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Obama in 2011: We Can Achieve $1.2 Trillion in New Revenues Without Raising Tax Rates

preid Wrote: Dec 05, 2012 6:46 PM

So you thought is that before it was a compromise, or did Obama just fail to lead? The deal was mutual, GOP gave up revenue, Obama cut entitlements. Now it is not fiscal it is poor politics? Great way to lead country What you fail to realize is that Obama plans directly hits the middle class. My 401k and retirement are all going to be reduced when the taxes on capital gains is increased. That is where the majority of the middle class wealth lies. So, get your drop off blood by raising taxes on the rich, because without closing the loopholes they'll just move more money overseas, or hide it and not one penny of revenue will be increased.

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Obama in 2011: We Can Achieve $1.2 Trillion in New Revenues Without Raising Tax Rates

Three quotes to whet your appetite, followed by the punch line from the president. House Republicans' latest "fiscal cliff" resolution package -- originally proposed by Democrat Erskine Bowles -- includes $800 Billion in new federal revenues, while lowering tax rates across the board. Democrats instantly rejected the idea, making a heavy play about "the math" not adding up. They've repeatedly contended that Republicans' plan to expand the tax base by closing loopholes, eliminating or capping deductions, and limiting credits cannot hit their projected revenue target. (1) White House Spokesman Jay Carney: "