Entries in Tax Hikes (2)


Weekly Address: President Obama Wants Congress to Stop an Income Tax Hike for the Middle Class  

The White House(WASHINGTON) -- In his weekly address, President Obama reminds the nation he wants to protect the middle class from an income tax hike.

Obama says, “Leaders in Congress are working on a way to prevent this tax hike on the middle class, and I believe we may be able to reach an agreement that can pass both houses in time.”

If an agreement is not reached in time, the president will “urge the Senate to hold an up-or-down vote on a basic package that protects the middle class from an income tax hike, extends vital unemployment insurance for Americans looking for a job, and lays the groundwork for future progress on more economic growth and deficit reduction.”

Obama warns that “if [Congress] still want to vote no, and let this tax hit the middle class, that’s their prerogative – but they should let everyone vote.”

The president closes with “You meet your deadlines and your responsibilities every day.  The folks you sent here to serve should do the same.  We cannot let Washington politics get in the way of America’s progress.  We’ve got to do what it takes to protect the middle class, grow this economy, and move our country forward."

Copyright 2012 ABC News Radio


Schumer: GOP’s Aversion to Tax Hikes Could Doom Super Committee

Win McNamee/Getty Images(WASHINGTON) -- The Senate’s No. 3 Democrat says that the Joint Select Committee on Deficit Reduction is unlikely to succeed because of a deadlock over Republican opposition to tax revenues.

With the 12-member bipartisan committee’s Nov. 23 deadline looming, Sen. Charles Schumer, the Democrats’ primary messenger as the Senate Democratic Policy Chair, told MSNBC’s Morning Joe that the super committee would likely fail to strike an agreement on a plan to slice $1.5 trillion from the deficit over the next 10 years “because our Republican colleagues have said no net revenues.”

“The American people are beginning to sniff this,” Schumer, D-N.Y., said. “They’re beginning to sniff that the other side has dug in and is not compromising.”

In an email titled, “What’s Sen. Schumer Sniffin’?” Michael Steel, press secretary for House Speaker John Boehner, disagreed with Schumer’s contention that Republicans oppose all new revenues.

“That is not correct,” Steel challenged. “Despite Senator Schumer’s ideological addiction to tax hikes, Republicans are working to find an agreement that works. So, while we oppose tax hikes (because tax hikes destroy jobs—as even President Obama has acknowledged), Republicans, including Speaker Boehner, have been clear that they are not opposed to increased revenue as a result of tax reforms that lead to economic growth.”

Steel pointed to a quote from Boehner’s interview Sunday on ABC’s This Week with Christian Amanpour to prove the GOP is open to a deficit deal that includes new revenues.

“I believe that if we restructure our tax code, where on the corporate side and the personal side, the target would be a top rate of 25 percent, it would make our economy more competitive with the rest of the world,” Boehner, R-Ohio, told Amanpour. “It would put Americans back to work. We’d have a broader base on the tax rules, and out of that there would be real economic growth and more revenues for the federal government.”

Boehner has said that the Democrats’ proposal for $1.3 trillion is not reasonable, although he has declined to enumerate a dollar figure that might be more amicable for Republicans.

During the speaker’s negotiations last summer with President Obama on a so-called “Grand Bargain,” Boehner had reportedly agreed to about $800 billion in new revenues as long as they were accompanied by fundamental reforms to entitlement programs. When the president pushed for another $400 billion in tax revenue, Boehner walked away from the talks.

The super committee continues to meet on a daily basis as its deadline to agree to a proposal to cut $1.5 trillion from the deficit over the next decade. Congress then has until Dec. 23 to pass the deal through both Houses of Congress. If a deal is not reached, $1.2 trillion in deficit savings split between Medicare and defense spending would be enacted through a sequestration mechanism.

Copyright 2011 ABC News Radio

ABC News Radio