buying from me right now WILL NOT make me hire. Without knowing what taxes will be, how much health will or will not cost in the future, the swings of the markets because of Washington's spending problems… I HAVE to save ANY EXTRA $ incase my earnings go down 20% for the next 2 years. I have no "DEBT CEILING" I can just get a few months before I go under.


  41. "without asking the VERY rich to forgo their unnecessary tax breaks,"
    If Obama was to talk to his IRS "Czar" he would know those worth 10 million or more only number 8792? with a combined yerarly income of 240 billion taxed at 25%,they want 33%
    Millionaries are 250 thousandish and makes a total of 140 billion more at that 25%,soon to be 33%
    that'll be 133 billion in taxes…not even enought to pay China back the 5 billion borrowed A DAY to fund kickbacks,payopffs,and pet earmarks

  42. "We have the Tea Party to thank for this downgrade"
    NMo raising the debt ceiling to 17 ttrillion,borrowing 5 billion a day for the demopcrat spending spree and obamas Kensinton Economics (that hasn't work in 6000 years,wont work now) and going from 1 trillion in debt from George Washington to George W to 15 trillion in debt in last 3 years with the assbackward notion you can "Spend your way out of a receesion/debt" or just print more money is what cause the credit downgrade

  43. "So exactly which part of this success story do you find so unappealing"
    You missed all the"catches"
    1) nationalizewd Industry isn't even 5%,and those that are are run like private business,(no President hiring and foring GM CEO senerios,shting down SUV divisions and building a $75k electric car nobody wants)
    2) Almost all the hospitals are private
    3) Almost all the scools are Private
    4) Unions are decentralize and dont have much bargining power and can never strike on a term deal

  44. P.S. The Major advantage that Sweden has over the U.S. is that they don't have Establishment politicans trying to get payoofss and kickbacks for thier states or campaigning sslushfunds intrade for votes,the Nationalists in Sweden have embraced Capitalistic Ideeas,Liberal Utopianm idealists aren't forcing your kids to watch Al Gore's movie while they collect 3x more then you make,and have 90% pension for life because of union bargining while making stupider gullible AGW believing kids

  45. Obama raising the income tax saying it will raise revenues shows how ignorant Obama is about "rich people" (not all people remain rich their whole life)but Obama does not even pay attention to his own partner in crime, Warren Buffett. Buffett makes $100,000 a year salary,so his tax rate would not be impacted by an income tax hike.Furthermore, Buffett makes most of his money through capital gains & dividends, taxed at 15-20%.Buffett knows this, & his own company owes back taxes!NOBAMA!

  46. @mrhoffame Actually we didn't do anything. We raised the Debt Ceiling 2T and then imposed 2T in cuts over 10 years. Both of those together equal Zero change.

  47. @mrhoffame The Fair Share Percentage is "How much of your money the government wants"! Vote Tea party unless you like having only politicians and their rich buddies being the only ones with money.

  48. @Jenga18260 How about at the same tax rate as people making less than one million dollars? Or is that too obvious? Also, since the average American can't claim an off-shore tax haven as their "address" to avoid paying ANY taxes, how about closing that loop hole?

    For people who recieve billions in free money from the government because they're "too big to fail", how about allowing them to fail and go into bankruptcy like the Americans who they robbed and who lost everything ?

  49. Cut spending FIRST. I mean real Cuts. Government needs to shrink. NOW. Or WE the People will Vote to CHANGE congress. Replace them with people serious about REFORM. Restore America to its greatness. Impeach Obama NOW. Repeal Obama- care

  50. Fix the fucking laws and loops holes and we wont be in debt. We could save the money that we are tossing down the toilet and shoving dollars down corperations pants. Don't you dare fund private companys with the governments label on it. You will only create 100 min wage jobs not real jobs that you can live off.

  51. Turn to jesus christ our lord , the way the life the truth. dont worry about the world economy, let it worry about itself :).

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