Obama Weekly Video Address: Tax Breaks for Millionaires and Billionaires Must Be On the Table in Debt Ceiling Talks

President Barack Obama used his weekly You Tube Radio Address to talk about cutting the deficit and creating jobs and repeated that tax breaks for millionaires and billionaires must be on the table:
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The Hill:

President Obama used his weekly address to reiterate his demand for ending tax breaks for “millionaires and billionaires” in any budget deal to raise the nation’s debt limit.

“It would be nice if we could keep every tax break, but we can’t afford them,” Obama said. “Because if we choose to keep those tax breaks for millionaires and billionaires, or for hedge fund managers and corporate jet owners, or for oil and gas companies pulling in huge profits without our help – then we’ll have to make even deeper cuts somewhere else.”

The president said that students, medical researchers and seniors would pay the price if those tax breaks were not taken away.

“That isn’t right, and it isn’t smart,” he said. “We’ve got to cut the deficit, but we can do that while making investments in education, research, and technology that actually create jobs.”

Obama did try to sound a positive note about the increasingly terse negotiations between Republicans and Democrats to raise the nation’s debt ceiling and reduce the defect.

“The good news is, Democrats and Republicans agree on the need to solve the problem,” the president said. “And over the last few weeks, the Vice President and I have gotten both parties to identify more than $1 trillion in spending cuts. That’s trillion with a ‘t.’”

Congress will not get any additional time to hammer out a deal to raise the debt limit from the Treasury Department, which announced Friday that Aug. 2 is still the latest it can continue borrowing funds without a boost.

  

3 Comments

  1. The Free Market Principle of Equal Justice Under Law suggests that special tax credits be repealed. Government cannot be in the business of subsidizing market activities that would otherwise be unprofitable, while taxing profitable industries at the full rate.

    http://www.freemarketprinciples.com

    Repeal of tax credits to industry might not even be seen as a tax increase. It could be called a spending cut. If it makes the democrats in congress feel better to call it a tax increase, we should be happy to accommodate.

    With all due respect, selective tax cuts for the politically favored is worse than tax cuts for no one.

    We can eliminate all subsidies to industry and call it a tax increase.

  2. I have a hard time believing that the government is going broke. How can these politicians spend nearly as much on defense as the entire industrialized world combined, subsidize multi-billion dollar corporations, pile tax breaks upon the super-rich as well as increasing numbers of middle class Americans, and fund two wars at once while continuing to use our military as a global cop by maintaining nearly 150 bases overseas;then in the same breath, they tell us they’re to broke to maintain domestic programs that actually help struggling Americans like medicare, social security, and the social safety net. Sounds an awful lot like bull*#$t to me.

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