Obama Playing Hardball on Taxes
He plans to seek $1.6TR extra from wealthy, corporations
By Rob Quinn, Newser Staff
Posted Nov 14, 2012 12:35 AM CST
President Obama gestures as he speaks about the economy and the deficit last Friday in the East Room of the White House.   (AP Photo/Pablo Martinez Monsivais)

(Newser) – President Obama is telling GOP leaders to read his lips: Some new taxes. The president plans to play hardball in budget negotiations with an opening figure of $1.6 trillion in tax hikes for corporations and the wealthy, the Wall Street Journal reports. The figure is far more than Republicans are likely to accept and is double the amount House Speaker John Boehner offered during secret debt negotiations last year, reports the Washington Post.

Treasury Secretary Timothy Geithner says letting the Bush-era tax cuts for the wealthiest Americans expire is a central part of the president's deficit-reduction plan. Negotiations to avoid the fiscal cliff begin Friday and Republicans say they are willing to accept tax rises in return for cuts to entitlement plans, though some Democrats have signaled that there may not be much room for compromise on Obama's plan. "It was an intrinsic part of his campaign, and the public supports it. So what more do you want?" says Rep. Sander Levin, the senior Democrat on the House Ways and Means Committee.

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Comments
Showing 3 of 83 comments
ProbolyKnot
Nov 14, 2012 7:11 PM CST
Obama haters love to come here and scream their agony of defeat. Yelling all the BS they heard on Faux News to anybody gullible enough to listen to it.
NorCalHal
Nov 14, 2012 7:03 PM CST
Obummer DOESN'T HAVE a deficit reduction plan ! All he has is a TAX INCREASE plan ! Where are all those spending cuts HE PROMISED as candidate Obummer? Remember, he was going to review every budget item and elliminate those that weren't needed? I guess he couldn't find any that he could afford to cut !!!
tran_tor
Nov 14, 2012 12:16 PM CST
And there you go. $1.6 trillion in new taxes. Brilliant. Why hasn't this been done before? If you are spending more than you have, just get more money through higher taxes! The Federal Government budget is already operating above 25% of the GDP. I'm not sure how accurate this chart is but when state and local governments are added in it shoots to 40 odd %. That's craxy. http://www.usgovernmentspending.com/us_20th_century_chart.html