Obama: Wealthy Must Pay More in Taxes
But he wants to extend tax cuts for everyone else
By John Johnson, Newser Staff
Posted Nov 9, 2012 12:44 PM CST
President Obama speaks about the economy and the deficit Friday at the White House.   (AP Photo/Carolyn Kaster)

(Newser) – President Obama laid out the broad outlines of his plan for a deal to avoid the fiscal cliff today, and he struck two familiar themes: He wants lawmakers to freeze tax rates for the middle class and below, but he thinks the Bush tax cuts should expire for the wealthiest Americans. In fact, the White House later said the president would veto any plan that extends the cuts for those who make more than $250,000 a year, reports AP. Obama has invited leaders from both parties to the White House next week to begin negotiations. He's fine with spending cuts and health care reforms—as along as they're combined with more tax revenue from the rich. “I’m open to compromise," Obama said. "I’m open to new ideas. I’m committed to solving our fiscal challenges, but I refuse to accept any approach that isn’t balanced." The election proved that most Americans agree with his view, he added.

Hours earlier, John Boehner made another public appearance to reiterate that Republicans oppose any increase in income-tax rates but are willing to raise tax revenue elsewhere, perhaps by reforming the tax code and fixing loopholes, reports the Washington Post. Boehner refused to "box himself in" with details on any aspect of the coming negotiations, reports Politico. “This is an opportunity for the president to lead,” he said. “This is his moment to engage the Congress and work toward a solution that can pass both chambers.” If no deal materializes, the CBO sees 9.1% unemployment in our future.

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Showing 3 of 207 comments
ProbolyKnot
Nov 11, 2012 9:15 AM CST
Republican fail: Refusing to raise the historically low tax rate on the most wealthy... at a time when the US is in the worst economic downturn of our lifetime. There is nothing wrong with increasing taxes to the point where Clinton had them, while producing one of the best economic periods ever.
sunniladi
Nov 11, 2012 5:36 AM CST
obama wants the rich to pay more taxes so he can justify spending trillions more in the next four years. in other words, he demands that the wealthy support him, so that he can continue paying people who don't work at all. seems pretty unjust to me... and i am a recent widow living on disability and a pittance from my husband's S.S., in other words, poor, and i still don't agree with "taxing the hell out of the rich", as an earlier poster commented. it's their money, they earned it...and even if they just inherited it, it's still their money. but it seems it's only the poorer people who want the rich to pay more. sour grapes maybe?
bewilderbeast
Nov 11, 2012 4:11 AM CST
Gasp! Are these cruel liberals thinking of taxing another 2% off our poor millionaires? How cruel!