Government

Report: Obama to Announce Extension of Bush-Era Tax Cuts for the Middle Class

Obama to Announce Extension of Bush Era Tax Cuts for the Middle Class

President Barack Obama is expected to address the nation from the White House on Monday, where he will purportedly call for an extension on tax cuts for the middle class. The announcement comes just months away from the 2012 presidential election.

With the recent jobs report showcasing a high unemployment rate (8.2 percent), the president may be seeking a method to steer clear of unfavorable numbers, while providing news that will invigorate middle-class voters. Obama is expected to call on Congress to pass a one-year tax-cut extension for those individuals making under $250,000 per year.

(Related: Robert Gibbs Admits: ‘We’re Not Growing Fast Enough and We‘re Not Adding Enough Jobs’)

This is different from Republican plans, which would call for an overall continuation of the Bush-era tax rates. This more sweeping continuation would allow more wealthy individuals to hold onto their income. In contrast, Obama’s plans would not benefit those individuals in higher tax brackets.

MSNBC has more about how the two parties will likely disagree over proposed measures:

The New York Times said Obama would announce the tax cut extension in the Rose Garden on Monday, citing un-named senior administration officials.

It reported that the proposal would mean another fight between the White House and Republicans, and could also “put him at odds with Democratic leaders like Representative Nancy Pelosi of California and Senator Charles E. Schumer of New York, who have advocated extending the cuts for everyone who earns up to $1 million”.

Its report said the announcement comes “as both parties and their presidential candidates head into the rest of the summer trying to seize the upper hand in a campaign that has been closely matched and stubbornly static”.

The president will apparently follow the announcement up by promoting his plans for a middle-class tax cut extension at a series of events in battleground states — showcasing the issue’s importance to his re-election prospects. The Bush-era cuts are expected to expire at the end of the year, causing what some analysts claim could be a detriment to overall economic recovery.

The expected announcement also comes as Obama’s re-election campaign continues its efforts to paint GOP contender Mitt Romney as an out-of-touch, rich man who cannot possibly understand the plight of middle class Americans.

Comments (66)

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  • VoteRightDammit
    Posted on July 9, 2012 at 10:02am

    Another executive decree by Messiah?

    Who needs that pesky Congress anyway …………..

    Report Post » VoteRightDammit  
  • J_Rotten
    Posted on July 9, 2012 at 9:54am

    Just another example of Obobo narrowly pandering to what he believes is his base, while screwing the people that actually PAID the taxes. Thanks to Obobo, I‘m now in a much lower tax bracket so I can’t include myself in that group as much as I used to, but unlike a liberal I don‘t argue this issue from a standpoint of what’s best for ME, I argue based on what’s fair and right for everyone. Our tax system unfairly punishes people that achieve the American dream. It’s a joke and the liberals should have never been allowed to get away with the class warfare that surely paved to way to this injustice.

    Report Post » J_Rotten  
    • encinom
      Posted on July 9, 2012 at 10:07am

      Those that make under 250K are paying taxes. This does show the hypocrisy of the GOP, they will block any tax cut that favors the middle class if the 1% don’t recieve more. The GOP and Tea Baggers have no concern over the debt, if they did they would raise the taxes on the 1% and reform the capital gains tax, instead they look to redistribute more and more wealth to the top.

      Report Post »  
    • Gold Coin & Economic News
      Posted on July 9, 2012 at 10:22am

      encinom:
      You are a tard. You and your liberal cohorts will never figure out that the government and your messiah Obama simply SPEND too much money and no amount of money from the 1% will ever fix the problem until Washington stop spending so much money. Here’s some basic economics for liberals like you:
      http://www.youtube.com/watch?v=sOKcdOI25ig

      Report Post » Gold Coin & Economic News  
    • Gold Coin & Economic News
      Posted on July 9, 2012 at 10:25am

      @encinom Exactly how do you “redistribute more and more wealth to the top” when you took it from them in the first place. You can’t redistribute money to people that already own it, doofus.

      Report Post » Gold Coin & Economic News  
    • encinom
      Posted on July 9, 2012 at 10:35am

      @Goldie

      I love how like Pavlov’s dog you repeat the Fox News talking points in defense of the 1%. WE are currently looking at the largest gap of income, with the 1% owning more and more of the nations wealth, while the middle class is burdened with a more and more of the nation’s debt and recieves less and less services. Romney and his class are shipping money off shore to avoid taxes, yet expects the middle class to pay more taxes for less services. The notion of a fair tax seems to complex for tea baggers to understand.

      Report Post »  
    • AvengerK
      Posted on July 9, 2012 at 10:51am

      Poor ENCIDIOT/MONICNE/SLEAZY HIPPO….you‘re so rigidly indoctrinated that you can’t think for yourrself anymore..you need media matters to think for you.

      Let’s examine the capital gains tax hikes Obama wants to implement for instance (”let’s” means all four of us..me, you and your other two screennames). Obama wants to raise capital gains taxes as part of this “$250K” mantra of his. Like you…the economically uneducated Obama sees capital gains as “the rich guy tax”..so raising it is reflexive..it‘s just what you do if you’re a socialist. But the problem for you and Barry is that lower cap gains tax rates INCREASE government revenue. Yes idiot…lower cap gains tax rates INCREASE government revenue. “How?” you bleat. “That doesn’t make sense..my keepers told me that you must raise taxes on rich guys all the time” you plead.
      Because idiot…the lower rate promotes more investment activity. More activity generates more revenue. When it’s higher, investors are inclined to be sluggish in their activity. This isn’t theory, it’s fact, it’s reality…digest it.
      I know ENCIDIOT…you’re very confused right now..that’s ok..you’re an idiot..this isn‘t for your benefit it’s to inform the readers here. You’re beyond educating.
      During the 2008 campaign little Barry was reminded that lower cap gains rates increase revenue he said the same idiocies you say now..”it’s not fair”..reflexive, indoctrintated lefty rote.
      You’re an idiot

      Report Post »  
    • Gold Coin & Economic News
      Posted on July 9, 2012 at 10:55am

      Like I said Encinom, you are a tard. The middle class “recieves less and less services”, really? Wow, you don’t get it do you? The role of government isn’t about giving out services, unless you are a liberal. Go out and produce your own food, start a business, come up with a great idea that employs thousands of people, contribute to society a little and stop sucking at the government teet Obama and your liberal con men created for you.

      Report Post » Gold Coin & Economic News  
    • AvengerK
      Posted on July 9, 2012 at 11:24am

      By the way ENCIDIOT..the “Bush tax cuts” were across the board, not just for “rich guys”. Why aren’t you mentioning that? Oh yeah…that’s right…an inconvenient truth.

      Report Post »  
    • MAMMY_NUNN
      Posted on July 9, 2012 at 11:40am

      He figures he can give the tax cuts but he will simply make up the loss with another tax increase somewhere else Dems motto if there isn’t a tax create one.

      Report Post »  
  • SamIamTwo
    Posted on July 9, 2012 at 9:42am

    Well it is election year…LMAO at Obama.

    Report Post » SamIamTwo  
  • sWampy
    Posted on July 9, 2012 at 9:30am

    Well now that Obama has reduced the number in the middle class by close to 50%, extending it won’t help near as many people as it would have 4 years ago.

    Report Post »  
    • Quagmir
      Posted on July 9, 2012 at 5:22pm

      He isnt extending for the Poor? Why does he hate the poor so much?

      Report Post » Quagmir  
  • h20sue
    Posted on July 9, 2012 at 9:29am

    Obama the fool, is not giving us, The Middle Class folks, a darn thing. He’s now raised our taxes with Obama Health Care (that we simply cannot afford) cause we can barely find food, pay for gas, and make our mortgages! He’s not giving us help. If he wanted to help American’s, instead of giving all that bailout money to all these crooked companies and banks, (Trillions of dollars), he could given 250,0000 to each citizen, and they would have been able to save homes, invest, afford food, and helped build new business, but no, he watched it all fall apart by bailouts to multi million dollars corporations who are not making their way to foreign countries so they can avoid taxes! Now he’s sicking the IRS on us poor taxpayers, who struggle from day to day trying to survive. I have nothing for Obama and his decisions. He couldn’t come up with a better tax plan then President Bush, but he can blame him for Obama shortcomings. Who does he really think he’s fooling. He’s the fool!

    Report Post »  
    • rickc34
      Posted on July 9, 2012 at 9:40am

      The Bush tax cuts are the best plan Obama can come up with, Bush was more intelligent and likeable . Obama does not know how to give only take. Obama will never man up and take responsibility for his own mistakes but will blame others. The scary thing about Obama care is that health care will be harder to find, waits will be longer and Doctors fewer,

      Report Post »  
    • AvengerK
      Posted on July 9, 2012 at 11:03am

      interesting ENCIDIOT…The Bush tax cuts were across the board, not just for “rich guys”. Why aren’t you complaining about those cuts? Idiot…

      Report Post »  
  • huey6367
    Posted on July 9, 2012 at 9:27am

    An extention of the Bush tax cuts? During an election year? Who would have thought Obie couuld be so gracious to his servants, er, fellow patriots.

    Report Post »  
  • Dmoreau508
    Posted on July 9, 2012 at 9:18am

    Glenn Beck actually presents the best view of the problem of taxes and how it is easily resolved:

    Conservatives hate “Keynesianism” because its implementation leads to huge deficits, a complete disregard for national debt and a redistribution of wealth from those who work to those who do not work.

    Liberals hate “supply side economics” because it is synonymous with tax cuts for the wealthy.

    The Solution: Congress should start by cutting taxes on everyone and simultaneously also make deep cuts in spending. As the tax cuts take hold, the economy grows, because people start hiring, spending, and investing – but you’re also spending less so that you end up with something that economists believe to be extinct: a surplus.

    if we can get Socialists Democrats and RHINO Republicans who believe in spending out of the way. then this policy will satisfy both sides and create jobs and economic growth but again the IF – THEN factor of this equation must be met.

    Unless we are able to have a majority of GOP conservatives in the House, the Senate, and the Presidency, then it will never be resolved.

    Report Post »  
  • beekeeper
    Posted on July 9, 2012 at 9:11am

    These are not only Bush-era tax cut’s, they are Bush’s Tax Cuts – the very ones Democrats railed for years were unaffordable and only benefitted the rich.

    Personally, I say either they ALL stay in-place or they ALL sunset.

    If they all stay in-place, that will result in $350-400BN/year in increased deficit spending, assuming no significant cuts in spending. If they all sunset, that will cut another $350-400BN in tax revenues, lessening the rate of increase in our deficit spending, again, assuming no significant cuts in spending.

    The tax rate cuts for those making less than $250K/year cost nearly $300BN/year – the cuts that benefit only those earning over $250K/year amount to around $70BN/year.

    Report Post » beekeeper  
    • ferggie
      Posted on July 9, 2012 at 10:08am

      BEE
      The Fed hasn’t been receiving the taxes under the BUSH TAX RATES for 10 years. To say if they are extended the fed deficit will increase is BU!!$IT! That makes about as much sense as if my boss doesn’t give me a 10% raise this year then I will be in the hole for 10K at the end of the year and won’t be able to pay my bills. Only the LEFT are that FU@K!N@ stupid to try and push that theory!

      Report Post »  
  • michael48
    Posted on July 9, 2012 at 9:07am

    blah…blah uh..uh.. blah ..blah..blah.blah…uh…uh…and then I’m gonna..blah..blah…blah..blah…uh..uh…Marxist, spoiled BRAT wound up like a 8 day clock on crack….endless BS…

    Report Post »  
  • NOBALONEY
    Posted on July 9, 2012 at 9:06am

    Diversion from the ObamaCare TAXES!

    Report Post » NOBALONEY  
  • JQCitizen
    Posted on July 9, 2012 at 9:04am

    Last time this man was running he said the “Bush Tax Cuts” were only for the RICH and didn’t help the “MIDDLE CLASS”.

    Report Post »  
    • beekeeper
      Posted on July 9, 2012 at 9:15am

      Let them all sunset, and let’s see who complains the loudest – the folks that benefited from them (the rich) or the folks that didn’t benefit from them (those making less than $250K/yr).

      Wonder if the folks who complain about not benefiting from the cuts would agree with that.

      Report Post » beekeeper  
    • ferggie
      Posted on July 9, 2012 at 10:16am

      BEE
      I guess you are one of the DUMBA$$ lefties that BELIEVE it is the POOR THAT CREATE JOBS! I guess we need to spell it out in big letters and speek real slow so these morons will relize that only people WITH MONEY create companies which in turn create jobs and hire people. That is how it works you stupid POS.

      Report Post »  
  • dgonzalez01
    Posted on July 9, 2012 at 8:58am

    As usual…instead of treating everyone the same we get a government who discriminates against some to buy the votes of the others. This will not solve the debt issue. The only way to solve the debt issue is to stop spending more than we take in.

    Report Post »  
  • eaglesview
    Posted on July 9, 2012 at 8:55am

    Wait for the main stream news to hit him on flip flopping about taxes.
    Oh wait, the lemmings won’t say a cross word will they. Dolts !.
    Whatever is politically expediant will be done to try and cover his backside.
    Let’s hit the peasants with all kinds of taxes in Obamacare, but allow them to keep a few more coins with a tax cut extension. Robbing Peter to pay Paul.
    We can see the right hand, but we’d better be watching what the left hand is doing.
    For God’s sake, let’s get this mess and embarrassment out of the Oval office.

    Report Post »  
  • kryptonite
    Posted on July 9, 2012 at 8:51am

    Those tax cuts are an illusion. He’ll get the money back via Obamatax, or I should say, ObamaTAXES, cuz there’s more than one. Barack, you filthy dictator, we ain’t stupid.

    Report Post »  
  • dannyo
    Posted on July 9, 2012 at 8:49am

    since barry was immaculated the following have escalated: whites hate blacks, blacks hate whites, obama voters hate R voters, R voters hate obama voters, pro-lifers hate pro-choicers, pro-choicers hate pro-lifers, white hispanics hate hoodie wearers, hoodie wearers hate white hispanics, cambridge cops are racists, black home renters hate cambridge cops, R’s can sit in the backseat while barry pulls the car out of the ditch, D’s can sit in the front and get stimulus contracts, hispanics voters need tp punish their arizona enemies, arizonians need to secure their property from hispanics, gays hate straights, straights hate gays, muslims hate whitey, whitey hates muslims..need i go on??

    Report Post »  
  • right-wing-waco
    Posted on July 9, 2012 at 8:49am

    He is pandering again. This time to the “middle” class.

    Report Post »  
  • nattybrooks
    Posted on July 9, 2012 at 8:40am

    its bush’s fault, uh,er, ah, what i meant to say was i killed bin laden

    Report Post » nattybrooks  
  • hauschild
    Posted on July 9, 2012 at 8:37am

    In any other reasonable era, this dude would be behind bars.

    Report Post »  
    • Gonzo
      Posted on July 9, 2012 at 9:11am

      In a reasonable era, we would have never even heard the name Barack Hussein Obama.

      Report Post » Gonzo  
  • nzkiwi
    Posted on July 9, 2012 at 8:34am

    A one year extension.

    And if he is re-elected, then what? Extension over?

    Report Post »  
    • huey6367
      Posted on July 9, 2012 at 9:30am

      By Executive order. You bet. Look for a lot of voter fraud this election.

      Report Post »  
    • silentwatcher
      Posted on July 9, 2012 at 9:43am

      oh absolutely yes look for voter fraud this election. It is going to be rampant and very apparent. Also look at for the illegal votes from the illegal aliens. This has been in the making since obama was first elected.

      Report Post »  
  • Gonzo
    Posted on July 9, 2012 at 8:33am

    Oh Emperor, you are so magnanimous to us peasants letting us keep a few of the dollars we have earned, we don’t deserve you!…Really Barry, we don’t.

    Report Post » Gonzo  
  • raspberrytea
    Posted on July 9, 2012 at 8:31am

    I read that the tax cuts only last for one year. If Obama gets
    re-elected…. watch out!!

    Report Post »  
  • Snowleopard {gallery of cat folks}
    Posted on July 9, 2012 at 8:30am

    So here is the question first of all: Is he coming to the Senate to pass this or is he going to use his executive fiat to make it happen, to bypass Congress yet again?

    In the case of him alienating Pelosi and the others of his party, so be it; he is ruining the nation, as are his insane allies and cronies, and may they all be fired this November.

    Report Post » Snowleopard {gallery of cat folks}  
    • beekeeper
      Posted on July 9, 2012 at 9:18am

      Neither – he is jumping right to the part where he “blames the Tea Party-Controlled Congress” for not passing legislation that’s never been written.

      The actual legislation is immaterial, the point is to blame Republicans for not enacting non-existant legislation.

      Report Post » beekeeper  
  • FANGS
    Posted on July 9, 2012 at 8:30am

    Another Lie. Even if He does, He’ll use exectutive Privelage and reverse it once elected. By Far the stupidest President ever known.

    Report Post »  
    • poorrichard09
      Posted on July 9, 2012 at 8:46am

      Not stupid, friend-diabolical. He knows exactly what he’s doing ie: everything possible to destroy this country with the intention of making US a socialist state. Has the heart and mind of a dictator.

      Report Post »  
    • TrueSoundsOfLiberty
      Posted on July 9, 2012 at 8:54am

      The President can’t raise taxes, even by executive order. Only congress can raise taxes.

      Report Post » TrueSoundsOfLiberty  
  • Baddoggy
    Posted on July 9, 2012 at 8:29am

    We have BIGGER PROBLEMS.
    Dis anyone see the Executive Ordre to control all communications that was signed Friday and sipped by everyone???

    They now have more control than HITLER did!!
    http://www.whitehouse.gov/the-press-office/2012/07/06/executive-order-assignment-national-security-and-emergency-preparedness-

    Report Post » Baddoggy  
  • GeorgieJo
    Posted on July 9, 2012 at 8:24am

    Friday was a crappy day—horrible job reports
    So today Obummer shows up in Rose garden to announce this
    According to CNN —this was NOT SCHEDULED last week on official
    WH list
    So he taxes the middle class with ObamaTaxHealthCare then he gives a tiny tax break
    PURE POLITICAL PLOY

    OMG 2012

    Report Post »  
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