Obama: Bush Tax Cuts For Wealthy Will Not Be Extended, Period

ABOARD AIR FORCE ONE -- The White House is insisting President Barack Obama will not extend the Bush-era tax cuts for wealthier Americans – even temporarily.

Obama spokesman Jay Carney said the president has been clear in his opposition to extending tax cuts for households with annual incomes above $250,000.

Tax cuts for people of all incomes are due to expire at year's end.

Carney's stand came after former President Bill Clinton caused a political headache for the White House by suggesting in an interview that tax cuts for people of all incomes – including the rich – should be extended into 2013 to avoid economic harm and allow time for a broader fiscal deal.

Pressed directly on whether Obama would support a temporary extension, Carney said: "He will not. Could I be more clear?"

Also on HuffPost:

Comments

[WarBeagle]

09:58 AM on 07/12/2012

My question is what does the POTUS plan to do about the nearly 50% of Americans that paid zero income tax? For families that have a very low income, I can understand. The President keeps mentioning how he is protecting the middle class, when neither he, nor the Republicans, really do much for the middle class. The GOP gives more attention to those with higher incomes and the Dems concentrate on poorer Americans.

The President needs to stop with the "the wealthy must pay their fair share" when there are those out there that pay zilch and have good jobs, thus incomes. What about THEIR fair share? Why aren't they paying?

[renner1234]

02:06 PM on 07/10/2012

The Liar in Chief is trying to have it both ways.

A year ago Obama said that a tax increase would harm the economy.

So why is he trying to harm the recovery with his class warfare, tax the rich today.

Was he lying then or is he lying now? This is what happens when you lie so much that you do not know if you ever told the truth.

Just look last week when Obama was ranting about outsourcing job over see. Today the Washington Post an Obama supporting Paper actually reported that under Obama 2008 to 2010 the US lost over 450,000 jobs to China. Talk about the grand outsource of them all.

And yet he complains about Mitt. Outsourcing at Bain only started after Mitt left Bain. Once again Obama is lying to the American people to get re-elected.

There is no shame in the Democratic Party or Obama; they have been lying for the last 3.5 years. They say they are for the middleclass; yes they are taking 500 million out of Medicare to help pay for Obamacare. They have given the middleclass the largest ever tax increase with Obamacare; the middleclass has lost 39% of their wealth under Obama. The Unemployment has been 8.2 for 42 months.

Yes the results of democratic rule for the last 5.5 years are moving this country into the Pelosi swamp.

How un-Patriotic are these Democrats, they would rather see the country fail then succeed.

[tehranweekly]

08:38 PM on 07/08/2012

I'd like to know what is it with you white people about having this fixation with the color of the president's skin?

[tehranweekly]

07:37 PM on 07/08/2012

The Bush Tax Cuts Have Cost $1,109,097,500,237 Since 2001: http://costoftaxcuts.com/

[renner1234]

02:09 PM on 07/10/2012

Wrong, like all Obama Lemmings.

The Bush tax cut have saved the tax payer that amount.

The government or you do no deserve more money if you can not live with 2.4 trillion in revenue.

Boy you sound so greedy.

[HighTravis]

11:24 PM on 07/04/2012

My grandfather was born into a very poor Virginia mountain family. The family that had a shed, no indoor plumbing, 8 sisters, a mother that read the Bible to them by candlelight. My grandfather went on to fight in 3 wars for this nation, owned his own private business, and bought some land.

This land is now worth quite a bit as the city was smaller when he purchased this land and has simply surrounded and swallowed the area and increased the demand for our property.

If these tax cuts expire, the government will take 45% of the money we would receive if this land is sold. How can anyone explain to me why we should face such a levy?

[sensimilla]

11:18 AM on 07/09/2012

Well, look at it this way. Your property would be worth what normal farmland is worth if not for the encroaching city. The city is expanding and costing and more to upkeep. Tax incentives are being used to attact business. Basically, you are paying some back to the govt, because their incentives and infrastructure helped to increase the value of your property.

[renner1234]

02:11 PM on 07/10/2012

No the goverment and you are greedy and want to steal people long hard earned money.

[Anthony Marquez]

11:54 AM on 06/21/2012

NO TAX CUTS!!!

[Raptor2u]

03:11 AM on 06/13/2012

When asked if President Obama will extend the "Bush Tax Cuts", Jay Carney said: "He will not. Could I be more clear?"
Well that means Mr John Boehner, the ball is now squarely in your court. Will you dribble and shoot, or pick and roll, or punt? And if you say "punt" you are playing the wrong sport.

[renner1234]

02:12 PM on 07/10/2012

Interesting hwo 100% of Americans have injoyed the Bush so called tax cut.

But now the greedy Democrats are looking for ways to steal more money from people.

[Mike Wasdin]

11:54 AM on 06/11/2012

You Can Keep The Change!

http://www.squidoo.com/you-can-keep-the-change

[clark8642]

08:20 PM on 06/10/2012

Based on a 2010 Congressional Resarch Service study and, more recently Mitch McConnell's assessment, it is clear that the tax cuts do not help the economy. It is time to let these temporary tax cuts expire for all of us.

[openmissoula]

07:31 PM on 06/10/2012

That's terrific, but why not send in the FBI and the DOJ too? It's not like there's any GOP bi-partisan action happening. Show the GOP the cost of doing (dishonest) business.

[Corners]

08:25 PM on 06/08/2012

Where have we heard this before?

I bet they get extended again.

I think its funny the gop can get a tax cut passed, and indefinitely forever call anyone who doesn't extend that pass cut as a person who will be passing "the largest tax increase in American history ". Hogwash

[Professor Science]

06:49 AM on 06/08/2012

The bottom line is, that letting the Bush tax cuts expire is a start… We ultimately need to revamp the tax code to close ALL loopholes and tax everyone fairly. If you cry foul about how unfairly people who make far more than you’ll ever see get taxed, then logic would indicate that you would support a reduced tax rate with ZERO loopholes, and for all types of income – not just from wages… But, we know how this plays out don’t we?

[renner1234]

02:14 PM on 07/10/2012

No new taxes until this goverment desides to deal with the economy in a positive way.

[catz1515]

01:00 AM on 06/08/2012

After we cut off Wall St from sucking us dry with these unpaid for tax breaks we need to stop this CORPORATE WELFARE of Big Oil, Big Pharm, Big Ag and all those greedy Defense Contractors running after us with their grubby hands grabbing for our tax dollars.

DEFUND them asap!

[StopTeaGOP]

12:04 AM on 06/10/2012

I wish if about 50% of Americans understood this and stop supporting the politicians that are funneling money to these greedy companies.

[John Kelsch]

12:50 AM on 06/08/2012

The economy is in a stalemate because of the cost of living... the cost of living has been pumped up by politicians concerned more with their stock portfolios than the economy! Also Bernanke has been going the wrong way with interest rates merely to accommodate Wall Street. The cost of living is entirely responsible for the global misery everyone has endured. What needs to happen is... (1). Repeal Bush tax cuts (14% investor tax, I would be more than happy to shoot the person that came up with that suggestion). (2). Raise the prime interest rate back up to at least 7% to get investors back into savings accounts! What everyone in the stock market should know is that when stocks go up... so does the cost of living and the cost of living keeps trying to test the threshold. Meanwhile the only ones getting raises are Wall Street exec's because salaries and merchandise are the quickest way to increase the value of an already over-valued company!

[watsonkb]

01:15 AM on 07/10/2012

While raising the interest rates would do wonders for the senior citizens and the "savers" of our nation, it stinks for the "spenders". The government wants a country full of spenders. Some of our most wonderful "economic boom times" were when taxpayers spent out the wazoo while borrowing on credit cards. Both parties do it... doesn't matter if it is Bush stating that the best thing people could do after 9/11 is "go shopping" or any of the Democratic presidents and administrations which encouraged the same. This works for people who are comfortable with driving the fanciest car, living in the biggest house, having multiple big-screen tvs, etc., while having a negative net worth because they actually owe more than their assets are worth. For those senior citizens who faced hard economic times throughout their lifetimes and the people who "took" what those senior citizens learned about saving, getting less than .1% on CD's and savings accounts has led to a definite decline in income. Because of Bernanke's policies, many (in some cases, extremely) elderly people are forced to continue to work (or go back to work) long after they would have retired and vacated those jobs for younger unemployed people.

[stettin]

12:10 AM on 06/08/2012

in the early years of the Great Depression. things were tough foreveryone
but FDR made every opportunity to create jobs and get people back to work.

throughout the years of the war, the tax rate on the wealthy was very high, but i do
not recall the wealthy whining, and support for FDR remained high to the extent that
he was re-elected to 4 terms.

President Bush put us into a war of his choice when we invaded Iraq. and he refused
to ask the nation to pay for the war effort. in 1942 this would not have been tolerated
by either Democrat nor Republican.

why tax the rich? to be cynical, as Willie Sutton said, that's where the money is.
to be practical and realistic, the wealth amassed is generated from the people and
is not generated without their assistance. to believe otherwise is blindness to the
flow of economic currents. the rich as well as the middle and lower income groups
all profit from a well ordered and peaceful society, but the middle and lower income
groups can only afford so much, while the wealthy can afford to give more to this
same objective. the income tax, when conceived and written into the Constitution,
was a progressive tax from the outset. not to admit that would be to avoid facts.
this is not a matter of class warfare. rather it is a demand of social justice.
other opinions gladly accepted.

[watsonkb]

01:30 AM on 07/10/2012

I don't believe it's demanding social justice. Many wealthy people are wealthy because they worked extra hours, sacrificed, etc. Many poor people are poor because of choices they made as well. Not all, for either group. So while I am perfectly content with some rates (especially sales tax on luxury items) being higher on rich people than poor, I do have a problem with the encouragement of people to wallow in the public dole pit. People shouldn't be encouraged to continue to have children they cannot afford. Everyone should have an opportunity to be a parent if they choose; however, if they want to do it on the taxpayer dime, my opinion would be... ok, we pay for birth and help with costs of raising this child, but you will be sterilized (which is no longer a permanent status) at the same time. If/when you can afford this child and/or more children, sterilization can be reversed. People should not be encouraged to go on disability when they are not truly disabled. What Americans consider a safety net should BE a safety net. It should not be a stepping stone to total dependence on taxpayers. Food stamps should be for FOOD, not for junk food or sodas. The examples could continue, but consist of the same philosophy. I don't mind contributing even when I am not 1%... but I don't want to supply things that I cannot afford for my own family for someone else's bad decisions.