Obama: Don’t hold economy ‘hostage’ over tax breaks for wealthy

Updated
Obama: Don't hold economy 'hostage' over tax breaks for wealthy
Obama: Don't hold economy 'hostage' over tax breaks for wealthy

President Barack Obama renewed the battle over taxes today, calling on Congress to extend tax cuts for only low and middle income earners while allowing tax cuts for families that make more than $250,000 a year to expire.

The Republican-controlled House is expected to push for an extension of all of the Bush-era tax cuts, due to expire at the end of the year, including the cuts for wealthier Americans.

“Let’s agree to do what we agree on. That’s what compromise is all about.” Obama said, pointing out that both Democrats and Republicans favor renewing tax cuts for the middle class.”

“Let’s not hold our economy and the vast majority of Americans hostage while we debate extending tax cuts for the wealthy,” he continued.

Ultimately, Obama said, the fight over extending tax cuts for the the top 2% will be decided by the November election.

“My opponent will fight to keep them in place. I will fight to end them,” Obama said. 

Republicans are already repeating their thoroughly debunked “theory” that tax cuts for the wealthy create more jobs and higher incomes for everybody.  But Obama will have none of it.

“We’ve tried it their way.  It didn’t work,” Obama said.  ”Instead of creating more jobs, we had the slowest job growth in half a century. Instead of widespread prosperity, the typical family saw its income fall.”   

Barack Obama

Obama: Don't hold economy 'hostage' over tax breaks for wealthy

Updated