As of now, I am in control here, in the White House

Obama Vows More Tax Increases

President Obama this morning pocketed the Republican concessions on tax hikes included in the Fiscal Cliff deal and promised that it was only the beginning of new taxation to be assessed on the American people.

Obama, who appeared in the White House briefing room Tuesday night to hail the deal, made clear to Republicans that he will continue to seek a “balanced” approach to deficit reduction – White House code for “balancing” spending cuts with raising taxes. Meanwhile, spending on Obama-blessed programs will continue to rise, he asserted:

We can’t simply cut our way to prosperity. Cutting spending has to go hand-in-hand with further reforms to our tax code so that the wealthiest corporations and individuals can’t take advantage of loopholes and deductions that aren’t available to most Americans. And we can’t keep cutting things like basic research and new technology and still expect to succeed in a 21st century economy. So we’re going to have to continue to move forward in deficit reduction, but we have to do it in a balanced way, making sure that we are growing even as we get a handle on our spending . . .

Today’s agreement enshrines, I think, a principle into law that will remain in place as long as I am President: The deficit needs to be reduced in a way that’s balanced. Everyone pays their fair share. Everyone does their part. That’s how our economy works best. That’s how we grow.

While the Fiscal Cliff’s automatic deficit reduction included both tax increases and spending cuts, the deal passed by Congress Tuesday night relied almost exclusively on tax increases to pare down the deficit. The massive Fiscal Cliff spending cuts that had been scheduled to take effect at the beginning of the year are still on tap, but have been delayed for two months.

But if Republicans thought that out of fairness and “balance” the focus would now be on trimming spending, Obama’s comments made clear that they are deluding themselves.

Having been rolled by Obama into accepting a massive tax increase, Republicans will again be pressured into embracing a “balanced” approach that cuts spending but also socks the “wealthy” for more revenues.

264 Responses to Obama Vows More Tax Increases

  1. Give a tax and spend liberal a penny, and he’ll ask for a hundred dollars. No civilization has ever taxed itself into prosperity. The silver lining is Obama’s assault on the income of middle America, with his out of control spending, unique brand of socialism, and runaway inflation will signal to the American voter that tax-and-spend Democrats determined to condemn our children to poverty are part of the problem, andwill look to conservatives to lead the way to prosperity.

    • There aren’t any conservatives left in Washington. The GOP is now the Old Left, while the Democrats may as well be the Communist Party USA for how far left they’ve gone. The Right, at least inside the beltway, is dead. It doesn’t matter who gets sent to Washington, they all turn into bleeding-hearts in two years and we’re right back where we started.

      We need term limits, urgently, but none of the current crop of aristocrats would ever vote for the limitations of their many privileges.

      I hate to say We’re Doomed, but…

  2. If this yahoo was serious about cutting the spending he would be trying to Freeze the debt limit instead of raising it, and cut the debt limit 5 percent every year until the budget is balanced.

  3. This President does not have the best interest of the nation in his Muslim heart. The nation as we know it will not survive this alien’s second term.

  4. Precisely whose prosperity is Obama talking about? The only folks who have prospered since this fraud slithered out of whatever sewer he came from, are his union and nomenclatura enablers and himself. Meanwhile, the American people are suffering. Albeit, this is a suffering that we fully deserve because we brought it upon ourselves.

  5. When are the 49% that currently pay no Federal income tax going to start paying their fair share…the do all the taking and everyone else pays the bill…

  6. Obama thinks balance is 41 dollars in revevnue to one dollar in expense cuts that what Congressional Budget Office said yesterday did and than Obama orders pay raises for government employees so they can pay more union dues

  7. You can’t tax your way to prosperity either….that implication by our so-called leader makes no sense whatsoever….the govt takes all it can from the people YET he claims this will spur growth…huh? get ready for another decade of hell on earth from a financial perspective…better take care of your own because if you are relying on this govt to “provide” for you…good luck with that!!

  8. I have read all the comments posted and not one has stated the obvious and only solution, which is REBELLION, the rest is only talk, and I have only heard talk for the last four years and it has accomplished nothing. As the saying goes, talk is cheap.
    Both political parties are criminal enterprises and Marxists at heart. It is time to follow in our forefathers footsteps and throw off the yoke of these treasonous dogs that circumvent the constitution and are enslaving our people.
    Before we take to the streets this tax season why not, as a whole population, refuse to pay the extortion commonly called taxes. Can you picture 50% of the american people refusing to submit their tax returns?. There aren’t enough governments thugs available to arrest 150 million people, if they try then take to the streets.Talk has never and will never restore the Republic at this stage of the game.

  9. “We cannot cut ourselves to prosperity” nor can we either tax ourselves to prosperity. First where is the money going? is it creating jobs in the private sector or damaging it? most of that money is going to an ever growing government created by President Obama’s administration. First this is a clear violation of the 10th amendment that limits the power of the central gov. and gives the power to the states and the people. The Fed gov. is so large there are departments doing the same thing. Cut the Education dept and let it be a state issue, Dept of Labor and commerce, Dept of EPA, Obama care or national insurance, pork barrel spending, homeland security. The only departments the Constitution mentions are the department of defense and the department of Indian affairs. This will not make the US prosperous but it would null and void all the taxes now coming down the pipeline.

  10. If OhBummer’s head rested upon the guillottine and roleld into the tumbril, that cut would do wonders to improve the economy — although O’BiteMe might have to go through a second lobotomy to keep him out of the way for the next four years.

  11. And based on the lack of success that we have enjoyed under his fair share approach, his way is simply not working. I still cannot believe that this inexpereinced and unqualified person is the president. i WOULD NOT HIRE HIM TO RUN ANYTHING. For the first time in my life i can honestly say that i am ashamed of my country. Gonna cling to my religion and my guns, by god!!!

  12. Barack, buddy,

    PROSPERITY is not dispensed by the government.

    The government can only CONFISCATE wealth, take 80% or so, and redistribute the remainder.

  13. Except, Mr. President, there was NO BALANCE in the deal just passed. There were tax hikes, all right – on 80% of the American public (you know, the ones that WORK). Problem is THERE WERE NO SPENDING CUTS.

    If the GOP were only to grow a pair, they’d reluctantly SHUT DOWN D.C. until you come to the table and negotiate in good faith. Problem is, you seem to think you’re king. You are if they let you be.

    Hopefully, the GOP caucus will get smart over the next 36 hours and send Boehner packing.

  14. I sincerely hope that our “chickens” come home to roost. Americans who vote for socialist policy deserve what’s coming to them.

    As for myself, I’m selling my business and home. I’ll be living a frugal and debt free lifestyle watching my fellow countrymen gnashing their teeth, wondering in bewilderment why they are jobless, penniless, houseless and sadled with overwhelming debt and taxes.

    • Unfortunately you will not be able to separate the misery of the country when it collapses. Regardless of debt, you will face the same despair as the rest.

  15. I’m so happy to see my employer notifying me of a $160 decrease in my monthly pay due to this. Down the road, it will cost everyone about $5000 a year, just to keep up with spending. That will be a real treat. Makes you really want to work hard, don’t it?

  16. When it comes to raising the debt limit Boehner and the Republicans in the house should tell Obama to drop dead, and take away his credit card. If he worms his way around the limit somehow (who knows – maybe another unconstitutional Executive Order) they should impeach his ass and refuse to do any more business until the senate holds a trial.

    Unfortunately, the republicand have no cojones and will not remove themnselves from Obama’s rear end any time soon.

  17. We “can’t cut our way to prosperity”, that’s true.

    But we’re sure making a MONUMENTAL EFFORT at spending our way into insolvency, aren’t we?

  18. The country committed suicide on Nov 6. This is all just a sideshow now to decide which method we use to kill ourselves.

  19. Where does one begin. The reality is that anyone with a brain (reasonable or not) can easily figure out that you can’t spend $41.00 for every dollar generated. Imagine doing that in your own life and see where you’d be. I understand that when people have gotten in over their heads financially they gradually reduce their debt so there is a light at the end of the tunnel. This new spending does not provide that opportunity and there really is a limit to how much you can tax people. This isn’t just about federal income taxes – there is so much more involved…state income taxes, sales taxes, property taxes, taxes on utility bills, taxes on gasoline…the list goes on. My husband is right – if we paid no taxes during the year and then we we filed our tax returns – our taxes were calculated and then due – there would be an unprising big time. Additionally, Mr. Obama does not seem to believe that a fair and balanced approach means everyone should have skin in the game when it comes to incomes to income taxes – even if it is a mere $1.00 a month – there should be skin in the game. II’m tired of people making excuses for this President and covering for him. How arrogant to return home for “negotiations” and to turn around as quickly as possible to return to vacation. What Presidents did in the past is not relevant – this is today – we are in a financial crises and a true leader would at least try to look humble, show that he and his family too are sacrificing for the good of all.

  20. That’s so bassackwards. You can’t TAX your way into prosperity. Sucking more and more money out of everyone’s pockets and into the Government will destroy the economy. Cutting government spending absolutely works every-time. You can’t tell me that the USDA, FAA, FCC, DOT, HUD, DEA, FBI, DHS, ICE, CDC, CIA, DOE, DOJ, DOL etc and the rest of the never ending lists of government alphabet soup agencies can’t find ways to cut their budgets.

  21. Did I miss something again? I was not aware that unchecked government spending (made possible through monetization of debt-QE 1-15+) was considered a path to prosperity in either Keynesian or Austrian philosophies of economics. We need a certain level of Federal spending, but 46% of GDP?? We can never tax enough to cover the current spending (and for you Republicans, the difference in Boehner’s last proposal and this one is enough “savings” over 10 years to run the government an additional 11 days or less). When interest rates go up to say 0.5% , and they will, will be be able to pay for anything but the interest on our debt (at well over $16 trillion, mostly not currently locked into 30 yr bonds)? What then? How would you all feel about a 90% hair cut on the dollar? A 99% haircut? Or maybe just another world war-if we win, great; if we lose, default.

  22. Obama: we can spend our way to prosperity.
    Obama: we can borrow our way to prosperity
    Obama: we can tax our way to prosperity
    Obama: But “We can’t simply cut our way to prosperity.”

    Is there a pattern here?

    Obama’s total economic plan is to take money out of the private sector, give it to government, bury the nation in debt, and make the masses dependent on government for their daily bread.

  23. The ‘fair share’ line really rubs me the wrong way. How is it that the 50% of folks who don’t pay any federal income tax…are paying their fair share? How is that I – as someone earning enough income to pay federal income taxes – am a greater user of federal infrastructure than someone who pays no tax?

  24. Obama needs to be smacked, hard! I’d say he needs to be shot but that would be offensive to the suck as media. But that’s what you do with dictators and tyrants. You SHOOT them. The American people are so damn stupid they think what this man says is true. He’s full of shit, and he’s a liar. He has no idea how an economy runs. It doesn’t run by big daddy govt stealing people’s money to spend on the empowers pet projects. Go to hell, Obama, and take the rest of the politicians with you!

  25. Ask two people what is a “fair share” and you’ll get three answers.

    According to President Obama there is only one correct answer – his. And the “fair share” is to spread recession and poverty further around.

    If we could go back to the Bush years of +4% unemployment, 10 million new jobs in 5 years, strong and sustained GDP and stock market growth.

  26. Is Obama just an incompetent idiot or is he trying to bring down this country .. maybe both. Honestly, if God wanted to inflict a plague on this country.. He could not have done a better job than Barack Hussein Obama.

  27. “Can’t cut our way prosperity”? And can we tax our way to prosperity? We in the U.S. have the dumbest and most corrupt POS head of state in the world.

  28. When he, or any Democrat, says “we can’t cut our way to prosperity” whose prosperity is he talking about? The statement implies that the only way the nation can be prosperous is to have government spent lots and lots of money. The only connection between a prosperous nation and lots of government spending is that lots of government spending KEEPS us from be prosperous.

  29. Obama is so full of it. “Everyone pays their fair share. Everyone does their part”. What baloney. He preaches in feel good sound bites that seem to fit the American psyche, but contradicts it in his actions. What he does in practice is allow and promote the bottom half of the population to pay no income taxes. They aren’t paying their fair share. In fact, many get paid a bonus on top of paying no taxes through the Earned Income Credit which pays about $2,000 without “doing their part”. Take from those who earn it and give it to those who didn’t. That’s what Obama is really all about.

    • So his taking a $7 Million Hawaii vacation on the taxpayer dime is his idea of fiscal responsibility? Never listen to what this man says..LOOK at his actions.

  30. So, we can’t “cut our way to prosperity”, but we can tax way there?

    Taxing us into prosperity, and spending us out of debt.

    The Audacity of Hustlers.

    FDR’s New Deal, with its Ponzi scheme and Fannie Mayhem, shoved America off the “fiscal cliff”. Today she’s merely splattering onto the rocks below.