Obama says US can’t afford tax cuts for richest

Sunday, April 15, 2012

WASHINGTON (AP) — President Barack Obama says the nation can’t afford to keep giving tax cuts to the wealthiest, “who don’t need them and didn’t even ask for them.”

Obama is using his weekly radio and Internet address to urge Americans to ask their member of Congress to support the “Buffett Rule,” which is named after billionaire investor Warren Buffett, who says he pays a lower tax rate than his secretary.

The plan would require that people earning at least $1 million annually, whether in salary or from investments, pay at least 30 percent of their incomes in taxes.

The Senate is expected to consider the proposal on Monday.

In the Republican address, Rep. Fred Upton of Michigan says the administration’s policies are making gasoline prices worse. He says energy legislation pushed by the House is being blocked by Senate Democrats.

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Online:

Obama address: http://www.whitehouse.gov

GOP address: http://www.youtube.com/HouseConference

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wyriontair 1 year, 2 months ago

The presidents own campaign advisor, David Axelrod, when asked why the president didn't give more in taxes, which he wants to do on everyone, responded by saying, I'll paraphrase, he gave what was required and changed the subject. Mr. Buffett is in a legal battle over paying $1 Billion in taxes on one of his businesses, so maybe he should pay his "fair share". His own Treasury Sec'y still hasn't paid his taxes. We've sent money to Brazil for them to drill for oil to sell it back to us, we've used "stimulus" dollars to pay for now defunct solar companies, and now we find out this weekend, the battery plant the president touted for "stimulus" hired and brought in Koreans to do the job...so where's the jobs for AMERICANS?, and now of course the tale of the GSA, who is supposed to be watching those dollars for the taxpayers, made out like bandits with our money. Also as for paying their "fair share", what about those roughly 50% who pay NO INCOME TAXES, yet receive additional tax dollars under the Earned Income Credit???? Are they suddenly going to have to pay into the system?? The only thing this so-called "Buffett" rule will do is increase the taxes on those who live off their investments, which by the way was money that taxes were already paid, so now he wants to double-tax Americans. I truly hope people start investigating all the claims these people make and send a message to them, NO NEW TAXES ON ANYONE AND QUIT BLOWING THE MONEY WE DO SEND YOU.

asb 1 year, 2 months ago

Explain your double taxes on investment money please.

spelchek 1 year, 2 months ago

...says the divider in chief. Guess what? The US also can't afford costly elaborate tax funded celebrity filled Halloween parties when the unemployment rate is 10% (thanks for burying that story MSM). We can't afford to keep spending money we don't have (doesn't work in my house hold, shouldn't work in yours). Mr. President, your animosity and beef with success only sways, not inspires someone to become wealthy. If we run out of wealthy people, who then, will foot the bill. Hurry up November...

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