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Obama: I Want More Tax Increases

by Keith Koffler on January 14, 2013, 12:08 pm

President Obama today made clear that he plans to pocket tax increases he extracted from Congress earlier this month and double down for more, asserting that further deficit reduction must include a “balanced” approach that raises taxes by closing “loopholes.”

Obama, who spoke today during an East Room press conference, minimized the need to reduce spending on entitlements, saying that he would consider “modest” changes to Medicare. And he vowed to continue spending, suggesting that getting control of the deficit is necessary to maintain funding for priorities like education and worker training.

Obama said a combination of tax increases and cuts to health spending could achieve sufficient deficit reduction.

The president was adamant that he would not negotiate with Congress over an increase in the debt ceiling, characterizing a failure to raise the spending limit as neglecting to “pay for spending that we have already incurred,” not future spending.

“We’re not going to do that,” Obama said.

The president appeared to rule out – though he didn’t absolutely do so – taking for himself the responsibility for raising the debt ceiling, saying Congress would have to grant him that authority.’

Democratic leaders in Congress have been urging Obama to raise the debt ceiling on his own, saying the Constitution allows it even though Congress is responsible for spending.

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{ 19 comments… read them below or add one }

srdem65 January 14, 2013 at 12:14 pm

They’ve already squeezed out billion from Medicare and reduced the benefits we used to enjoy. He wants to do more harm?

Shut it down, Repubs. Shut it down, we’ll survive for a few months.

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Julie Brueckheimer January 14, 2013 at 1:08 pm

Not only have we done that, but with the increase in the payroll taxes, people are paying for something they will never get.

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barkley pontree January 14, 2013 at 1:19 pm

Julie, there was not an increase in payroll taxes. They are back to what they were suppose to be at since the law changed in 1984. Cutting payroll taxes was a bad idea from the beginning. You have a SS program that is running in the red for 4 years now and one reason is he cut 2% from the taxes just at the point where about 30 million people were dropped from the employed ranks and baby boomers were hitting SS age and started taking SS benefits as soon as their 99 weeks of unemployment came to an end. Many of these people intended to keep working, but life changed the plan.

So while a large number signed up for SS, a large number stopped paying into SS, Obama cut the tax rate from 6.? to 4.? and further put SS in danger. But calling it a tax increase is washingtonspeak.

barkleypontree.blogspot.com

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Scottso January 14, 2013 at 1:41 pm

SS doesn’t get put in danger no matter what the rate is. SS is an liability that has to be paid.
If the rate is 6%, 4%, 25% there is no difference to SS payouts. All of it goes into the general fund.

However, all of SS payouts are being borrowed because we have no money.

SS Liability right now is $16.1 Trillion. That’s separate & in addition to the $16Trillion National Debt.
That’s separate from the $86Trillion Medicare Liabilility and in Prescription drug liability.

RiGHT NoW… Each US Taxpayer owes an additional $1.1 Million…

We can’t even fund Obama’s egg and cheese sandwich with a coffee from McDonalds. It’s borrowed.

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Julie Brueckheimer January 14, 2013 at 9:07 pm

I aware that the payroll tax was temporarily reduced, thank you. My point is that people will be paying more now or again, however you like it, and there will be no social security for those people by the time they retired and it will prove my point that they paid more to receive nothing.

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Lizzy January 14, 2013 at 12:35 pm

I want I want. “L’état, c’est moi indeed.

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RickW January 14, 2013 at 12:42 pm

Clearly, Dear Leader is positioning himself for a grand gesture, bypassing the Constitution for the good of the country on the debt limit. Once that works, we can kiss the glue that has held this country together, the Constitution, goodbye.

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barkley pontree January 14, 2013 at 1:22 pm

just wait for the trillion dollar coin. It will be made of 10 billion ounces of gold, 10 billion ounces of platinum, 100 billion ounces of silver, 50 million tons of cocaine, and 100 million tons of heroin.

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RickW January 14, 2013 at 1:25 pm

But……….for $19.95 + S&H I can order one on cable TV at 3am, right?

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Star January 14, 2013 at 2:13 pm

Bingo! One percent above dealer cost!

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FLDemFem January 14, 2013 at 4:22 pm

Then all we have to do is drop that coin in the deep ocean and watch every junkie and greedy banker in the country jump in after it. That would be helpful. Right?

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Quintus Arrius January 14, 2013 at 12:46 pm

He stated he doesn’t want anymore play dates with Boehner, fine. Fine.
Congress has the power of the purse. A smash shut down of the government would suit me just fine.

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Anne Lieberman January 14, 2013 at 1:02 pm

Most of what he said sounded to me like gibberish mixed with lies, but I do think he actually came out and said he’d be “happy” to take on the responsibilities of Congress if they can’t get it done. It’s jaw-dropping. On the good side, am grateful Major Garrett is there. That makes what, three responsible journalists in the room?

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barkley pontree January 14, 2013 at 1:14 pm

and you know where he is going to get that tax money? Guns and ammo. That is why he wants national registration of guns, for a yearly tax. Look at the taxes you pay for your car each year and that is what they want to do with the guns and ammo. A national tax on each gun owner every year, a tax per gun owned, sales taxes on ammo and guns.

Follow the money.

barkleypontree.blogspot.com

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Sadie January 14, 2013 at 1:27 pm

He wants more money…”Tax the Liars and Lies” – call it a political cuss-jar – It will overflow with revenue.

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regina January 14, 2013 at 1:46 pm

cut spending…there is an idea?!?!?

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Shofar January 14, 2013 at 2:47 pm

I had to laugh at his analogy of the expensive restaurant and not paying the bill. Reminded me of all the money the taxpayers spend on his and the family’s vacations and date nights to NYC.

Walk in, dine and dash, leaving someone else to pick up the tab.

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Corey January 14, 2013 at 3:15 pm

Well, I want a million dollars. We don’t always get what we want, sorry little o.

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gracepmc January 14, 2013 at 4:14 pm

I came home today to see that Barack Obama is still on course to spend as much of other people’s money as he can as he and the Democrats gobble as much power as they can. And make a run for your guns while they’re at it. Wave to the drone.

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