Posted on 02/03/2013 3:48:25 PM PST by jazusamo
President Obama insisted Sunday that additional tax revenue will need to be part of future deficit deals, but said hikes in tax rates may not be necessary.
In a pre-Super Bowl interview with CBS, the president outlined his vision for further deficit reduction, which he said was essential, but in a way that preserves the government's ability to continue spending on key programs.
He also emphasized that the seemingly continuous stream of Washington standoffs was wreaking havoc on confidence in the U.S. economy.
Republicans have insisted that the revenue side of the deficit equation was dealt with during "fiscal cliff" talks, which resulted in a compromise that saw rates climb on the nation's top earners. But Obama flatly rejected the notion that future talks would explicitly focus on spending.
"There is no doubt we need additional revenue, coupled with smart spending reductions, in order to bring down our deficit," he said.
Obama said that a serious deficit reduction plan would combine "smart spending cuts," reforms to healthcare programs, and tax reform that eliminates loopholes and specific deductions.
"If you combine those things together, then we can not only reduce our deficit, but we can continue to invest in things like education and research and development without raising rates again," he said.
On entitlement programs tied to healthcare, Obama suggested there were significant savings to be found through reform.
"There's a lot of waste in the system, and there's things we can do to reduce healthcare costs," he said.
Obama's interview came just days after new data from the Commerce Department found that the economy actually shrank 0.1 percent in the fourth quarter of the year, driven primarily by significant drops in spending by the federal government and the defense industry. The latter category dropped 22 percent as defense contractors braced for possible sequestration spending cuts set to take effect at the beginning of the year if the "fiscal cliff" had taken effect. The deal struck to avoid the cliff delayed those cuts for two months, setting another round of legislative battles before March 1.
Obama said those sharp drops weighed on "a lot of positive signs in the economy," and said continued standoffs between the two parties were taking their toll.
"Washington cannot continually operate under a cloud of crisis, that freezes up consumers," he said. "We can't afford these self-inflicted wounds."
Thanks jazusamo.
100th Anniversary of the Income Tax
Townhall.com | February 3, 2013 | Heather Ginsberg
Posted on 02/03/2013 4:05:49 PM PST by Kaslin
http://www.freerepublic.com/focus/news/2984983/posts
Obama: “We can’t afford these self-inflicted wounds.”
I takes one to know one.
Ah, no doubt one of the grades the bat-eared-b*stard wants to keep hiding was his F in Econ for Idiots.
Absolutely. The regs by this administration are crushing growth. We won’t see growth north of 2% while he is POTUS.
Says Mr. Hawaii Vacation..
“Almost nobody in Washington has a plan to create an environment for growth.”
I’m not in Washington.
1. For any company headquartered and having 51% of their employees in the United States, ZERO income tax rate.
2. Eliminate the Capital Gains rate on dividends. Raise it on gains on stock trades. Encourage long-term investment.
Send me to Washington and I’ll grow the economy.
There, fixed it.
If you don't have any skin in the game, if you can't run your life such that you pay into the system, why should you have a say-so in how the system is run?
Bronco, just call up the fed and ask then to print a few gazillion billion trillion dollars. That will about cover your next 4 years and Chewbacca’s food bill.
It is TIME for a line in the sand on this issue.
Obama will just appoint a new “line in the sand” tzar to deal with it.
How many times does he have to raise taxes? He came in raising taxes and has been raising them ever since!
I make far less than $200,000 per year and I have LOST COUNT of how many times my taxes have gone up since 2008.
So very true!!
And the line will be moved on down the lane to the cliff and over we all go.
The Dollar is very low, we must pay $1.36271 to get 1 Euro.
Stand by for $4-5.00 Gas
There it is.
Barry Soetoro is an asshole,
The jug-eared jackass should stick to doing what he does best: bowling and skeet hunting.
Really? Then why is he doing the exact opposite of what will bring in more revenue?
If you want maximum tax revenue then drop the tax rate to 11%. Every percent over that you are decreasing revenue.
In a paper entitled: The Macrcoeconomic Effects of Tax Changes published by the prestigious American Economic Review in June 2010 (during her tenure at the White House), she stated: In short, tax increases appear to have a very large, sustained, and highly significant negative impact on output.
...The Romers baseline estimate suggests that a tax increase of 1% of GDP (about $160 billion in todays economy) reduces real GDP by 3% over the next 10 quarters.
No doubt was a shitty band.
This worthless maggot will not quit until he and his filthy democrats have taken our country to a point of no return. Heck, we might already be there...
Already over $4 here in SoCal
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