President Obama blasts House GOP tax plan as ?more top-down economics?

Source: The Hill

President Obama pressed Congress to extend current tax rates for Americans making under $250,000 a year, decoupling them from a package GOP Republicans are pushing to extend all of the Bush-era tax rates set to expire at the end of the year.

Making a case that has been a regular feature of his recent stump speeches, Obama said in his weekly address that citizens with an income over the $250,000 threshold could afford to "go back to the income tax rates they were paying under Bill Clinton.?

"The last thing we need right now is more top-down economics," Obama said. "Under my plan, 98 percent of American families won?t see their income taxes go up at all. But the other 2 percent of Americans will have to pay a little more in taxes on anything they make over $250,000."

Obama touted the economic record of former President Clinton, saying that the Clinton-era tax rates accompanied an economic boom for the nation.

Read more: http://thehill.com/video/administration/237891-obama-slams-gop-tax-plan-as-more-top-down-economics

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http://www.whitehouse.gov/the-press-office/2012/07/14/weekly-address-it-s-time-congress-pass-middle-class-tax-cut-extension
WEEKLY ADDRESS: It?s Time for Congress to Pass the Middle Class Tax Cut Extension

(snip)
The only place we disagree is whether we keep giving tax cuts to the wealthiest 2% of Americans. Republicans in Washington want more of those tax cuts. With the deficit we have, I don?t think we can afford them.

But even if we disagree on the tax cuts for the wealthiest Americans, we all agree that no American should pay more taxes on the first $250,000 of their income. So let?s at least agree to do what we all agree on. That?s what compromise is all about. Let?s not hold the vast majority of Americans and our entire economy hostage while we debate the merits of another tax cut for the wealthy. Let?s skip the unnecessary drama, the needless delays and all the partisan posturing and let?s just do the right thing for the people who sent us here to serve.

Source: http://www.democraticunderground.com/1014166261

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