Obama Calls for Tax Code Overhaul
President Barack Obama gestures during a news conference in the White House briefing room in Washington, Tuesday, Dec. 7, 2010.
/ AP Photo/Susan WalshIn a press conference Tuesday afternoon, President Obama said he hoped the two year-extension of upper-class tax cuts could be used as a window of opportunity to push for a major overhaul of the U.S. tax code, noting that "I don't think anybody thinks the tax code right now is fair or efficient."
"Part of what I want to do is to essentially get the American people in a safe place so that we can then get the economy in a stable place," said Mr. Obama in his remarks, which largely addressed the "framework" the White House worked out with Republicans that would extend tax Bush-era cuts even for America's highest earners. "But we've got to have a larger debate about how is this - how is this country going to win the economic competition of the 21st century? How are we going to make sure we've got the best trained workers in the world?"
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Mr. Obama emphasized that those initiatives needed to make America more globally competitive - like revamping the educational system, increasing support for research and development, and improving the nation's transportation infrastructure - would come with a hefty price tag.
"How are we going to pay for all that at a time when we've got both short-term deficit problems, medium-term deficit problems and long-term deficit problems?" Mr. Obama asked.
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"That's going to mean, you know, looking at the tax code and saying, you know, 'What's fair? What's efficient?' And I don't think anybody thinks the tax code right now is fair or efficient," Mr. Obama continued. "But we've got to make sure that we don't just paper over those problems by borrowing from China or Saudi Arabia. And so that's going to be a major conversation."
The president added that he thought the GOP would have a tough time opposing such measures.
"In that context, I don't see how the Republicans win that argument," Mr. Obama said. "I don't know how they are going to be able to argue that extending permanently these high-end tax cuts is going to be good for our economy, when, to offset them, we'd end up having to cut vital services for our kids, for our veterans, for our seniors."
The president emphasized several times throughout the press conference that he did not equate compromise with defeat and promised he was open to hearing Republicans' thoughts on the matter.
"I'm happy to listen to their arguments," he said. "And, you know, I think the American people will benefit from that debate. And that's going to be starting next year."
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hey dinky-dog, if we cut out "most of SS", like you suggested, I'm sure you won't mind cutting out:
SSI, which recepients didn't contribute to,
Medicaid, which recepients didn't contribute to,
All-Kids, which recepients didn't contribute to,
Welfare, which recepients didn't contribute to,
food stamp program, ditto,
school lunch program, ditto,
all the government paid before-school and after-school day care centers, ditto,
free-phone service, ditto,
government housing, ditto,
rural housing improvement project, ditto
all the government funded utilities assistance, ditto.
Sorry if this makes you and your family have to live under a bridge, but I paid in for my SS, and I'm legally entitled to draw it.
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You are NOW drawing social security? I didn't think you were that old.
I thought you were a critic of the "greatest generation" because the boomers had to pay for them more than they had paid into the system....well guess what oldbass..... it would be cheaper to pay you back what you paid into Social Security than what you are going to draw out of it. Time to pull the plug.
SSI, which recepients didn't contribute to,
Medicaid, which recepients didn't contribute to,
All-Kids, which recepients didn't contribute to,
Welfare, which recepients didn't contribute to,
food stamp program, ditto,
school lunch program, ditto,
all the government paid before-school and after-school day care centers, ditto,
free-phone service, ditto,
government housing, ditto,
rural housing improvement project, ditto
all the government funded utilities assistance, ditto.
Sorry if this makes you and your family have to live under a bridge, but I paid in for my SS, and I'm legally entitled to draw it.
You are the lowest of the low if you are serious.
It didn't used to be this way. The Fed Gov has increased in size and power an an incredible rate since the late 1960's. Most know why, but it isn't politically correct to talk about it.
Fed Gov can cut spending by 15% to 20% and it will never make one iota of difference in the way this country operates, except that it will be operated less costly.
Monopoly capitalism places enormous taxes on citizens. Take the for instance the socialized development of the internet and much of our infrastructure in general and look at the increasing taxes that monopoly corporate governance is placing on citizens. Cable and cell phone bills are a bit steep for what that are.
As Pogo says, "We have met the enemy, and it is us!" When Bush lowered the taxes, most states raised theirs -- wasn't even a wash -- we all lost money. Folks, start putting the taxes together, and you will see The American Dream comes at a high cost for the poor and the middle class -- and with all the taxes, we can never arrive to the next level due to being taxed into inability to save for anything, much less retirement or get ahead -- there is no such thing today as "getting ahead," unless you lie, cheat, and steal. Oh, that means you are a government official, doesn't it?
Yes, leaner government. Let us begin with the military and all of the overseas embassies. Lets quickly move to end the socialized medical care given to congress, their global corporate constituents can pay for the medical care of politicians. Why should the american people pay for the healthcare of those who disservice them?
eliminate the IS and have a 10% national sales tax. that way we all pay our fair share!
....................
Great idea, to apease the rich, you've just cut the fed. income by over 60% which means you would need to cut out %100 of our defense budget and most of Social Security to pay for your cuts.
Good grief.
How would you like to pay 45% federal sales tax on top of your local sales tax...
Doesn't look too good anymore does it???