Obama: We’ve got to turn this economy around, so let’s raise taxes on people making $250,000-plus a year

Doug Powers by Doug Powers on July 10th, 2012

This is article 163 of 307 in the topic Taxation/IRS

Hot on the heels of a dismal jobs report and with manufacturing falling for the first time in almost three years, it’s clearly time to start talking about raising taxes on some people.

From CNN:

President Barack Obama revitalized his push for holding down middle class tax rates Monday, calling on Congress to pass a one-year extension of the Bush-era tax cuts for people earning less than $250,000 a year [read: "in 2014 all bets are off though, you Middle Class Joes" - DP].

In a White House statement delivered while people described as working Americans stood behind him, Obama said his proposal would provide the certainty of no tax increase next year for 98% of Americans.

Noting that Republicans seek to maintain all of the Bush tax cuts enacted in 2001 and 2003, Obama said both sides therefore agree on extending the lower rates for middle class families.

“Let’s agree to do what we agree on, right?” Obama said to laughter and applause in the East Room. “That’s what compromise is all about.”

Facing a tough re-election fight in November against Republican challenger Mitt Romney, the Obama campaign seeks to frame the contest as a debate between the president’s goal of restoring middle class opportunity versus GOP policies that it says would primarily benefit corporations and wealthy Americans.

What he said, according to Nancy Pelosi. It hasn’t even been two months since Pelosi said the cuts should be allowed to expire only for those making over $1 million per year.

Steny Hoyer agreed with Obama, and even said that people earning under $250k should eventually be made to chip in more… once the economy recovers (which at this rate will be about the same time Halley’s Comet is making another jaunt through our neighborhood, though some economists think this is an overly optimistic prediction).

If this all sounds familiar, that’s because it should.

The current tax levels don’t expire until January 1st, but it does make for some good election year class warfare fodder, and that’s the whole point:

Today, Jay Carney reluctantly admitted that the Bush tax cuts in general helped the economy — but that was back when the economy was struggling and not stepping in the right direction like it is now.

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