Which candidate do you agree with on...

Taxes

Issue Position |

President Obama has grown increasingly adamant about raising taxes on the wealthiest Americans and some of the most profitable industries as the economy shows signs of a sustained but slow-moving recovery during the past two years.

He approved tax relief for roughly 95 percent of Americans with the 2009 American Recovery and Reinvestment Act, which provided tax breaks of $400 to $800 for individuals and families making less than $200,000 and $250,000 respectively. It also included a temporary $8,000 tax credit for first-time home buyers.

In December 2010, Obama approved an extension of the Bush tax cuts through 2012 and enacted a 2 percent reduction in payroll taxes -- those that pay for Medicare and Social Security.

The president’s latest budget calls for ending an estimated $4 billion per year in oil-industry tax deductions. It also targets the coal, financial and insurance industries for increases. Obama has pressed Congress in 2012 to approve a minimum effective tax rate of 30 percent for millionaires, a proposal known as the “Buffett Rule.”

Endorse

Obama on Taxes
287 Comments

Reader Endorsements

John Gronberg

John Gronberg Tax the rich! They have all the money!

Carol Gary Packard

Carol Gary Packard I am in the 47% that Romney doesn't care about.

Tim Briggs

Tim Briggs my main reason is the economy is better. Romney can't be trusted

Christopher Michael

Christopher Michael We're not going to balance the budget with tax cuts and it wouldn't hurt really rich people to pay a little more.

Carlos Hernandez

Carlos Hernandez Good president

Peg Warren

Peg Warren Fairness. Fairness Fairness. I will willingly pay taxes to provide the services that we all need as citizens. I do not believe in government providing all things to all people. We do need a lot more cooperation and a lot ...See More

Barbara Cook

Barbara Cook We ALL need to pay our fair share

David Britt

David Britt Romney really only has a one point plan:give even more to the one percent. We can't fix this economy long term unless everybody pays their share.

Kate Anderson

Kate Anderson I'm part of the so famous 47% I'm part of America, not the top 1% need to say more?

Michael Wells

Michael Wells The wealthiest in the country have had a big break for the 12 years. The Bush tax cuts expire at the end of the year and should not be extended for those making over $200,000. Obama favors this, I favor ...See More

Jamie Deveaux

Jamie Deveaux President Obama's policies on taxes have every american paying lower taxes not just the 1-5% at the top. The Bush Tax Cuts will expire at the end of the year, anybody thinking otherwise are living in a Fox News Utopia.See More

David Graham

David Graham Like business, government must go where the money is when it is time to pay the bills. The richest Americans are paying less than any time since the 1950s. 4% is not going to kill them or the economy.

Jill Gering

Jill Gering We have allowed a very hefty debt and the time to pay for the past is here. Everyone except Romney that has studied this has agreed that to cut the deficit and keep the Country moving forward we need a ...See More

Michael Minjack

Michael Minjack My % is higher than Romney----something wrong!!??here

Kitty Jawitz

Kitty Jawitz He's lowered taxes multiple times already. Obama 2012!

Twyla Dorzweiler

Twyla Dorzweiler reducing taxes during these trying economic times does not make sense. I think the president has a good handle on how to solve this problem. Romney's plan is strikingly similar to one we've seen before, where all families throughout the ...See More

C Fred Crawmer

C Fred Crawmer not the sole answer but part of the whole package in his balance approach...closing the loopholes would help, i.e. is it true the $10B NFL is a non-profi, do mega-agro corps really need subsidies?!

Wilde MoonChild

Wilde MoonChild Romney's a pathological perpetual liar. Trusting him on anything would be ill advised

Johnson Samson

Johnson Samson because he could deal with the issue

Wendy Coakley-Thompson

Wendy Coakley-Thompson because Obama knows that you cannot have serious deficit reduction without additional revenue, along with sensible cuts. Basically, he knows arithmetic.

Barry Patterson

Barry Patterson Really? Do I really need to say why I don't vote for tax cheats?

Al Finnell

Al Finnell Obama does not flip flop

Ann Davis

Ann Davis Romney is out for Rich ONLY!!!!

Carmin Liz

Carmin Liz I trust President Obama with taxes.

Laurel C B Stranaghan

Laurel C B Stranaghan Elizabeth Warren and Obama have both hit the nail on the head on this. Taxpayers provide the infrastucture and educated workers to the folks who make all the money. Good on them. But then, it does stand to reason that ...See More

Kitty Jawitz

Kitty Jawitz Obama all the way.

Savitri Basaviah

Savitri Basaviah Taxes need to be equitable for all people and loopholes and special treatments for special interest groups must be eliminated.

Ramiro Medina

Ramiro Medina He's lowered taxes on my business and I trust him more than I do Romney, i don't believe he will flip flop at a later time like i fear Romney would do.

Eugene Barufkin

Eugene Barufkin His plans are GREAT!!!!

Chris Goldfinger

Chris Goldfinger Because he will shift some of the burden to the very wealthy, who currently pay the lowest tax rates ever. We need to go back to rates similar to the 90's

ANdy Chou

ANdy Chou He believes in the future of America.

Jim Hughes

Jim Hughes The men and women lay open their lives without reservation! The Commander in Chief to be a leader should be leading, out fron with his true gritt! The second FBI director Kelly wouldn't allow his officer in KCPD to accept ...See More

Hussein Nobatia

Hussein Nobatia has a clear plan of raising taxes on the those who are on the top brackets - rewarding companies that creates jobs in US with tax breaks and eliminate tax cuts on companies ships jobs overseas - outsource jobs to ...See More

Michael Simo

Michael Simo Bush tax cut are a disaster, I trust Barack Obama to get rid of them once and for all.!

BeenThere DoneThat

BeenThere DoneThat Simple tax the damn rich.

Lea Lyra Gary

Lea Lyra Gary I believe that the rich should pay their fair share. They pay less now than they did in the fifties.

Lea Lyra Gary

Lea Lyra Gary I believe that the rich should pay their fair share. They pay less now than they did in the fifties.

Patricia Flanagan

Patricia Flanagan How can we trust Romney on taxes when he won't reveal his own? He'll take care of his millionaire friends

Mike Munoz

Mike Munoz fair and equal taxation for everyone : you make less, you pay less tax; you make more you pay more on your income tax...it's a win-win situation

Ronald W Yancey

Ronald W Yancey The myth that lower taxes brings in more revenue has been debunked by countless economists. See http://www.econdataus.com/taxcuts.html. The fact that Romney contiues to push this bromide renders him unfit to be President.

Gregory MEd Candidate McAboy

Gregory MEd Candidate McAboy He has a real plan...I really don't trust Romney

Susan Bounds

Susan Bounds Actually, I'd prefer a flat tax rate for everyone (including those corporations who are people, too) with no deductions, exemptions, etc., but I know that would never fly because it would impact too many special interests and niche industries (tax ...See More

Kitty Jawitz

Kitty Jawitz Even the field.

Jack Pruitt

Jack Pruitt His policies reflect my values.

Raagee Anagheel

Raagee Anagheel Honesty.

Douglas Long-Middleton

Douglas Long-Middleton It's all about paying a fair share my family paid 28% in taxes people that make $250,000 should have to pay 28% or more in taxes!

Persephonae Velasquez

Persephonae Velasquez We actually need taxes, and seriously, Romney's rich. He's not going to pay his fair share or make his wealthy lobbyists do that either.

Baladhara Ishaya Dennis Phelan

Baladhara Ishaya Dennis Phelan THE PRESIDENT IS UP FRONT. ROMNEY IS "VOTE FOR ME ,THE CHECKS IN THE MAIL.I WILL TELL YOU IF IT CLEARS AFTER THE ELECTION." I DON'T TRUST HIM AT ALL. HIS FIRST TAX RETURN IS STILL MISSING INFO AND THE ...See More

Nancy Rayne

Nancy Rayne Obama's math adds up. Tax breaks for the very wealthy while our country drowns? What American jobs have the 1% provided lately with the tax breaks as they stand anyways? Trump bankrupted one of his casinos on the American dime ...See More

Louis Montalvo-Realtor

Louis Montalvo-Realtor I would like to pay 14% taxes,,, need to figure out how the rick do it? Meanwhile, the rich only enforce what benefits them not all of us.

Pamela Hoyles

Pamela Hoyles I have watched England and seen the affect of low taxes has on an econmy. It sounds great and theory but it doesn't pay the bills. Also, I like paying back some of my success so that important investments in ...See More

Sandi Lusk

Sandi Lusk Especially taxes

Richard Mann

Richard Mann The "47 percent". ...

Michael Schmitt

Michael Schmitt My taxes are lower today than when Bush was President and I know Obama will not extend the Bush tax cuts for the wealthy like Romney would

Beverly Turner

Beverly Turner Time for billionaires to pay their fair share of the taxes

Judy Hughes

Judy Hughes This is the most important issue in my opinion. We cannot solve our nations economic problems until we once again reign in the robber barons. The tax is owed. Laws need to be set back in place to collect it.See More

Al Miranda

Al Miranda it is fair for larger firms to pay a slightly higher rate , than the average joe

Joyce Lanham

Joyce Lanham Obama paid 20.9%; I paid 20% and THE RICHIE RICH ROMNEY'S PAID ONLY 14.9%!!! Let's see your last 7 years of tax returns, Mr. Romney. What are you hiding??? Even George Will believes what you are hiding is much worse ...See More

Trudy Sanders

Trudy Sanders Because he is fair and will not just be for his buddy's

David Britt

David Britt If you want the guy whose lawyers manipulate the tax system in favor of Uncle Mittie and his 1% friends to figure out how YOU will win by tax reform, vote for Mitt, like all the voters in Cayman Islands, ...See More

Rita Lila Manzano Rodriguez

Rita Lila Manzano Rodriguez He will make the richest of the rich pay their share of taxes. That will include Mr. Romney and family.

Steve Walters

Steve Walters President Obama will attend to the issue of wealthy persons paying their fair share.

Gail DeNobrega

Gail DeNobrega Now I do feel that we need welfare reform bad in this country. We make it to easy to not want to go out and get a job.

James Worthen

James Worthen My taxes have gone down since he has been in charge. I don't expect them to stay that way but I don't want the top earners paying less than me, percentage-wise, in taxes. I trust this President to be fair ...See More

Carmen Spoor

Carmen Spoor The Bush Tax cuts need to expire, we need to get back to having the wealthy pay their fare share. Trickle down economics is a myth

Jake Lester

Jake Lester I have heard all the arguments about why taxes should be cut for the rich and disagree with them entirely. The little guy is the one who needs the tax cut.

Verma Cooke-hutchinson

Verma Cooke-hutchinson The wealthy do need to pay more.

Elizabeth Ann Bryant

Elizabeth Ann Bryant we believe in math.

Elizabeth Ann Bryant

Elizabeth Ann Bryant we believe in math.

Danny Ritchie

Danny Ritchie I am too poor to have a tax haven...lol

Patrick Joseph

Patrick Joseph Trickle down economy gimmick will never work. Slavery is abolished and we can't speculate that only by providing more incentive for the rich, they will be apt to invest into the economy and create jobs. Its not working and we ...See More

Aliyar Sahib

Aliyar Sahib Obama's tax policies seems realistic, fair for everyone. I don't see that with Mitt Romney.

Joy Peterson

Joy Peterson Reasonable revenue increases are essential the the welfare of all in our nation - from those in live in poverty and need good schools and insurce to protect their health and to those who drive expensive cars on highways and ...See More

Heather Bleakley

Heather Bleakley For the love of all that's holy, we can't operate a modern society without taxes. I pay my taxes because I'm an adult and I believe in the necessity of food safety, maintained infrastructure, and social security.

Tish Brisco

Tish Brisco Because it makes sense!!

Sydney Epps

Sydney Epps When Romney pays 22% on his income of 20 million dollars and I pay 14% on my income, we can talk about tax cuts for the wealthy. I'm giving away almost a fourth of my income and he's not even ...See More

Madalyn Fuqua

Madalyn Fuqua Fair share is the American way!

Catfish Beans

Catfish Beans Because you should have to create jobs to get "job creator" tax benefits.

Robert Johnson

Robert Johnson tax people with less money less. WHAT A GREAT IDEA

Charles Thomas

Charles Thomas I dont know anyone who wants to pay more taxs,but something has to be done!The tax code is so complex that there is no way most in congress can understand it let alone the rest of us.we all know the ...See More

Patricia D Nesberg

Patricia D Nesberg I endorse the guy who pays the higher tax rate because he works for a living. Thanks for paying your fair share.

Ansara Lee Sr.

Ansara Lee Sr. I agree with Pres.Obama...Pay ur fair share

Thom Isanski

Thom Isanski proven leader

James Penick Breiling

James Penick Breiling We have a revenue problem. Absent the Bush tax cuts (unpaid for), the wars (unpaid for) and the economic dive (a failure to regulate well) and for the decade of 2010 the deficits would be small and the debt increase ...See More

Carol Johnson

Carol Johnson I believe most all should have to pay a minimum tax if it is only 25 dollars and no one should get money back from the government. I also believe that no corporation should ever be able to get one ...See More

Ilse Genovese

Ilse Genovese Agree with the prez.

Andy Bilmanis

Andy Bilmanis the millionaires won't miss it and they do not use their presonal wealth to hire. closee the loophoes as well. They should pay the highest tax rate , I do pay the highest rate and proud of it and make ...See More

Steve Schonberg

Steve Schonberg The taxes on the super-rich are far too low. Can you imagine what a great country this would be if the super-rich didn't get the benefit of a 15% capital gains tax?

SA ReUnion

SA ReUnion Taxes should be relieved for those less than 250K!

Robert Stone

Robert Stone We are not taking in enough to cover our overhead let alone pay down the deficit. There is not enough in the budget to cut. High taxes have no restriction on growth. From the Congressional Research Service Consider: The economy ...See More

Michael J. Gould

Michael J. Gould Obama supports everybody paying their fair share. Romney won't even show his own tax returns for the past 5 years and yet demands 10 years from Ryan to be VP. I don't trust Romney!

Enrique Sterling

Enrique Sterling In a mature and just society, those who have built significant wealth should help support struggling families... taxes are the only way to guarantee this. This also happens to be one of the few avenues to actually lower the deficit ...See More

Andrew Sever

Andrew Sever Obama has actually pay taxes before. I trust someone who has suffered through paying taxes more to make decisions on what taxes I will be paying.

Carolyn Ottes

Carolyn Ottes When Romney and his friends pay taxes then he can talk

Rob Wood

Rob Wood he pays his taxes, not hides them

Sarah Hamer

Sarah Hamer romney want show his own taxes and he is a liar.

Will Seeley

Will Seeley The economy has historically done better thwn taxes on those who can afford it are raised. If jobs creators weren't hiring out of frugality, they wouldn't be making record profits right now.

Diadou Seck

Diadou Seck romney doesn''t want to pay taxes

Chris Martin

Chris Martin I support the buffet rule. Put and end to tax breaks for the super-rich and oil companies. Ending the Bush tax cuts have been a long time coming. Get rid of them soon.

Ken Marshall

Ken Marshall Equal taxes for all!

Marilyn Rider

Marilyn Rider To continue to tax the very rich at a lower percentage of their income than the average person working very hard for their money is not right. The Bush tax cuts that caused our nation on the path to higher ...See More

Diana Kitch

Diana Kitch He believes "to whom much is given, much is expected in return." I do, too.

Alan Elmer

Alan Elmer Large corporations need to help with the recovery process alongside a reduction in Government spending at all levels.

Don Mau

Don Mau When six Arkansas heirs are worth more than the bottom 100 million Americans, it's time for higher taxes.

Yvonne DeBoles

Yvonne DeBoles The President on the right track to improve the economy. He is president for ALL the people!

Norman Powell

Norman Powell Our economy worked just fine in the 50's and 60's with higher rates on the wealthy. We have a greater disparity between the wealthy and the poor, today. This is not healthy for our economy.

Moru Souare

Moru Souare HE GOT A PLAN AND MITT KEEPS FLIP FLOPPING ABOUT THAT TOO

Linda Hatfield

Linda Hatfield Many on the right keep saying "freedom is not free" well now put the money where the mouth is and has been forever.

Ernest Khathutshelo Hasha

Ernest Khathutshelo Hasha He is diplomatic and he will work with a team in finding the greatest solution. He is diplomatic...

Tommy Phillips

Tommy Phillips IF YOU HAVE A BANK ACOUNT OVER SEAS YOU SHOULD PAY TAXS ON IT YOU SAY Y IS THAT YOU LIVE HERE TO.

Pam Goss-Ross

Pam Goss-Ross President Obama has done a good job in correcting the problems in our country that president Bush left him.

Manuel Cuaresma

Manuel Cuaresma He is not lying and everything he sai is true. This problem that we are suffering is the fault of republican. No matter what happen its up to the voters. The y don't like the president because he is minority. ...See More

Raymond Pratto

Raymond Pratto The Republicans had tried to killed all of those programs in the past and will continue to do so. Bush father and son killed a bunch of social programs and both of them went to war and cause of their ...See More

Ariel D'nee Herbert

Ariel D'nee Herbert do the math.

Regina McClean

Regina McClean It's time Republicans and the rich start paying the correct amount of taxes per income as everyone else. There are too many loopholes.

Al Rowland

Al Rowland Do the math.

Nkem Nkwocha

Nkem Nkwocha I endorse Barack Obama because he appears to have detailed explanation on how he will go about these tax issue than Romney.

Lynda Hogan

Lynda Hogan The wealthy need to shoulder the burden of the taxes, we all should pay our fair share. Simple as that. The wealthy have loopholes we all know, so they still wind up paying less than the poor.

Leimomi Martin

Leimomi Martin Obama brought in all the specifics on the taxes. Great work Obama

Michelle Clay

Michelle Clay Obama 2012

Lashawndra Baker

Lashawndra Baker everybody needs to pay their fair share

Ezekiel Josephs

Ezekiel Josephs Drop tax cuts for the rich

Don B. Sea

Don B. Sea Drop the Bush tax cuts for those earning over 300K at end of 2012, then over a ten year period start moving the tax on those over 300K back "UP" to were there were in 1960-65. The federal deficit did ...See More

Gary Cross

Gary Cross A balanced approach to taxes needs to take place. Spending cuts along with the rich paying their fair share of taxes will help solve many problems.

Maeve Ryan

Maeve Ryan No one wants more taxes, but we have to pay for stuff to keep our country strong and prosperous. Obama wants to invest in our country for my generation. Romney won't show us his tax returns because he's hiding something ...See More

Maeve Ryan

Maeve Ryan Romney is a compulsive liar. He should be the president of liars, not the USA.

Maria Omar

Maria Omar I support POTUS on taxes, medicaid, women's rights and the economy. And a host of other issues. I feel this is the proper direction for the country and i would rather another 4 years of Obama since i'm NOT in ...See More

Lauren Page

Lauren Page I believe this one of the many steps that will need to be taken to get up on top of our dire financial issues.

Ed Valentine

Ed Valentine I believe his plan and policies are fair to all people and companies.

Julia Gosztyla Ziobro

Julia Gosztyla Ziobro He's got this exactly right.

Tommy Walker

Tommy Walker Romney's record with what he does with the tax money isn't the best from what I have heard

Jerry Planta

Jerry Planta THE RICH NEED TO PAY MORE AND STOP CRYING ABOUT IT. ROMNEY ONLY WANTS TO HELP THE RICH GET RICHER, THAT IS SO MUCH BS

David Britt

David Britt Cutting taxes further for the rich just doesn't help the economy, and hasn't for decades. both reagan and Clinton had higher taxes on wealth and capital gains, and the economy did much better under W - -and Romney makes W ...See More

Jim Williams

Jim Williams He's fair.

Diane Wong

Diane Wong The wealthy enjoy the best America has to offer. They should pay more to make it better for everyone. Redistribution.

Diane Wong

Diane Wong The wealthy enjoy the best America has to offer. They should pay more to make it better for everyone. Redistribution.

Patricia Carlton

Patricia Carlton Tax breaks for the rich do not create jobs and do not trickle down -haven't we already seen the disastrous results of that policy?

Ken Lee

Ken Lee protect taxes on millionaires? 'nuff said

Kay Smith

Kay Smith I don't want to pay more so millionaires can pay less. Seriously. Just don't.

Mitch Freifeld

Mitch Freifeld Lets end the Bush Tax Cuts for the rich. Enough luxury cars, diamonds, gold and Palm Beach homes bought on the people backs! end this tax blasphemy now! sure! end the capitol gains tax....tax the gains like regular income!

Thomas Mosby

Thomas Mosby Bc it's pure and simple...the rich pay their fair share...the working man gets more money in their and the disabled and they spend their money...not hoard it...which creates jobs !!!!!

Mike Hosley

Mike Hosley Bush tax cuts need to go away, like Bush did.

Anshul Gupta

Anshul Gupta Bush tax-cuts are a key contributor to the current deficits, which the Republicans created and are now exploiting to their advantage. These need to be rolled back.

Ravshan Tohirov

Ravshan Tohirov It is the best way to stimulate our pimple and economic...

Damian Saunders

Damian Saunders With the economy moving slowly out of the greatest recession since the great depression, top tax rates are at their lowest in 3 decades, additional tax revenues are needed to help close the debt gap. Romney naively pledges to cut ...See More

Sammie Rabb

Sammie Rabb I believe you cannot run this country without paying higher taxes.

Patty Dump

Patty Dump Taxes must increase for our economy to begin recovery.

Ron Vanderford

Ron Vanderford Our present tax system is skewed in favor of the wealthy who obtain most of their income from capital gains and dividends. Tax all income the same.

Will Cannon

Will Cannon Obama is more truthful.

Ron Berry

Ron Berry I want the filthy sinking rich to pay more taxes, even if it hurts me.

Megan Fuller

Megan Fuller Why should the rich not pay taxes? I dont think it will help the economy. The Bush tax cuts just help the rich get richer. They didnt let the savings trickle down they pocketed it gave themselves bigger bonus's thats ...See More

Megan Fuller

Megan Fuller Why should the rich not pay taxes? I dont think it will help the economy. The Bush tax cuts just help the rich get richer. They didnt let the savings trickle down they pocketed it gave themselves bigger bonus's thats ...See More

Kathleen Haibach

Kathleen Haibach because I'm not rich.

Sandra Barnhart

Sandra Barnhart Romney said in the video that his role “is not to worry about those people. I’ll never convince them they should take personal responsibility and care for their lives.” This shows me HE DOES NOT CARE!!! OBAMACARE(S)

Jeffery Smith

Jeffery Smith I still want to see Mitt's taxes for the last ten years.

Laura Ankerson

Laura Ankerson I'm a huge supporter of the Buffett Rule. And I've seen what the GOP hasn't done for me in the past, there's no way I believe they give a good gosh darn about me now.

Alberto Belmont

Alberto Belmont The other one doesn't make any sense.

Leroy Brown

Leroy Brown MITTY WANT TO TAKE MORE FROM THE MIDDLE CLASS I AM TEAM.... OBAMA

Mark Sanders

Mark Sanders Obama wants to take more from the rich.Romney wants to take more from the poor.

Patricia Wexler

Patricia Wexler Obama for the people

Dennis Gates

Dennis Gates Read what each wants to do, Romney wants to keep the rich fat on welfare (Tax Cuts) and the working man shackled to paying for all his blunders. Marathon man is on another planet.

Michael R. Pierce

Michael R. Pierce Why does Romney and his friends pay less in income tax than I do.

Brian F Kelly

Brian F Kelly The rich need to pay their fair share.

AmandaKay Schraufnagel Mazurkiewicz

AmandaKay Schraufnagel Mazurkiewicz Only an idiot votes for the guy who intends to reduce his own taxes and raise yours. Obama cares about everyone not just himself.

Erica Kirchner-Dean

Erica Kirchner-Dean I do not believe that Romney or Ryan have a fair and reasonable plan for how to deal with our budgetary problems. We need a plan that is fair to middle income tax payers and to supporting the needs of ...See More

Jerry Ez

Jerry Ez Tax the rich, where are the jobs

Judy Bergquist

Judy Bergquist there is no reasonable argument why taxes at the top should not be doubled. Their ealth increases are the number one cause of our countries debt burden. The government cuts taxes to anabsurdlylow historic number and the debt nautrally the ...See More

Nancy Berry

Nancy Berry I am not willing to subsidize wealthy people. Of this group show me where, when, what, why, and how they need.

Ansley Stavely

Ansley Stavely It is fiscally the responsible path forward.

Robert Winkelmann

Robert Winkelmann Romney says tax cuts will make the economy better. During the past ten years we have had tax cuts and the economy is worse than it's ever been. Tax cuts DO NOT create jobs...never have, never will. It just means ...See More

Swaibu Matovu

Swaibu Matovu He is real man, honesty, trusted, have good judgement and intention to solve the problems affects people of United States. He has no byes or discrimination to any citizen of the country. He has the vision for every citizen no ...See More

Patrick Ciriello

Patrick Ciriello The Democrats must find a balance - raising taxes and reducing spending. They must do so in a way that allows for both to occur over a reasonable amount of time to allow for those affected to compensate. But the ...See More

Martin Chiaravalloti

Martin Chiaravalloti The wealthy can shelter income, clock punchers cannot. The wealthy can afford to pay at higher rates, the rest of us cannot.

Michelle Stewart

Michelle Stewart How can I trust some one on taxes who won't even show me theirs??

Celia Key

Celia Key Obama believes in shared responsibility, Romney doesn't

Wayne A. Morris

Wayne A. Morris It's Simple Maths...Revenue is vital to government and business . . .

Boar Laze

Boar Laze The Romney/Ryan "budget" would bust the government and the economy.

William Quigley

William Quigley Taxes are currently at a historic low in my lifetime (72 years). The country has trived with tax rates on the wealthies as high as 90%. I wouldn't want tax rates that high, but do think a return to the ...See More

Travis Glanz

Travis Glanz Because Twit thinks cutting taxes is the solution to everything. There is a wealth of data spanning the last 30 years showing that trickle down economics is a load of crap.

Michael Underwood

Michael Underwood Mitt Romney can't relate to my life like president Obama does.I can't vote for a man that doesn't see a Blackman as an American.Shame on you Mitt

Dottie Miller

Dottie Miller I WANT A BALANCED APPROACH TO THE BUDGET

Mike Askme

Mike Askme because i understand you cant cut taxes and lower the deficit, it called Math

Josh Thorns

Josh Thorns i have not seen his tax returns how can i trust him with mine? he has taught me how to evade taxes like out sourcing an having acct else where i dont trust this man

Robert Smith

Robert Smith The rich do not need another tax break off the backs of everyone else get real Romney.

Sheri Rhodes

Sheri Rhodes I endorse President Obama on all issues! Make no mistake, Romney/Ryan platform will take us back to the dark ages.

Barbara Jones Hatcher

Barbara Jones Hatcher Businesses have had tax cuts for 10 years and did not create American jobs. Why would I expect jobs from the private sector with further cuts?

Victor Karels

Victor Karels The Bush tax cuts were extended, what did it do for getting people hired? Did you see a drop in the unemployment rate as a result?

Bill Seward

Bill Seward Presidents Obama's Arithmetic made sense While Romneys didn't!

Grace Tilly

Grace Tilly We need to tax the ones that can afford to pay a little bit more...President Obama's way gives the 99% more money to spend, and that is just commonsense!

Yannick Luce Yambaka

Yannick Luce Yambaka Romney isn't even sure what his stance his. He is extremely wish washy and that does equal leadership qualities.

Don Ivener

Don Ivener Tax the ultra rich.

Robert Warner

Robert Warner Romney - "What's mine is mine and what's yours is mine, by hook or crook". Why would anyone want Romney and his corporate cronies to "fix" the tax code" The "fix" would then really be in.

Mia Amélie Robidoux

Mia Amélie Robidoux Will echo the others here in saying don't tread on ME! I just graduated college, can no longer continue my two student jobs, am almost 20 thousand in debt, and continue to search rabidly for work. I have faith that ...See More

Jason Safford

Jason Safford Anybody who thinks people who sit on the couch pay taxes is an idiot and should pay twice as much as the rest of us. The rest of us who bust our butts everyday want to know that everyone is ...See More

Muthu Ganapathy

Muthu Ganapathy everyone must pay their fair share of tax including the wealthiest people

Anna Neaphyte

Anna Neaphyte Patriotic top earners should WANT to do more to help cause they can. Otherwise, they should at least pay the same rate we, the worker bees, do.

Jay Staxx Sr.

Jay Staxx Sr. Every American should pay their fair share, based upon income. Its inconceivable that a millionaire should be paying less percentage in taxes, then their secretary or child care provider. President Obama is requesting the wealthiest Americans give back some of ...See More

Neal Walker

Neal Walker The United States is well on its way to becoming a plutocracy. The facile and failed notion that reducing taxes on the wealthiest among us will spur economic growth that will then "trickle down" to the rest of us has ...See More

Paul Thomas Cahill

Paul Thomas Cahill I trust Obama almost completely, and Romney not at all. End of discussion.

Robert Merle Dane

Robert Merle Dane Taxes have to be raised. Who controls your elected official? Is it Grover or what is right and fair?

Ruhy Bremen

Ruhy Bremen Increase tax on millioners.

Fred Adams

Fred Adams The President advocates fair-share taxation for the wealthiest taxpayers.

Thomas Cannady

Thomas Cannady Good tax policy means good tax policy for all citizens and guest workers and businesspeople.

Patrick Haas

Patrick Haas equality

Jeff Bunting

Jeff Bunting Taxes must be increased or this country will spiral out of control when it comes to debt. Cutting can only go so far and is not a peramant solution.

Sage Keramet Bellamy

Sage Keramet Bellamy Because the last 8 years of Bush's failures was BAD and he is correcting a lot of mistakes

Mike Askme

Mike Askme because we cannot afford to keep all the Bush era tax cuts, i would like to see them all gone, but no that wont happen.

Rick Clemenzi

Rick Clemenzi The other guy is an outright liar.

Anne Woodard

Anne Woodard I have only one thing to say - Romney/Ryan = Bush 2.0

Matthew Chapman

Matthew Chapman To be fair, Romney's plan contains plenty of things I like. I favor ending the capital gains tax and the estate tax. But Romney offers no clear way to offset these losses in revenue. He claims he'll eliminate deductions, but ...See More

Richard Salim Rawson

Richard Salim Rawson We have lived thru the trickle down theory of the Repugs. Supply side econmics is a failure. Tax the rich earning more than 250,000.

Terrie Miller

Terrie Miller It is unfair for the wealthy to pay a smaller percentage toward taxes than the average!

Jackie Wilson

Jackie Wilson Should pick Romney since he knows how to dodge them.

Jackie Wilson

Jackie Wilson I don't trust someone who hides his tax returns. Anyone can look at mine.

Breckin Perry

Breckin Perry Tax the rich. Remove tax loop holes. Cut evenly every item in the budget. Pay off the debt.

Darlene Williams

Darlene Williams Until now no one in Congress would address the real deal about taxes (inequality) accept President Obama. He had the courage to bring it like he saw it and fix it. Everyone should have an opportunity to become wealthy not ...See More

Mary Anne Cooper

Mary Anne Cooper Because he has the struggling 99% in mind when he addresses tax issues.

Irwin Birnbaum

Irwin Birnbaum No democracy can sustain itself without a graduated income tax. Much of the reason for our current financial situation is due to the reckless tax policy of the Republicans.

Bill Shelton

Bill Shelton Even though I will probably pay more than before I believe revenues need to increase to decrease the deficit in combination with spending cuts.

Lewis Hemmerton

Lewis Hemmerton I don't endorse either of these clowns. I endorse Gary Johnson.

Dev Sta

Dev Sta Because he pays his taxes like most people...

Melissa Resek

Melissa Resek Because rich people get richer while the rest of us struggle to get by.

Suzanne Long

Suzanne Long The rich don't pay 33%

Ray Barnes

Ray Barnes romney WILL NOT RAISE TAXES ON THE RICH, THEY WILL KILL THE MIDDLE-CLASS, HOW CAN ANYONE IN AMERICA VOTE FOR THESE LIARS ???

Ariana Núñez

Ariana Núñez how does NOT taxing the rich work...how?

Steven Maynard

Steven Maynard 14% in this world is not enough for the wealthiest

Patty Scott Miller

Patty Scott Miller Because the super wealthy don't need my help.

Orlena Joyce Sizemore

Orlena Joyce Sizemore i believe in the rich paying their fair share. after all many of them make their money from our hard work. my budget keeps getting smaller and smaller to help the economy. so why shouldn't theirs.

Fernando Salazar

Fernando Salazar I am all for everyone paying their fair share. Give us a flat tax and close all loop holes and deductions. Treat income from investments the same as income from labor.

Connie Henry

Connie Henry Because he truly cares about all people.

Beverly Granison

Beverly Granison he cares about me and my family,he want to put america back to work it took bush eight years for president obama to walk into this mess and it will take longer than three years to get us out

Anthony Childress

Anthony Childress No one likes taxes . . . until they drive highways, attend public schools, need police and fire protection, so on and so forth.

Dan Hess

Dan Hess Sorry, low tax rates don't boost the economy. Government spending, however, does. In any case, taxes are the price of citizenship in one of the greatest countries on Earth. It's silly to get offended about doing your duty as a ...See More

James Walker

James Walker I don't trust Romney.

CP Phuyel

CP Phuyel Can understand poor peoples feeling

Geneva Broadnax

Geneva Broadnax Under Romney it will get worse them it is now

Rodney Griffith

Rodney Griffith The rich should not be paying less taxes than the working.

Terrill Wolfe

Terrill Wolfe Simple I am no rocket scientist but I am smart enough to see that I will be paying a lot more under Romneys plan while the wealthy will be paying a lot less.That they won't invest in jobs here but ...See More

Pam Miner

Pam Miner I don't like Romney's plan.

Frank Robert

Frank Robert Without going into detail....I just do

Spot Ify

Spot Ify Unless you're dirty, rotten,filthy, stinking rich it makes no sense to vote Republican.

Horacio Garcia Mendieta

Horacio Garcia Mendieta He wants to lower my taxes and raise his own taxes. That is what I expect from a Public Official. Mr. Romney wants to raise my taxes and lower his own. The fact that Mr. Romney pays half the taxes ...See More

Srinadh Godavarthy

Srinadh Godavarthy Simple reasoning, when wealth is concentrated on top 10% and we see so many problems facing the country, why are rich so adamant is helping a country overcome these problems by paying more in taxes. Where is their patriotism when ...See More

Valerie Bock

Valerie Bock Rich people do not need the social welfare of the Bush tax cuts. Romney is among the greedy and selfish who would profit at the expense of our economy and deficit problems.

Carol Nudell

Carol Nudell I think it's time to end the Free RIDE and subsidizing of the richest people and Corporations in America. Many spend more on Lobbyists (to keep their tax breaks) then they do in taxes. This is ludicrous at time when ...See More

D-Faried Ahmed

D-Faried Ahmed I Pay more in taxes than someone who is about 8000X wealthier. Whiskey Tango Foxtrot over?

David Lux

David Lux Obama all the way on this one!

Mary Gannon Stolle

Mary Gannon Stolle Lower taxes for the wealthy HAVE NOT created any jobs. We need more revenue for schools and research.

Mark Gruszka

Mark Gruszka It's time the top 1% pay the same rate or more. Remove the tax loop holes. Why do they get a break?

RickandCarol Fidler

RickandCarol Fidler The Ryan budget would put us into another recession

Freddye Burandt

Freddye Burandt I believe everyone in the top half of income in this country should be paying at least as much as 25% in taxes w/o any deductions.

Hussein M. Ali

Hussein M. Ali More taxes on Rich

Robert Jordan

Robert Jordan We've had low taxes for 10 years - where's the growth. The issues are more complex, smart spending is more important than low taxes. Governor Romney's policies would be good for the 1% but grievous for the rest of us.See More

Johnice Reid

Johnice Reid A fair tax is one which every dollar of income is taxed regardless of how it was made. Government spending must level off yet, without income from taxes we cannot pay the current bills owed.

Doug Tise

Doug Tise In the short run they need to go up, only if government spending goes now. But in the long run we need a tax system overhaul.

John Tackeff

John Tackeff The Romney plan would raise taxes on most American's. That is simply unacceptable.

Sondra Crane

Sondra Crane Obama is one of the People He knows how to make this economy well again. It got this way because of the Republicans and it will be worse with Romney..He has money stashed away in far away countries. He is ...See More

James Hendrixs

James Hendrixs Mitt Rob-me will raise my taxes by $2000.00 to give huge tax cuts to himself and his rich friends!

Calvin Price

Calvin Price even idiots should understand this one: President Obama understands this issue very well.

Calvin Price

Calvin Price Basic arithmetic fellow Americans.

Anthony Davis

Anthony Davis Do we really need to say why President Obama is better on Tax issues than Romney?

Jay Adams-Feuer

Jay Adams-Feuer Everyone needs to have theikr taxes raised, and some spending needs o be reduced. Tilt Obama.

Deena Sortland

Deena Sortland The tax burden should rest on those folks who have the most money

Elaine Bishop

Elaine Bishop we should all pay a Fair share!

Solja Itstrue

Solja Itstrue Nobody wants to pay taxes, but to have good/safe roads, bridges, public transportation (will the GOP want to eliminate this too?), public schools, and a host of American NEEDS, we need to all pay our fair share, including wealthy people. ...See More

Nancy Atherholt

Nancy Atherholt Salaries for the 1% are so outrageous anyway. If you make that much, you need to give back to the country that helped you do it.

Paul Klutes

Paul Klutes New revenue streams will need to come into play to bring the US back to fiscal balance, and more progressiveness needs to be restored to the code so that the wealthy can pay the share that they were expected to ...See More

Georgie Perez

Georgie Perez Iam not against rich people, very happy for their sucess. Its easier for a camel to go thru the eye of a needle than a rich person get to Heaven. Let me explain god is not against rich people{He is ...See More

Robert Bond

Robert Bond The people with the most equity in america bear responsibility for paying for it

Bailey Dm

Bailey Dm until romney releases his i do not trust on this issue

Berry Lee

Berry Lee Im surely in favor of more taxes on the rich and surely on the concentrated wealth at the top 2% !

Robert Lieb

Robert Lieb The GOP complains that Obama wants to steal from the rich but are trying to keep it a secret that Rmoney wants to take from the poor and give to the rich.

Paula Dupree

Paula Dupree Taxes must go up to run the country, period.

James Miara

James Miara Republicans quake at the mention of a fiscal crisis and urge immediate action. Their recommended action? Give money to the rich and take benefits from the needy. They've got it backwards, I think.

Elsa Nethercot

Elsa Nethercot I support President Obama, period. My support is not blindly given, but earned.

Cathy Duchesneau

Cathy Duchesneau We need to strengthen our countries economy. The wealthiest Americans can afford to increase their investment in the nation without sacrificing their standard of living.

Bill Murray

Bill Murray The distribution of wealth in our country is becoming more skewered. The wealthy are receiving a more and more greater percentage of the GDP. This must change. We do not want an equitable distribution of wealth but a more just ...See More

Richard Watson

Richard Watson Working capital is being withheld from the market. I suspect that the goal here is to make Obama fail. Revise the tax code as has done in the past to encourage capital investment.

Al Tate

Al Tate I believe in America, I feel as a responsible citizen I should pay my fair share of taxes. I don't think that Romney has been paying his fair share for the past 10 years and that the tax returns he ...See More

Rupert Schmitt

Rupert Schmitt His tax policy is more balanced and does not overwhelmingly favor the wealthy. The wealthy benefit from the way social security taxes are levied and from the many exemptions they are provided with.

Murray Newman

Murray Newman He fair to all people, and not just the wealthy.

Theodore F Vick

Theodore F Vick The Ryan policy is the way the greedy capitalists and corporate CEOs are bent on economic slavery for the 99%.

Scott Kidd

Scott Kidd I think ALL of the Bush tax cuts should be repealed. Pay down the debt and reduce the cost of government first, then cut taxes to reflect that reality.

Jennifer Rokasky

Jennifer Rokasky If low taxes help boost the ecomony, as Gov Romney suggetss, then the Bush era tax cuts would be working!

Obama's Statements (482)

January 17, 2010
Let me just say, by the way, because you'll hear a lot of stuff about taxes.  You always do, every election. Last year, I kept a campaign promise to cut taxes for 95 percent of working Americans.    Cut taxes.  And these members of Congress right here voted to cut taxes here in the commonwealth not just for individuals, but also for small businesses.  We cut taxes for middle-class families.  That was part of the Recovery Act.    Now, you better check  under the hood -- because from everything I see, Martha’s opponent would have voted against those taxes -- he would have voted against those tax cuts.  Would have voted against those tax cuts.
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January 17, 2010
Now, we learned the answer to that one this week.  Now, keep in mind, Democrats in Congress voted for tax cuts for middle-class families and businesses.  Now, what we're proposing is to make sure that taxpayers get their money back from the rescue that we had engaged in at the beginning of this year, thanks to the bad regulatory policies of the previous administration.  And so we asked Martha’s opponent what's he going to do.  And he decided to park his truck on Wall Street. 
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January 17, 2010
Now, Massachusetts, we have had one year to make up for eight.  It hasn’t been quick.  It hasn’t been easy.  But we've begun to deliver on the change you voted for.  I mean, think about it, what some of these members that I just talked about have done, what we've done just over the last several months.  We've started to see the economy grow again.  We've given tax cuts to small businesses.  We're forcing the banks finally to start lending again on Main Street, and not just worried about profits.  We've made sure that police officers and teachers and critical workers across this commonwealth haven't been laid off. But we've got so much more work to do.  So many families are out there hurting.
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January 20, 2010
Further, my budget from last year proposed that if a company with lots of unpaid taxes receives a federal contract, the government ought to be able to pay taxpayers back in full before it's required to pay the contractors themselves.  It also proposed that tax collection, on behalf of American taxpayers, should not be subject to long bureaucratic delays -- it should be done swiftly.  Since Congress did not act last year on this proposal, I am introducing it in this year's budget -- and I once again urge Congress to act on it.
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January 21, 2010
Last month, I announced some additional targeted steps to spur private sector hiring and boost small businesses by building on the tax cuts in the Recovery Act and increasing access to the loans they desperately need to grow.  I said we'd rebuild and modernize even more of our transportation and communication networks across the country, in addition to the infrastructure projects that are already scheduled to come online this year.  I called for the extension of emergency relief to help hurting Americans who've lost their jobs.  And you can expect a continued, sustained and relentless effort to create good jobs for the American people.  I will not rest until we've gotten there. 
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January 21, 2010
We have plenty of work ahead of us, but look at what we've already managed to accomplish for American cities.  The estimates range from 2 to 2.4 million jobs saved or created. Nearly $100 billion in tax relief has been provided to working families and businesses through the Recovery Act.  And all that money has poured back into the economy of your cities, creating more jobs.  More than 18 million Americans have received unemployment compensation benefits and increased benefits.  Imagine what the impact on your cities would be if, in fact, we did not have that money flowing in and those people found themselves in a destitute situation.
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January 25, 2010
So next month, the Middle Class Task Force is going to deliver its final report -- not final, its year-end report to the President.  And this afternoon, we're spotlighting some of the items in that report that the President is going to be including in the upcoming budget.  And these include, first of all, an expansion of the child tax credit.  Since 2000, child care costs have grown significantly faster than inflation and twice as fast -- twice as fast as the median income of families with children.  And that's why we're asking Congress to nearly double the credit for middle class families with incomes up to $85,000 and increase the credit for nearly every family making under $115,000.
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January 27, 2010
Now, let me repeat:  We cut taxes.  We cut taxes for 95 percent of working families.    We cut taxes for small businesses.  We cut taxes for first-time homebuyers.  We cut taxes for parents trying to care for their children.  We cut taxes for 8 million Americans paying for college. 
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January 27, 2010
The plan that has made all of this possible, from the tax cuts to the jobs, is the Recovery Act.    That's right -– the Recovery Act, also known as the stimulus bill.    Economists on the left and the right say this bill has helped save jobs and avert disaster.  But you don't have to take their word for it.  Talk to the small business in Phoenix that will triple its workforce because of the Recovery Act.  Talk to the window manufacturer in Philadelphia who said he used to be skeptical about the Recovery Act, until he had to add two more work shifts just because of the business it created.  Talk to the single teacher raising two kids who was told by her principal in the last week of school that because of the Recovery Act, she wouldn't be laid off after all.
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January 27, 2010
So tonight, I'm proposing that we take $30 billion of the money Wall Street banks have repaid and use it to help community banks give small businesses the credit they need to stay afloat.   I'm also proposing a new small business tax credit -– one that will go to over one million small businesses who hire new workers or raise wages.    While we're at it, let's also eliminate all capital gains taxes on small business investment, and provide a tax incentive for all large businesses and all small businesses to invest in new plants and equipment. 
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January 27, 2010
We should put more Americans to work building clean energy facilities -- and give rebates to Americans who make their homes more energy-efficient, which supports clean energy jobs.    And to encourage these and other businesses to stay within our borders, it is time to finally slash the tax breaks for companies that ship our jobs overseas, and give those tax breaks to companies that create jobs right here in the United States of America. 
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January 27, 2010
To make college more affordable, this bill will finally end the unwarranted taxpayer subsidies that go to banks for student loans.    Instead, let's take that money and give families a $10,000 tax credit for four years of college and increase Pell Grants.    And let's tell another one million students that when they graduate, they will be required to pay only 10 percent of their income on student loans, and all of their debt will be forgiven after 20 years –- and forgiven after 10 years if they choose a career in public service, because in the United States of America, no one should go broke because they chose to go to college. 
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January 27, 2010
Now, the price of college tuition is just one of the burdens facing the middle class.  That's why last year I asked Vice President Biden to chair a task force on middle-class families.  That's why we're nearly doubling the child care tax credit, and making it easier to save for retirement by giving access to every worker a retirement account and expanding the tax credit for those who start a nest egg.  That's why we're working to lift the value of a family's single largest investment –- their home.  The steps we took last year to shore up the housing market have allowed millions of Americans to take out new loans and save an average of $1,500 on mortgage payments.
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January 27, 2010
At the beginning of the last decade, the year 2000, America had a budget surplus of over $200 billion.    By the time I took office, we had a one-year deficit of over $1 trillion and projected deficits of $8 trillion over the next decade.  Most of this was the result of not paying for two wars, two tax cuts, and an expensive prescription drug program.  On top of that, the effects of the recession put a $3 trillion hole in our budget.  All this was before I walked in the door. 
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January 27, 2010
We will continue to go through the budget, line by line, page by page, to eliminate programs that we can't afford and don't work.  We've already identified $20 billion in savings for next year.  To help working families, we'll extend our middle-class tax cuts.  But at a time of record deficits, we will not continue tax cuts for oil companies, for investment fund managers, and for those making over $250,000 a year.  We just can't afford it. 
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January 27, 2010
From some on the right, I expect we'll hear a different argument -– that if we just make fewer investments in our people, extend tax cuts including those for the wealthier Americans, eliminate more regulations, maintain the status quo on health care, our deficits will go away.  The problem is that's what we did for eight years.    That's what helped us into this crisis.  It's what helped lead to these deficits.  We can't do it again.
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January 28, 2010
The true engines of job creation here in America are America's businesses.  And there are several steps we can take to help them expand and hire new workers.  Last night I proposed taking $30 billion of the money that went to Wall Street banks but have now been repaid and use it to help community banks give small businesses the credit they need to stay afloat.    That will help.  I also proposed a new tax credit for more than 1 million small businesses that hire new workers or raise wages.  And while we're at it, I believe that we should eliminate all capital gains taxes on small business investment, and provide a tax incentive for all businesses to invest in new plants and equipment. 
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January 28, 2010
And by the way, this high-speed rail line is being funded by the Recovery Act.    And one other thing we can start doing for jobs here in America that I mentioned last night -- I talked about this all through the campaign.  We put this proposal in our budget, we keep on getting resistance, but we are going to keep on pushing to end tax breaks for companies that ship our jobs overseas and give those tax breaks to companies that create jobs right here in the United States of America.    It's the right thing to do.  It's the right thing to do.  It's the right thing to do. 
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January 28, 2010
Look, it's a very simply concept, this PAYGO.  It basically just says you got to pay as you go.    It's sort of how you live.  At least after you cut up those credit cards.    Basically, you want to start a new program?  Start a new program.  But you've got to end an old one that pays for it.  If you want to cut taxes, great, cut taxes.  But you've got to figure out how to fill the revenue that results when you lose that tax revenue.  So the idea is just honest accounting.  That's what's needed.
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January 28, 2010
Q    Many families are having to withdraw money from their 401(k)s.  Once this occurs, in addition to taxes there's a 10 percent penalty assessed.  Since the withdrawals are taking place due to hardship, families don't always have the money to pay the 10 percent and the penalties.  The interest then accrues until the day full payment is made.  The IRS recently made headlines after giving tax breaks to Citigroup.  Several months ago people with offshore accounts were given amnesty.  My question is, why is the IRS coming after the middle class, creating more stress for us?    And what is your plan to help resolve this?  And if Congress is unable to deal with the issue directly impacting the middle class, I'm happy to contribute my ideas. 
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January 29, 2010
Earlier this week, I spoke to Congress and the American people about the steps that we took to pull us out of this nosedive.  Through the Recovery Act, we cut taxes for 95 percent of working families.  You guys may not have noticed it in your paychecks, but each month it's a little bit bigger because of those tax cuts that we put in.  Two million families just in this state of Maryland have benefited.
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January 29, 2010
Today, I'm proposing what I believe is the best way to cut taxes while promoting hiring by small businesses:  through a tax credit for companies that add workers or increase salaries this year.  Now is the perfect time for this kind of incentive because the economy is growing, but businesses are still hesitant to start hiring again.  The economy is growing, but job growth is lagging.  Companies are recovering but not yet taking that next step and taking on somebody full time.  And while businesses will always be the engines of job creation in this country, government can create the conditions for those businesses to expand and hire more workers.
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January 29, 2010
So here's how the tax credit would work.  Employers, like Terry, would get a tax credit of up to $5,000 for each and every employee that they add in 2010, and you would get a tax break for increases in salaries as well.  So if you raise wages for employees making under $100,000, we'd refund your payroll taxes for every dollar that you increase those wages faster than inflation.
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January 29, 2010
So this is a simple, easy to understand mechanism that will cut taxes for more than 1 million small businesses.  It'll give them an incentive to hire more people and a little bit of extra money to pay higher wages, to expand work hours, or invest in their company.  And in order to get this incentive working quickly, employers would actually be able to receive this money every quarter, as opposed to waiting a whole year to see it benefit their taxes.  So the Chesapeake Machine Company is a perfect example.  I understand, Terry, that you may be thinking about hiring a couple of new workers this year.  Well, this tax credit could help you do it and it would mean $5,000 per worker that you hire.
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January 29, 2010
Now, it's true that in some instances this tax credit will go to businesses that were going to hire folks anyway.  But then, it simply becomes a tax cut for small businesses that will spur investment and expansion.  And that's a good thing, too.  And that's why this type of tax cut is considered by economists -- who rarely agree on anything -- to be one of the most cost-effective ways of accelerating job growth, especially because we will include provisions to prevent people from gaming the system.  So, for example, you won't get a tax credit for doubling your workforce while cutting the hours of each worker in half.  We're not going to let you game the system to take advantage of the tax credit, unless you're doing right by your workers.
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January 29, 2010
The House of Representatives has passed a jobs bill that includes some of these proposals.  I expect the Senate to do the same.  I'm open to any good ideas from Democrats or Republicans.  In fact, several members of Congress have proposed tax breaks for businesses similar to what I've proposed, and I'm looking forward to working with them.  The key thing is it's time to put America back to work.   We've had two very tough years.  And while these proposals will create jobs all across America, we've got a long way to go to make up for the millions of jobs that we lost in this recession.  And I don’t have to tell folks in Baltimore that even before this recession hit, the middle class was facing real hardships:  stagnant incomes, rising costs, growing economic security [sic].  So rebuilding this economy and rebuilding -- and rebuilding it stronger than before -- will take time and it's going to take hard work and vigilance.
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January 29, 2010
There was an interesting headline in CNN today:  "Americans disapprove of stimulus, but like every policy in it."  And there was a poll that showed that if you broke it down into its component parts, 80 percent approved of the tax cuts, 80 percent approved of the infrastructure, 80 percent approved of the assistance to the unemployed.
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January 29, 2010
So, today, in line with what I stated at the State of the Union, I've proposed a new jobs tax credit for small business.  And here's how it would work.  Employers would get a tax credit of up to $5,000 for every employee they add in 2010.  They'd get a tax break for increases in wages, as well.  So, if you raise wages for employees making under $100,000, we'd refund part of your payroll tax for every dollar you increase those wages faster than inflation.  It's a simple concept.  It's easy to understand.  It would cut taxes for more than 1 million small businesses.
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January 29, 2010
Now we know you've come to Baltimore today and you've raised this tax credit, which was last promoted by President Jimmy Carter.  But the first question I would pose to you, very respectfully, , is would you be willing to consider embracing -- in the name of little David Carter, Jr. and his dad, in the name of every struggling family in this country -- the kind of across-the-board tax relief that Republicans have advocated, that President Kennedy advocated, that President Reagan advocated and that has always been the means of stimulating broad-based economic growth?
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January 29, 2010
The package that we put together at the beginning of the year, the truth is, should have reflected -- and I believe reflected what most of you would say are common sense things.  This notion that this was a radical package is just not true.  A third of them were tax cuts, and they weren't -- when you say they were "boutique" tax cuts, Mike, 95 percent of working Americans got tax cuts, small businesses got tax cuts, large businesses got help in terms of their depreciation schedules.  I mean, it was a pretty conventional list of tax cuts.  A third of it was stabilizing state budgets.
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January 29, 2010
Now, I say all this not to re-litigate the past, but it's simply to state that the component parts of the Recovery Act are consistent with what many of you say are important things to do -- rebuilding our infrastructure, tax cuts for families and businesses, and making sure that we were providing states and individuals some support when the roof was caving in.
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January 29, 2010
Now, the reason that I'm not proposing the discretionary freeze take into effect this year -- we prepared a budget for 2010, it's now going forward -- is, again, I am just listening to the consensus among people who know the economy best.  And what they will say is that if you either increase taxes or significantly lowered spending when the economy remains somewhat fragile, that that would have a destimulative effect and potentially you'd see a lot of folks losing business, more folks potentially losing jobs.  That would be a mistake when the economy has not fully taken off.  That's why I've proposed to do it for the next fiscal year.  So that's point number two.
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January 29, 2010
With respect to earmarks, we didn't have earmarks in the Recovery Act.  We didn't get a lot of credit for it, but there were no earmarks in that.  I was confronted at the beginning of my term with an omnibus package that did have a lot of earmarks from Republicans and Democrats, and a lot of people in this chamber.  And the question was whether I was going to have a big budget fight, at a time when I was still trying to figure out whether or not the financial system was melting down and we had to make a whole bunch of emergency decisions about the economy.  So what I said was let's keep them to a minimum, but I couldn't excise them all.
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January 29, 2010
CONGRESSMAN BLACKBURN:  Thank you, , and thank you for acknowledging that we have ideas on health care because, indeed, we do have ideas, we have plans, we have over 50 bills, we have lots of amendments that would bring health care ideas to the forefront.  We would -- we've got plans to lower cost, to change purchasing models, address medical liability, insurance accountability, chronic and preexisting conditions, and access to affordable care for those with those conditions, insurance portability, expanded access -- but not doing it with creating more government, more bureaucracy, and more cost for the American taxpayer.
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January 29, 2010
So my question to you is, when will we look forward to starting anew and sitting down with you to put all of these ideas on the table, to look at these lessons learned, to benefit from that experience, and to produce a product that is going to reduce government interference, reduce cost, and be fair to the American taxpayer? 
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January 29, 2010
You may not support our overall jobs package, but if you look at the tax credit that we're proposing for small businesses right now, it is consistent with a lot of what you guys have said in the past.  And just the fact that it's my administration that's proposing it shouldn't prevent you from supporting it.  That's my point.
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January 29, 2010
And what is true is that we came in already with a $1.3 trillion deficit before I had passed any law.  What is true is we came in with $8 trillion worth of debt over the next decade -- had nothing to do with anything that we had done.  It had to do with the fact that in 2000 when there was a budget surplus of $200 billion, you had a Republican administration and a Republican Congress, and we had two tax cuts that weren't paid for.
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February 18, 2010
Michael held an event out here recently where he was talking about fiscal discipline, and his 10 year old daughter, Caroline, came to watch.  There she is.  Wave.  Yes, there she is.    When she was born, America had a surplus.  But after two tax cuts, two wars, a prescription drug program, none of which were paid for, we faced a deficit of over $1 trillion and projected deficits of $8 trillion over the next decade.  That's all before my administration spent a single dollar.  Then you had the recession.  That's another $3 billion.  And then we did have to make sure that we were stimulating the economy, and that cost about a trillion [dollars] -- a fraction of the overall debt.
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February 19, 2010
We passed tax relief for small businesses and 95 percent of working families, for college students, for first-time homebuyers.  We extended or increased unemployment benefits not just to help those families but also to make sure that there was some demand in the economy at a time when so much demand had been lost.  We made health insurance 65 percent cheaper for families relying on COBRA.  We acted to close state budget gaps to prevent hundreds of thousands of teachers and public school workers and firefighters and police officers from being laid off all across the country, including right here in Nevada.
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February 19, 2010
So that's why Harry and I are working to provide tax breaks for small businesses to spur hiring.  That's why we're fighting for health insurance reforms to address the crushing cost of health insurance for small businesses and families.  And that's why we've continued to seek ways to address the home mortgage crisis, which has touched all parts of this country, but has hit Las Vegas particularly hard.
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February 19, 2010
So over the course of the past year, we've taken a number of steps to do just that.  We've provided a tax credit for 1.4 million taxpayers to help them buy their first homes.  We've made it possible for more than one million struggling homeowners to reduce monthly payments.  And combined with our broader efforts to spur growth, stem job losses, and stabilize the financial system, we've helped promote recovery in the housing markets.  In fact, in many markets, home values have begun to rebound.
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February 19, 2010
And the reason is, they think the Recovery Act is for banks and auto companies.  When you ask folks about what was actually in the Recovery Act, they think it's full of good ideas -- like tax cuts, like infrastructure investment, like unemployment relief.  That's what the Recovery Act was.  It was tax cuts for small business owners and 95 percent of you.  You may not have noticed -- 95 percent of you got a tax cut -- because of Harry Reid and because of the Recovery Act.    One million people in the state of Nevada.
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February 19, 2010
All of this -- from the tax cuts to the unemployment insurance to the jobs -- that was only possible because of Harry's leadership.  And as a result, our economy is growing again.  Almost two million Americans who would  otherwise be employed [sic] are working right now -- because of what Harry Reid did.    We're no longer staring into an economic abyss -- because of what Harry Reid helped to do.
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February 19, 2010
And that's why we're buying up vacant homes and converting them into affordable housing -- creating jobs, stemming our housing crisis, growing the local economy.    That's why last year, we put a tax credit worth thousands of dollars into the pocket of 1.4 million Americans to help them buy their first home -- first-time homebuyers credit.    That's why we're offering over one million struggling homeowners lower monthly payments through our loan modification initiative.
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February 19, 2010
It is true that if we continue on the current path with Social Security, if we did nothing on Social Security, that at a certain point, in maybe 20 years or so, what would happen is that you start seeing less money coming into the payroll tax, because the population is getting older so you've got fewer workers, and more people are collecting Social Security so more money is going out, and so the trust fund starts dropping.
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February 19, 2010
But the fixes that are required for Social Security are not huge, the way they are with Medicare.  Medicare, that is a real problem.  If we don't get a handle on it, it will bankrupt us.  With Social Security, we could make adjustments to the payroll tax.  For example -- I'll just give you one example -- right now, your Social Security -- your payroll tax is capped at $109,000.  So what that means is, is that -- how many people -- I don't mean to pry into your business, but how many people here make less than $109,000 every year?    All right, this is a pretty rich audience -- a lot of people kept their hands down.    I'm impressed. 
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February 19, 2010
No, look, what it means is basically for 95 percent of Americans, they pay -- every dollar you earn, you pay into the payroll tax.  But think about that other 5 percent that's making more than $109,000 a year.  Warren Buffett, he pays the payroll tax on the first $109,000 he makes, and then for the other $10 billion -- he doesn't pay payroll tax.
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February 19, 2010
So what we've said is, well, don't we -- doesn't it make sense to maybe have that payroll tax cut off at a higher level, or have people -- maybe you hold people harmless till they make $250,000 a year, but between $250,000 and a million or something, they start paying payroll tax again -- just to make sure that the fund overall is solvent.
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February 22, 2010
This all goes hand in hand with our efforts to give every American a complete and competitive education.  We are making college more affordable by increasing Pell Grants, we're continuing a new $2,500 tax credit for four years of college tuition, we are working to ease graduates’ debt burdens, because I believe and I think you do too that nobody should go broke because they decided to go to college.  We’ve provided the resources to effectively implement the Post-9/11 GI Bill, because every returning soldier should have the chance to begin a new life prepared for the new economy.
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February 24, 2010
Over the last year, we’ve worked together on a number of issues –- from economic recovery and tax policy to education and to health care.  And more often than not, we’ve found common ground.  This is important, because we meet at a time, as all of you are aware, a time of great economic anxiety and sharp political divisions.  We’re still emerging from the worst economic crisis since the Great Depression.  Eight million Americans have lost their jobs over the last two years.  Home values in too many parts of the country have plummeted.  And too many businesses are still reluctant to invest and expand.
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February 24, 2010
If we don't pass financial reform, we can expect more crises in the future of the sort that we just saw.  On the other hand, if we design the new rules carelessly, they could choke off the supply of capital to businesses and families.  If we allow our safety net to be weakened, or lose a sense of fairness in our tax code, then we can expect more anger and frustration from citizens across the political spectrum.  And at the same time, if an exploding entitlement state is gobbling up more and more of our tax dollars, there's no way we'll retain our competitive edge.
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February 24, 2010
But we need to do more.  We should make it easier for small businesses to get loans, and give them a tax credit for hiring new workers or raising wages.  We should invest in infrastructure projects that lead to new jobs in the construction industry and other hard-hit businesses.  And we should provide a tax incentive for large businesses like yours to invest in new plants and equipment.  That would make a difference now.
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February 24, 2010
But here's the larger point that I'm trying to make.  The steps we took last year were about saving the economy from collapse, not about expanding government's reach into the economy.  The jobs bill working through Congress right now are similarly designed to be targeted and temporary.  And I'm pleased that a few hours ago the Senate just passed a series of tax cuts for small businesses that hire more workers.  This is an important step forward in putting more Americans back to work as soon as possible.
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February 24, 2010
To spur the discovery of services and products and industries we have yet to imagine, we're devoting more than 3 percent of our GDP to research and development -– an amount that exceeds the level achieved at the height of the space race.  We've also proposed making the research and experimentation tax credit permanent –- a tax credit that helps companies like yours afford the high costs of developing new technologies and new products.
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February 24, 2010
During the campaign, I promised a tax cut for 95 percent of working Americans.  I kept that promise.  We've provided over $150 billion in tax cuts to small businesses and to families.  We haven't raised anybody's income taxes by a single dime.  This year, I expect to sign into law another $70 billion worth of business tax cuts for 2010 and 2011 -– a more than 10 percent cut in corporate taxes.  Now, that may not jibe with what you're hearing or what you're reading, but those are the facts.  They're indisputable.
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February 25, 2010
No one has said -- I read what the President has online -- no one has talked about reconciliation but that's what you folks have talked about ever since that came out, as if it's something that has never been done before.  Now, we as leaders here, the Speaker and I, have not talked about doing reconciliation as the only way out of all this.  Of course it's not the only way out.  But remember, since 1981 reconciliation has been used 21 times.  Most of it has been used by Republicans, for major things, like much of the Contract for America, Medicare reform, the tax cuts for rich people in America.  So reconciliation isn't something that's never been done before.
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February 25, 2010
Now, what do I mean when I say that?  Well, first off, the bill has 10 years of tax increases, about half a trillion dollars, with 10 years of Medicare cuts, about half a trillion dollars, to pay for six years of spending.  Now, what's the true 10-year cost of this bill in 10 years?  That's $2.3 trillion.
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February 25, 2010
It does a couple of other things.  It takes $52 billion in higher Social Security tax revenues and counts them as offsets, but that's really reserved for Social Security.  So either we're double-counting them or we don't intend on paying those Social Security benefits.  It takes $72 billion and claims money from the CLASS Act -- that's the long-term care insurance program.  It takes the money from premiums that are designed for that benefit and instead counts them as offsets.  The Senate Budget Committee chairman said that this is a Ponzi scheme that would make Bernie Madoff proud.
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February 25, 2010
We can have an honest disagreement as to whether we should try to give some help to those 27 million people who don't have coverage.  And so that's I think the last aspect of this, and this is probably going to be the most contentious because there is no doubt that providing those tax credits to families and small businesses costs money.  And we do raise revenues in order to pay for that.  And it may be that the other side just feels as if, you know what, it's just not worth us doing that.
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February 26, 2010
Now, it is absolutely true -- and I think this is important to get on the table, because we dance around this sometime -- in order to help the 30 million, that's going to cost some money.  And the primary way we do it is to say that, for example, people who currently get all their income in capital gains and dividends, they don't pay a Medicare tax, even though the guy who cleans the building for them does on his salary or his wages.
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March 23, 2010
I heard from Ryan Smith, who’s here today, and runs a small business with five employees.  He is trying to do the right thing, paying for half of the cost of coverage for his workers.  But as his premiums keep on going up and up and up, he’s worried he’s going to have to stop offering health care for his people.  But because of this bill he is now going to be getting tax credits that allow him to do what he knows is the right thing to do -- and that's going to be true for millions of employers all across America. 
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March 23, 2010
This year, we’ll start offering tax credits to about 4 million small businesses to help them cover the cost of coverage.  And that means that folks like Ryan will immediately get a tax break so that he can better afford the coverage he’s already providing for his employees.  And who knows, because of that tax break, he may decide to hire a couple more folks in his small business -- because of this legislation. 
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March 25, 2010
And meanwhile, there are a set of reforms that begin to take into effect this year, so I want to talk about this.  This year, millions of small business owners will be eligible for tax credits that will help them cover the cost of insurance for their employees.    This year, millions of small businesses will benefit.
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March 25, 2010
So starting now, small business owners like Ryan and the folks at Prairie Light, they’re going to have the security of knowing that they’ll qualify for a tax credit that covers up to 35 percent of their employees’ health insurance.    Starting today, starting today, small business owners -- so starting today, small business owners can sit down at the end of the week, look at their expenses, and they can begin calculating how much money they’re going to save.  And maybe they can even use those savings to not only provide insurance but also create jobs.  This health care tax credit is pro-jobs, it is pro-business, and it starts this year, and it’s starting because of you. 
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March 25, 2010
If these congressmen in Washington want to come here in Iowa and tell small business owners that they plan to take away their tax credits and essentially raise their taxes, be my guest.  If they want to look Lauren Gallagher in the eye and tell her they plan to take away her father’s health insurance, that’s their right.  If they want to make Darlyne Neff pay more money for her check-ups, her mammograms, they can run on that platform.  If this young man out here thinks this is a bad bill, he can run to repeal it.  If they want to have that fight, we can have it.  Because I don’t believe that the American people are going to put the insurance industry back in the driver’s seat.  We’ve already been there.  We're not going back.  This country is moving forward. 
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April 27, 2010
And by the way, one of those steps was called the Recovery Act.  And I want everybody to understand here’s what it did.  First of all, one-third of it was tax cuts.  We cut taxes for small businesses -- (applause.)  So one-third -- when you hear of the Recovery Act, I want you to understand a third of that went to tax cuts for small businesses, for first-time homebuyers -- some of you have been first-time homebuyers and gotten that $8,000 credit -- for students and parents who were paying for college.  And we cut taxes for 95 percent of working Americans -– 1.1 million working families here in Iowa -– because that’s what I told you I’d do during the campaign.
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April 27, 2010
And that investment was all part of the Recovery Act.  This facility took advantage of that act’s Advanced Energy Manufacturing Tax Credit, and we were just talking -- Robert and I were talking about the fact that part of what’s allowed us to have these new platforms and these new molds is this tax credit. It allowed you to add equipment and boost output and hire new workers right here in Fort Madison.
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April 28, 2010
So we took these steps to get America back on its feet.  We aimed tax relief right at the middle class, the cornerstone of the American Dream.  We made sure that we cut taxes for 95 percent of working families, put money in their pockets because they were experiencing hard times -- fewer hours or somebody in the family being laid off, making sure that they could still buy groceries and pay the bills to keep the economy afloat.
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April 28, 2010
I didn’t say lie, but -- they will tell stories about what’s going on.  So let me just be very clear in terms of what we’re proposing on financial reform.  First -- and I know this is important to you because it’s important to me -- we’re going to make sure the American taxpayer is never again on the hook when a Wall Street firm fails.  Never again.    We don’t want to see another bailout.  That’s what this reform does.
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May 25, 2010
Last year, we enacted seven tax cuts for America’s small businesses, as well as Making Work Pay tax credits that go to the vast majority of small business owners.  So far, the Recovery Act has supported over 64,000 loans to small businesses -- more than $27 billion in new lending.  More than 1,200 banks and credit unions that had stopped making SBA loans when the financial crisis hit are lending again today.  And more than $8 billion in federal Recovery Act contracts are now going to small businesses.
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May 25, 2010
So that’s why I’m calling on Congress to pass small business jobs -- a small business jobs package as soon as possible.  This legislation should ensure that creditworthy small business owners can get the capital they need to expand and create jobs.  It should include needed tax relief, like our proposal to completely eliminate capital gains taxes for those making key long-term investments in small businesses.  It should include expansions of vital Small Business Administration loan programs that are needed now more than ever.  And it should include two important lending initiatives that I recently sent to Congress.
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May 26, 2010
Where was I?    I was going down Memory Lane.    So, we ended up initiating a series of steps -- the largest investment in clean energy in our history.    Restoring the primacy of science and investing in research and development, the largest investment in infrastructure since Eisenhower built the Interstate Railway System.    The largest investment in education by the federal government in our history.    The most progressive -- the most progressive tax cut in our history to restore a sense of fairness to our tax system.    Help for states so that they didn't have to lay off teachers and firefighters and police officers, including right here in California. 
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May 26, 2010
Tesla is joining with Toyota in a venture to put a thousand skilled workers back to work manufacturing an all-electric car.    And this is only the beginning.  We’re investing in advanced battery technologies to power plug-in hybrid cars.  In fact, today in Tennessee there’s a groundbreaking for an advanced battery manufacturing facility that will generate hundreds of jobs.  And it was made possible by loans through the Department of Energy, as well as tax credits and grants to increase demand for these vehicles.
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June 30, 2010
In Washington, nearly a decade of tax breaks for millionaires and billionaires led to little more than sluggish growth, a shrinking middle class, your paychecks flat-lined.  Wages and incomes did not go up.  Even when the economy was growing, it wasn’t growing for you.  And for all the party’s moralizing about fiscal discipline, because it is true that part of what we inherited is a real significant problem in terms of spending at the federal level, the economic policies they put in place turned a $237 billion surplus into a $1.3 trillion deficit. 
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June 30, 2010
So already -- already we’ve provided entrepreneurs and small business owners with tax credits and loan guarantees that’s led to 720,000 clean energy jobs -- will lead to over 700,000 jobs in 2012.  These are good-paying, middle-class, American jobs.  I’ve seen them.  I’ve gone to wind turbine plants where they’re creating wind turbines, and gone to solar plants where they’re making the latest generation of solar panels.  And we’ve created an entire new advanced battery industry here in the United States.  So where we were only getting 2 percent of that market, we’re now going to be getting 40 percent of that market.  That was all done through the Recovery Act. 
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June 30, 2010
The interests of the status quo, they’re always going to have the most vocal defenders, the most powerful defenders.  There will always be lobbyists for the banks and the insurance industry that doesn’t want more regulation, for companies that would prefer to see tax breaks instead of more investment on infrastructure or education.  And let’s face it -- for some of us, just voters, the prospects of change are kind of scary, even when we know the status quo isn’t working for us.
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June 30, 2010
So we sent -- about $250 billion, about a third of that Recovery Act was in the form of tax cuts to all of you.  You may not have noticed it because it just went into your weekly paycheck.  But everybody here -- I won't say everybody because if you are really rich you might not have gotten one.  But 95 percent of workers, 95 percent of workers got a tax cut last year. 
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June 30, 2010
Now, the other reason that it has been -- it has generated some controversy is, for example, I just pointed out the fact that 95 percent of you got a tax cut and most of you didn’t know it.  Most of you didn’t know it.  Now, the reason you didn’t know it was because it turns out that economists will tell you if you give that tax break to people each time they get a paycheck, as opposed to in one lump sum, then they’re more likely to spend it, and that is a better way to stimulate the economy.  It wasn’t a good way to advertise the tax cut.  So if I had been just thinking politics I would have sent you one big check with my picture on it -- and said, here’s your tax cut. 
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June 30, 2010
But the problem is a lot of people don't have cash right now to make the investments.  So what we've said is, why don't we give everybody a tax credit to retrofit their homes.  That will help Home Depots and Lowe’s, where you’re buying the insulation or the new windows.  That will help a lot of these small construction companies that have been out of work -- they were doing remodeling on homes and now that business isn’t there -- give them a little bit of business.  All that would help stimulate the economy.
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July 22, 2010
This isn’t just about lines on a spreadsheet or numbers in a budget, because when we fail to spend people’s tax dollars wisely, that’s money that we’re not investing in better schools for our kids, or tax relief for families, or innovation to create new industries and new jobs. When government doesn’t work like it should, it has a real effect on people’s lives -– on small business owners who need loans, on young people who want to go to college, on the men and women who’ve served this country and are trying to get the benefits that they’ve earned. And when we continue to spend as if deficits don’t matter, that means our kids and our grandkids may wind up saddled with debts that they’ll never be able to repay.
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July 28, 2010
Now, all of this hasn’t been easy.  The recession has meant that folks are spending less.  It means that small businesses have had a tougher time getting credit and getting loans.  And that’s why when I took office, we put in place an economic plan specifically to help small businesses.  And we were guided by a simple idea:  Government can’t guarantee success, but it can knock down barriers that keep entrepreneurs from opening or expanding.  For example, the lack of affordable credit -- that’s something the government can do something about.  Government can’t replace the millions of jobs that we lost in the recession, but it can create the conditions for small businesses to hire more people through steps like tax breaks.
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August 16, 2010
So they said no to the small business tax cuts I talked about.  They said no to rebuilding infrastructure.  And they said no to clean energy projects.  They even voted against getting rid of tax breaks for shipping jobs overseas so we could give those tax breaks to companies that are investing right here in Wisconsin.
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August 17, 2010
And these ideas shouldn’t be Democratic or Republican ideas. They are common-sense ideas.  And yet, most of the Republicans in Congress voted no on just about every one of these policies.  Do you remember when I was running, we had a little slogan -- “Yes, we can.”  These guys’ slogan is, “No, we can’t.”    No on closing loopholes for companies that ship jobs overseas.  No on the tax cuts for small businesses.  No on the clean energy jobs.  No on the railroad and highway projects.
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August 17, 2010
And so that's what the choice in this election is going to be all about.  Tax policy is going to be a major issue next year.  The Democrats, Nancy, Chris, we want to stop giving tax breaks to companies that ship jobs overseas and give those tax breaks to companies that are creating jobs right here in the United States of America.  That's common sense.  
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August 17, 2010
And we’ve got a track record.  Right now we’ve got a bill pending to provide tax breaks, including the elimination of capital gains for small start-up businesses.  We’ve been debating this thing how long now?  Six months, a year.  And these guys still aren’t going for it.  The Chamber of Commerce is for it.    You know?  Now, they usually don’t side with me on a lot of things -- although they sided with me on the Recovery Act and they’ve conveniently forgot about that.
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August 17, 2010
And that’s why we’ve passed eight tax cuts for America’s small businesses.  Tax cuts for hiring unemployed workers.  Tax cuts for investing in new equipment.  As part of health insurance reform, 4 million small business owners recently received a postcard in their mailboxes telling them that they could be eligible for a health care tax credit worth perhaps tens of thousands of dollars.  And I know that Tiffany and her husband are looking now about the possibility, because of these incentives, to be able to maybe provide health insurance to their workers.  Under the Recovery Act, we supported nearly 700 -- nearly 70,000 new loans to small businesses like Joe’s, and we waived fees on new SBA loans so people like Joe save money -- up to $20,000 with the SBA arrangement that Joe had.
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August 17, 2010
Joe and Tiffany could tell you firsthand just how critical community banks are to helping small businesses grow and create jobs.  Well, this bill will help those banks access more capital so they can offer more small businesses the loans that they need.  It will make sure we continue to waive some of the fees for SBA-backed loans.  It will increase deductions small businesses can take for new equipment and other expenses.  And it will finally do what I’ve championed since I ran for President, and that’s eliminate capital gains taxes on investments in small businesses.
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August 17, 2010
Instead of giving tax breaks to companies that are shipping jobs overseas, we want to cut taxes for companies that create jobs right here in the United States of America.    We want to give tax cuts to small business owners.  We want to give tax breaks to clean energy companies.  We also want to make sure that we keep taxes low for middle-class families, and that’s why we cut taxes for 95 percent of workers right at the beginning of my term -- because they had been going through a tough time and they needed to have a chance to deal with this economic crisis.
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August 17, 2010
They’re coming back and basically peddling the same old snake oil they were peddling before.  They want to give tax breaks to folks who don’t need them and weren’t even asking for them.  They want to keep on giving tax breaks to companies that are shipping jobs overseas.  They want to deregulate, so that oil companies, for example, could drill with minimum oversight.  And they’re basically saying to most middle-class families, you’re on your own.
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August 17, 2010
Now, we’ve still got a lot of work to do.  The economy is stabilized, but it’s stabilized at a very weak level.  So Patty and I just had some lunch with some wonderful small businesspeople who were talking about how it’s still difficult for small businesses to access credit, which is why we’ve got initiatives in the Senate right now to make sure that small community banks are able to provide lending to small businesses. We want to cut taxes smartly -- so, for example, eliminating capital gains taxes on investments in start-up businesses.
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August 18, 2010
So all these things have made a difference.  But we still have got a long way to go.  And so a couple of things that we’re focused on right now is, number one, making sure that small businesses are getting help, because small businesses like Joe’s architectural firm are really the key to our economy.  They create two out of every three jobs.  And so we want to make sure that they’re getting financing.  We want to make sure that we are cutting their taxes in certain key areas.  One of the things that we’ve done, for example, is propose that we eliminate capital gains taxes on small businesses so that when they’re starting up and they don't have a lot of cash flow, that's exactly the time when they should get a break and they should get some help.
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August 18, 2010
We have 2 percent of the entire market -- 2 percent.  By 2015, in five years, we’re going to have 40 percent of that market because of the investments that we made.  So one of the advanced battery manufacturing plants that we helped get going with some key loans and support and tax breaks, they’re now putting those batteries into the Chevy Volt.  And you combine it then with an entire new U.S. auto industry that is cleaner and smarter and has better designs and is making better products -- those are potentially thousands, tens of thousands, hundreds of thousands, of manufacturing jobs.  And the Midwest is really poised to get a lot of those jobs.  In a town like Toledo where you’ve still got a lot of skilled workers, they are poised to be able to take off on that.  But we’ve got to continue to support it.
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August 18, 2010
Now, let me tell you, Florida, the United States of America, we do not play for second place.  We play for first place.    We’ve got to rebuild this economy stronger than it was before.  And at the center of that agenda are three powerful words:  “Made In America.”    We've got to start making things here in the United States.  Instead of giving tax breaks to companies that ship our jobs overseas, we’ve got to cut taxes for companies that create jobs right here in the United States of America.    We’ve got to give tax cuts to small business owners, and tax cuts to clean energy companies, and tax cuts to middle-class families -– which is what we did.  Ninety-five percent of American workers got a tax cut under my administration.  That was the right thing to do.  
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August 18, 2010
All these reforms will make America more competitive in the 21st century.  All these reforms are helping to move us forward. And on each of these reforms, we reached out to Democrats and Republicans for ideas and support.  But in just about every instance, almost every Republican in Congress said no.  They said no to help for small businesses.  They’re still saying no.  They said no on middle-class tax cuts.  This is supposed to be the party of tax cuts -- said no when it came to tax cuts for folks who needed them.  No on clean energy jobs right here in Ohio and across the country.  No on making college more affordable.  No on Wall Street reform.
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August 30, 2010
But we have to do more.  And there’s currently a jobs bill before Congress that would do two big things for small business owners:  cut more taxes and make available more loans.  It would help them get the credit they need, and eliminate capital gains taxes on key investments so they have more incentive to invest right now.  And it would accelerate $55 billion of tax relief to encourage American businesses, small and large, to expand their investments over the next 14 months.
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September 22, 2010
That’s not what they’re doing.  Here’s an illustration.  A while back, they set up a website where they asked Americans to “speak out” and offer their ideas about -- offer their ideas about how to get the economy moving again.  Well, it turns out that one of the most popular ideas, posted on their website -- this is not -- I’m not making this up -- is ending tax breaks for corporations that ship jobs overseas and giving those tax breaks to companies that invest here in the United States of America.  A sensible idea.
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September 22, 2010
Over the last 19 months, we’ve closed several of these tax loopholes.  Over the next two years, we’ll fight to give tax breaks to companies that actually create jobs within our borders -- to small businesses, to clean energy companies, to American manufacturers, to entrepreneurs that are researching and investing and innovating right here in the United States of America.  That's who we want to help.  That's the choice in this election. 
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September 22, 2010
Over the last 19 months, we’ve passed a new college tax credit worth $10,000 in tuition relief for each child going to four years of college.  We want to make that permanent, too -- because in good times or bad, no family should have to stop investing in their children’s future.  That's what we believe.  That's what we stand for as Democrats.  Those are our priorities.  That's the choice in this election. 
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September 27, 2010
I mean, you’ve got a situation right now where the Republicans put out their Pledge to America that says we’re going to give $4 trillion worth of tax breaks, $700 billion of those going to millionaires and billionaires, each of whom would get on average a $100,000 check.  And to even pay for part of that, we’re going to cut all the improvements that we just talked about making on student loans, so that 8 million young people would see less support on student loans.  We’d cut back our education assistance through the higher education by 20 percent.  Well, that's a big choice.  That has big consequences.
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September 27, 2010
So one of the things that I can do to help is to make sure that the economy is growing, states then are taking in more tax revenue, and if states are taking in more tax revenue, then they don't have to try to pass on increased costs to students because they can maintain levels of support to institutions of higher learning.
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September 28, 2010
Their number one economic priority is retaining $700 billion tax breaks to the wealthiest 2 percent of the country -- millionaires and billionaires mostly. We’d have to borrow the $700 billion because we don’t have it. We’ve got these deficits and debt. So we’d have to borrow the $700 billion from China or the Saudis or whoever is buying our debt, and then we’d pass off on average $100,000 check to people who are making a million dollars up to more than a billion dollars.
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September 28, 2010
Now, what we’ve also done is on the tax side we have said that for companies that are starting up, small businesses that are starting up, we’re going to give them a whole bunch of tax breaks. If you decide that you have to build a new oven, and you haven’t been sure -- should you invest in it this year, should you put it off, it’s kind of expensive -- well, we’re giving you incentives to go ahead and buy that oven this year and put it in. And it will be cheaper for you because you can essentially take -- you can write off the business expenses of purchasing that oven this year a lot faster than you would have otherwise been able to do. So that’s an example of just one of the kinds of tax cuts that are provided in this bill.
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September 28, 2010
There are tax breaks right now for health care. I don’t know if you’re providing health care for your employees. It’s oftentimes very hard for restaurants, who are operating on pretty slim margins, to provide health insurance for their employees, but what we’re doing now is because of health reform, we’ll pay up to a third of the cost to your premiums in the form of tax credits so that it’s much more affordable, much cheaper for you to be able to provide health insurance for your employees.
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September 28, 2010
So we’ve got a whole basket of tax cuts and lending assistance to small businesses. And the reason this is so important is because small businesses create the majority of new jobs in this country. Big businesses are very important, too, and we’re trying to encourage them obviously to do more to invest. They actually have a lot of money right now. It’s just they’re sitting on the sidelines with it instead of investing it, and we’ve got to encourage them to invest more.
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September 28, 2010
Now, we’ve still got a ways to go, but this is again an example of where, come November, we’ve got to start making some choices because if, for example, we give tax breaks to millionaires and billionaires that cost us $700 billion that we don’t have, that money has to come from somewhere. And we’ve got to be able to provide for our veterans. I’d rather choose veterans. I’d rather choose these young people who are looking for scholarships.
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September 29, 2010
And I just want to use as an example the proposal that they put forward with respect to tax policy.  They want to borrow $700 billion to provide tax cuts for the top 2 percent of Americans, people making more than $250,000 a year.  It would mean an average of a $100,000 check to millionaires and billionaires.  That’s $700 billion we don’t have, so we’d either have to borrow it, which would add to our deficit, or we’d have to cut -- just to give you an example, about 20 percent of the amount of money that we spend on education.  We’d have to cut investments we’ve made in clean energy.  We’d have to cut investments we’ve made in Head Start.  We’d have to cut improvements in terms of student loans for kids going to college that would affect about 8 million kids.
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September 29, 2010
The other thing that we did was we said if you’re a lot of people who don’t have health insurance, it’s because they work for small businesses, who have trouble affording health insurance, because they’re not part of a big pool -- they’re not like a big company that has thousands of employees and they can negotiate because the insurance companies really want their business -- so what we said was let’s provide tax breaks to small businesses so they can -- they’re more likely to buy health insurance for their employees.  And right now about 4 million businesses across the country are now getting a tax break, a tax credit, if they provide health insurance for their employees, that can save them tens of thousands of dollars.  So that’s the second thing.
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September 29, 2010
Now, with respect to the debate that’s now taking place on the Bush tax cuts, keep in mind that what we’ve proposed is to extend the Bush tax cuts for all income up to $250,000.  So it’s not just sort of the person who is making $60,000 who would get a tax break or who is making $100,000 who would make a tax break -- who would get a tax break.  If you’re making $300,000, you’d still get a tax break on the first $250,000 worth of income.  You’d pay a slightly higher rate on the $50,000 above that.  If you make half a million dollars, you’d still be having tax relief on the first half of your income.  On the other half above $250,000, you’d have a slightly higher rate -- a rate, by the way, that is back to the level it was under Bill Clinton, at a time when there were a lot of small businesses and, in fact, the economy was doing much better.
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September 29, 2010
And that’s what happened in the Bush tax cuts in 2001 and 2003.  We lopped off taxes, and we did not pay for it.  And that is the single largest contributor to the debt and the deficit.  It’s not anything that we did last year in emergency spending.  It’s not the auto bailout.  It’s not the health care bill.  That’s not what’s added to our deficit.  The single biggest reason that we went from a surplus under Bill Clinton to a deficit of record levels when I walked into office had to do with these Bush tax cuts, because they weren’t paid for and we didn’t cut anything to match them up.
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September 29, 2010
And I think -- when I talk to a lot of businesses, they just don’t want super high rates of the sort that existed before Ronald Reagan came into office.  And I’m very sympathetic to that.  And on capital gains and dividends, for example, we want to keep those relatively level.  We don’t want -- I would like to see a lower corporate tax rate.  But the way to do that is to eliminate all the loopholes, because right now on paper we’ve got a high corporate tax rate.  But in terms of what people actually pay, they’ve got so many loopholes that they’ve larded up in the tax code, that effectively they pay very low rates.
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September 29, 2010
The single most important thing I can do to drive the poverty rate down is to grow the economy.  What has really increased poverty is folks losing their jobs and being much more vulnerable.  So everything we can do to provide tax breaks for small businesses that are starting up, to make sure that we are encouraging -- for example, trying to accelerate investment in plants and equipment this year, and letting people write it off more quickly so that companies that are on the sidelines that are thinking about investing, they say, you know what, why don’t we go ahead and take the plunge now and start hiring now, instead of later -- all that can make a big difference in terms of growing the economy, reducing the unemployment rate.  That’ll reduce the poverty rate.
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October 22, 2010
So if we give them the keys back, they’ll keep giving tax breaks to companies that ship jobs overseas.  I want to give tax breaks.  Barbara wants to give tax breaks.  We already have -- to companies that are investing right here in the United States of America, to small businesses and American manufacturers and clean energy companies that are building solar panels and wind turbines and electric cars right here in the United States of America with American workers.  That’s the choice in this election.  That’s what we’re about. 
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October 22, 2010
This election is a choice. And if we give them the keys -- which will happen if you don’t vote -- they’ll keep giving tax breaks to companies that ship our jobs overseas.  We want to give tax breaks to companies that create jobs right here in the United States -- to small businesses and American manufacturers and clean energy companies.    Because I don’t want wind panels and -- wind turbines and solar panels and electric cars made in Europe or Asia.  I want them built right here in the United States -- by American workers here in the United States of America.  That's the choice in this election.
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October 22, 2010
We want tax cuts to middle-class families.  We don't want special interests back in shotgun.  You know, the other side has already promised to roll back Wall Street reform, roll back health insurance reform.  We refuse to make that happen.  We want to make sure that insurance companies can’t deny you coverage when you get sick.  We want to make sure that the law we passed to make sure that you can stay on your parents’ health insurance till you’re 26 years old, that that remains the law of the land.
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October 23, 2010
If you give the other side the keys, the other side will keep giving tax breaks to companies that ship jobs overseas.  Mark and I, we want to give tax breaks to companies that are investing right here in Minnesota, right here in the United States -- in small businesses and American manufacturers.   We want to invest in clean energy companies -– because I don’t want solar panels and wind turbines and electric cars built in Europe or built in Asia.  I want them built right here in America, with American workers.  That’s the choice in this election.
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October 23, 2010
If we give them the keys, here’s their big economic idea.  This is their big job plan -- is to cut taxes for the top 2 percent.  It will cost $700 billion.  It will be an average $100,000 check for millionaires and billionaires -- 98 percent of folks would not see any of this money from this tax break.  And to pay for it we’d have to borrow money from China -- oh, and by the way, we’d also have to cut education spending by 20 percent.   AUDIENCE:  Booo --
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October 23, 2010
Right now the Republican agenda, what they call the Promise for America, they want to cut education spending by 20 percent in order to pay for $700 billion worth of tax cuts that would only go to the top 2 percent.  We don't have the $700 billion.  We’d have to borrow from China to pay for it, and in part to pay for a tiny amount of that tax cut they would cut education by 20 percent.
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October 25, 2010
We’ve passed tax cuts for hiring back unemployed workers. We’ve passed tax cuts for investing in new equipment. There are 4 million small businesses right now that are poised to get a tax break of up to 35 percent of the premiums they pay if they are providing health insurance to their employees -- and that’s a tax break that can free up tens of thousands of dollars to upgrade facilities, buy new equipment, or hire a few new workers.
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October 25, 2010
The law also accelerates $55 billion in new tax cuts for businesses both large and small that make job-creating investments over the next year. It eliminates capital gains taxes on key new investments made in small businesses until the end of this year. It dramatically increases the amount small businesses can write off on new equipment investments -- and we want to do more, so that you can write it all off. These are tax cuts that can help America -- help businesses like American Cord and Webbing that are making new investments right now. And it can help create jobs.
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October 25, 2010
And we’ve passed tax cuts and provided them additional financing so they can hire more workers.  But you know what?  We’ve still got a long way to go.  We know we do. There are a lot of people hurting out there.  There are a lot of folks who have been looking for work for months and still can’t find it.  A lot of families still hanging on by a thread.
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October 25, 2010
If we give the other side the keys to the car, you know what they're going to do?  They're going to keep on giving tax breaks to companies that ship jobs overseas.  I believe in tax breaks for companies like the one that I just visited, companies that are investing here in the United States, small businesses, American manufacturers, clean energy companies. 
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October 26, 2010
And that means choices.  And so when you’ve got the other party saying, let’s provide $700 billion worth of tax cuts to the top 2 percent -- so, many of the people in this room, those of us who don’t need it and aren’t asking for it and are not going to be making different decisions as a consequence of it -- and we don’t have this $700 billion, so we’d have to borrow it from China or Saudi Arabia or others, and when you’ve got the other side in their “Pledge to America” saying that a portion of this will be paid for by cutting education by 20 percent, at a time when we know that the biggest determinant of our success is going to be how well our workforce is educated, that’s the choice that makes this election so absolutely critical.
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October 29, 2010
We don't want to keep giving tax breaks to companies that ship jobs overseas. We want to give tax breaks to companies that are investing right here in Charlottesville, right here in Virginia, to small businesses and American manufacturers and clean energy companies. I don't want solar panels and wind turbines and electric cars made in Europe or made in Asia. I want them made here in the United States of America with American workers. That's the choice in this election.
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October 29, 2010
We won't do it by putting the burden on our children or our seniors or our veterans or our middle-class families. We won’t do it by borrowing another $700 billion to give tax cuts to folks who don't need them and weren’t even asking for them. We’ll do it by asking for shared sacrifice from all Americans. That's how we do things in America. That's the choice in this election.
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October 29, 2010
Since I took office, we’ve cut taxes for small businesses 16 times -- 16 different tax cuts for small businesses.  Instead of providing tax breaks for companies that are shipping jobs overseas, we’re giving tax breaks to encourage companies to invest right here in the United States of America -- in small businesses, in clean energy firms, in manufacturers, in businesses like this one.  And we’ve taken steps to expand lending to small businesses, which, even with good credit, continue to have difficulty borrowing the capital they need to grow.
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October 29, 2010
So what I want to do to accelerate this recovery is to allow businesses of all sizes to immediately deduct the entire cost of these investments -- 100 percent -- all next year, through the end of 2011.  And that means that business owners like Bob who decide to upgrade their plants, upgrade their equipment -- that means that they are able to write off immediately that depreciation in one year.  And that means that they're going to have additional money to invest in workers and in other plants and equipment.
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October 29, 2010
So let’s just take the example of Stromberg.  Let’s say that a similar business is thinking about buying $1 million worth of additional shop equipment next year.  Typically, the business might only be able to deduct the value of that new equipment over the course of several years.  Under this proposal, a business like this one would be able to deduct all $1 million next year.  That accelerates hundreds of thousands of dollars in tax cuts -- real money that business can use to expand or hire new workers.
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October 31, 2010
THE VICE PRESIDENT:  This is real, though.  This is not just political theater.  They don't think we should be giving tax credits for renewable energy so that you can make the windmills and solar panels and lithium ion batteries right here in Ohio, and hire thousands and thousands of Ohioans.    They don't think we should provide the tax breaks to middle-class families to help send their kids to this great university.  They don't think that's -- literally, that's what we're doing.  But they don't think we should. And as a matter of fact, they don't even want to make the middle-class tax cuts permanent -- unless  -- unless we provide $700 billion in tax cuts to their wealthy friends, increasing the burdens of the debt $700 billion.
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November 23, 2010
I'll give you an example -- on taxes.  Next year, taxes are set to go up for middle-class families unless Congress acts.  If we don’t act by the end of the year, a typical middle-class family will wake up on January 1st to a tax increase of $3,000 per year.   So, in the next few weeks, I’m asking Congress to take up this issue.  The last thing we can afford to do right now is raise taxes on middle-class families.    If we allow these taxes to go up, the result would be that a lot of people most likely would spend less, and that means that the economy would grow less.  So we ought to resolve this issue in the next couple of weeks so you’ve got the assurance that your taxes won’t go up when that clock strikes midnight.
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December 17, 2010
We are here with some good news for the American people this holiday season.  By a wide bipartisan margin, both Houses of Congress have now passed a package of tax relief that will protect the middle class, that will grow our economy, and will create jobs for the American people.  Not only do I want to thank all the leaders here today, but I want to thank mayors and governors from across the country who couldn’t be here today, and all who worked together to get this done.
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December 17, 2010
I refused to let that happen.  And because we acted, it’s not going to.  In fact, not only will middle-class Americans avoid a tax increase, but tens of millions of Americans will start the New Year off right by opening their first paycheck to see that it’s actually larger than the one they get right now.  Over the course of 2011, 155 million workers will receive tax relief from the new payroll tax cut included in this bill -– about $1,000 for the average family.
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December 17, 2010
This is real money that’s going to make a real difference in people’s lives.  And I would not have signed this bill if it didn’t include other extensions of relief that were also set to expire -– relief that’s going to help families cover the bills, parents raise their children, students pay for college, and business owners to take the reins of the recovery and propel this economy forward.
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December 17, 2010
Twelve million families with 24 million children will benefit from extensions of the Earned Income Tax Credit and the Child Tax Credit.  And when combined with the payroll tax cut, 2 million American families who otherwise would have lived in poverty next year will instead be lifted out of it. 
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December 17, 2010
Now, candidly speaking, there are some elements of this legislation that I don’t like.  There are some elements that members of my party don’t like.  There are some elements that Republicans here today don’t like.  That’s the nature of compromise -– yielding on something each of us cares about to move forward on what all of us care about.  And right now, what all of us care about is growing the American economy and creating jobs for the American people.  Taken as a whole, that’s what this package of tax relief is going to do.  It’s a good deal for the American people.  This is progress.  And that’s what they sent us here to achieve.
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December 17, 2010
And I stand here today to say, in my view, our fight has paid off.  Most economists, many of whom are in this room, will tell you this plan will grow our economy in the next year.  And it’s going to help millions of families keep their jobs, if they have one, and keep their unemployment benefits if they don’t, and keep their tax relief, and keep their kids in school as well.
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January 25, 2011
For example, over the years, a parade of lobbyists has rigged the tax code to benefit particular companies and industries.  Those with accountants or lawyers to work the system can end up paying no taxes at all.  But all the rest are hit with one of the highest corporate tax rates in the world.  It makes no sense, and it has to change. 
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January 25, 2011
The bipartisan fiscal commission I created last year made this crystal clear.  I don’t agree with all their proposals, but they made important progress.  And their conclusion is that the only way to tackle our deficit is to cut excessive spending wherever we find it –- in domestic spending, defense spending, health care spending, and spending through tax breaks and loopholes. 
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January 25, 2011
And if we truly care about our deficit, we simply can’t afford a permanent extension of the tax cuts for the wealthiest 2 percent of Americans.    Before we take money away from our schools or scholarships away from our students, we should ask millionaires to give up their tax break.  It’s not a matter of punishing their success.  It’s about promoting America’s success. 
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January 26, 2011
The jobs you’re creating here, the growth you’ve achieved have come I know through hard work and ingenuity and a single-minded focus on being the best at what you do.  But I think it’s important because this is part of what I talked about last night when I said that all of us as a country -- that America, that our government has to invest in innovation.  It’s important to remember that this plant, this company has also been supported over the years not just by the Department of Agriculture and the Small Business Administration, but by tax credits and awards we created to give a leg up to renewable energy companies. 
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February 14, 2011
I’m also looking forward to working with members of both parties to take steps beyond this budget freeze -– because cutting annual domestic spending won’t be enough to meet our long-term fiscal challenges.  As the bipartisan fiscal commission concluded, the only way to truly tackle our deficit is to cut excessive spending wherever we find it -– in domestic spending, defense spending, health care spending, and spending through tax breaks and loopholes.  So what we’ve done here is make a down payment, but there’s going to be more work that needs to be done, and it’s going to require Democrats and Republicans coming together to make it happen.
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February 18, 2011
In a world that is more competitive than ever before, it’s our job to make sure that America is the best place on Earth to do business.  Now, part of that requires knocking down barriers that stand in the way of a company’s growth, which is why I’ve proposed lowering the corporate tax rate and eliminating unnecessary regulations.  It also requires getting our fiscal house in order, which is why I’ve proposed a five-year spending freeze that will reduce the deficit by $400 billion.  That's a freeze that will bring our annual domestic spending to its lowest share of the economy since Eisenhower was President.
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February 18, 2011
Now, to really get our deficit under control we’re going to have to do more.  And I want to work with both parties to find additional savings and get rid of excessive spending wherever it exists, whether it’s defense spending or health care spending or spending in the tax code, in the form of loopholes.
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February 18, 2011
To ensure that higher education is within the reach of every American, we extended -- we put an end to unwarranted taxpayer subsidies that used to go to banks, and we put the savings towards making college more affordable for millions of students.  And this year, we want to make permanent our tuition tax credit, which is worth $10,000 for four years of college.
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February 22, 2011
And my recommendation to you, , would be that if you could figure out a way to change the tax policy so that when people invest in small businesses, perhaps the capital gains on an investment would perhaps be not taxed.  Let’s say if you put in $10,000 or $20,000, if you doubled your investment the first $20,000 would be --
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February 22, 2011
MS. MILLS:  Well, in fact, in the set of tax cuts that the President enacted -- the 17 tax cuts -- I want to make sure you all, when you do your taxes, make sure you ask about the 17 tax cuts because it’s money back in your pocket.  One of them is if you invest in a small business, certain criteria, you don’t pay capital gains.  You don’t pay capital gains.
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February 22, 2011
But we also heard from you about some important ideas.  For example, right now we’re already giving a tax break, zero percent on capital gains for investors who invest in small businesses.  But a few of you said that that works well.  What we could also really use is some tax credits for angel investors because that early financing oftentimes may be what makes or breaks a company.
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February 22, 2011
So you guys are leading the way, and we know there are some things government can do to help clear the way for your success. We can make sure America remains the best place on Earth to do business by knocking down barriers that stand in the way of your growth.  That’s why we passed 17 different tax cuts for small businesses, why I proposed lowering the corporate tax rate and eliminating unnecessary regulations to help larger businesses create jobs.
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February 22, 2011
So we got a range of products that, through the SBA, through Treasury, are providing loans to small businesses, helping encourage small banks to get back into the business of lending again.  But we heard some good ideas here today about, for example, providing tax credits for angel investors -- that right now there have been some discussions in Congress about setting up some additional legislation that could help small businesses, and we’re going to see if we can implement it.
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February 28, 2011
Now, in the short term, we came together here in Washington at the end of last year and enacted tax cuts that are already making Americans’ paychecks bigger and are allowing businesses to write off major investments. These are tax cuts and changes in the tax credit system that are going to spur job creation and economic growth, and I’m proud that Democrats and Republicans worked with each other to get it done.
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February 28, 2011
But we know that this kind of spending, domestic discretionary spending, which has been the focus of complaints about out-of-control federal spending, makes up only about 12 percent of the entire budget. If we truly want to get our deficit under control, then we're going to have to cut excessive spending wherever it exists -- in defense spending -- and I have to say that Bob Gates has been as good a steward of taxpayer dollars when it comes to the Pentagon as just about anybody out there, but we're going to have to do more -- in health care spending, on programs like Medicare and Medicaid, and in spending through tax breaks and loopholes. That’s going to be a tough conversation to have, but it’s one we need to have, and it’s one I expect to have with congressional leaders in the weeks to come.
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April 19, 2011
We’ll also reduce health care spending, and strengthen Medicare and Medicaid through some common-sense reforms that will get rid of, for example, wasteful subsidies to insurance companies. Reforms that can actually improve care -- like making it easier for folks to buy generic drugs, or helping providers manage care for the chronically ill more effectively. And we can reform the tax code so that it’s fair and it’s simple –- so the amount of taxes you pay doesn’t depend on whether you can hire a fancy accountant or not.
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April 19, 2011
And we’ve also got to end tax cuts for the wealthiest Americans. Let me say, this is not because we want to punish success. I suspect there are a bunch of young people in this gym that are going to end up being wealthy, and that’s good. We want you to. We want you to be able to go out there and start a business and create jobs and put other people to work. That’s the American way. But we are going to have to ask everybody to sacrifice. And if we’re asking community colleges to sacrifice, if we’re asking people who are going to see potentially fewer services in their neighborhoods to make a little sacrifice, then we can ask millionaires and billionaires to make a little sacrifice.
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April 19, 2011
We can’t just tell the wealthiest among us, you don’t have to do a thing. You just sit there and relax, and everybody else, we’re going to solve this problem. Especially when we know that the only way to pay for these tax cuts for the wealthiest Americans is by asking seniors to pay thousands of dollars more for their health care, or cutting children out of Head Start, or doing away with health insurance for millions of Americans on Medicaid -- seniors in nursing homes, or poor children, or middle-class families who may have a disabled child, an autistic child.
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April 20, 2011
MR. ZUCKERBERG:  Yes, let’s start off.  So let’s start off with the conversation about the debt.  So I understand that yesterday morning you had a town hall in Virginia where you talked about your framework not only for resolving the short-term budget issues, but the longer-term debt.  And you spent some time talking about tax reform and some cost cutting, but you also spent a lot of time talking about things that you didn’t think that we could cut -- in education, infrastructure and clean energy.
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April 20, 2011
So we’ve got to look at spending both on non-security issues as well as defense spending.  And then what we’ve said is let’s take another trillion of that that we raise through a reform in the tax system that allows people like me -- and, frankly, you, Mark -- for paying a little more in taxes. 
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April 20, 2011
In December, we passed a targeted tax cut for business investment, as well as the payroll tax that has a stimulus effect that helps to grow the economy.  We can do those things and still grow the economy while having a plan in place to reduce the deficit, first by 2015, and then over the long term.  So I think we can do both, but it does require the balanced approach that I was talking about.
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April 20, 2011
So what his budget proposal does is not only hold income tax flat, he actually wants to further reduce taxes for the wealthy, further reduce taxes for corporations, not pay for those, and in order to make his numbers work, cut 70 percent out of our clean energy budget, cut 25 percent out of our education budget, cut transportation budgets by a third.  I guess you could call that bold.  I would call it shortsighted. 
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April 20, 2011
Let me say this.  We lose -- the Treasury loses $4 billion a year on subsidies to oil companies.  Now, think about this.  The top five oil companies have made somewhere between $75 billion and $125 billion every year for the last five years.  Nobody is doing better than Exxon.  Nobody is doing better than Shell or these other companies.  They are doing great.  They are making money hand over fist.  Well, maybe Facebook is doing a little better.    But you get the idea.  They’re doing really well.  They don’t need special tax breaks that cost us $4 billion.  So what we’ve said is, why can’t we eliminate the tax breaks for the oil companies who are doing great, and invest that in new energy sources that can help us save the planet? 
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April 21, 2011
So one of the things that we’re doing, both for homeowners, but also increasingly for commercial buildings, we want to give you some incentives where we say, you know what, you buy that insulation, you make your home more energy efficient, we’ll give you a tax break.  Or we say to companies, you’re going to make your building more energy efficient, we will give you some money on the front end and then you can pay it back by the savings that you get on your electricity bill every month.  So a combination of creating a market for clean and alternative energy, and also providing incentives to consumers to be more energy efficient -- you combine those two things, there’s no reason why we can’t have a brighter energy future.  But it does require some investment from the federal government.  That’s why I’m not willing to see our investment in clean energy slashed by 70 percent, and that’s part of the debate that we’re having in Washington right now.  All right? 
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April 21, 2011
You can expect the same.  We want to keep on giving the same incentives for clean alternative energies.  We want to make sure that, for example, the tax credits that are in place, that we make those permanent so that folks aren’t always in a guessing game each year as to whether or not they’re going to be there for you.
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April 21, 2011
But when you look at the Recovery Act, about a third of it was direct support to state budgets.  About a third of it was tax cuts -- your taxes all got cut by the Recovery Act.  Nobody knew it, and I don’t blame folks for not knowing it because it was happening paycheck for paycheck so the increments were relatively small each month and a lot of folks -- if you saw your hours cut back or you had lost your job, you might not have felt it.  But we cut taxes.  That was about a third.
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April 21, 2011
And what I’ve said is, at minimum, we should say, for those like myself who can afford it, let’s pay a little bit more.  Let’s go -- we can go back -- if we went back to the Clinton rates for the wealthiest 2 percent, going back to the Clinton rates -- you remember back in the ‘90s, the economy was doing really well, and rich people were doing just fine.  And I can afford it.  It’s not that I like paying taxes.  I don’t like paying taxes.  Nobody likes paying taxes.  But if the choice is keeping my tax break, or 33 seniors having to pay an extra 6,000 bucks for their Medicare, why would I want that -- why would I wish that on those 33 seniors?  If the choice is between me keeping my tax cut and a couple hundred kids being to go get their Head Start, why would I want that?
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April 21, 2011
There are moments in history that are inflection points, and I think we understood back in 2008 that we were entering into one of those periods. Domestically, we had gone through a decade in which the economy was growing but it was growing on top of a bubble. And people at the very top were doing very well, but the wages and incomes of ordinary families had flatlined, and we were starting as a government to live beyond our means with tax cuts and two wars that weren’t paid for. And so I think people understood even before the recession hit that somehow the way our economy was operating was not conducive to long-term sustained economic growth or making sure that everybody had a chance at the American Dream.
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April 22, 2011
And you feel it. Now, companies make big investments. They’re allowed to make a profit. But let me tell you, for them to get a $4 billion tax break at a time when they’re making record profits, and you’re struggling to fill up your tank does not make sense. It has to stop. Let’s stop subsidizing the energy sources of yesterday, and let’s invest in the energy sources of tomorrow. That’s what we’re going to do because of you.
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April 22, 2011
And that is the debate that we’re having in Washington right now. That’s what this budget debate is all about. You hear people talking about debt and deficits and spending and budgets. And, yes, this is about numbers, but this debate is really about the kind of future that we want. It’s about what kind of country we believe in. I believe in a country where the government lives within its means. We’ve got to cut spending in Washington. We’ve got to cut domestic spending. We’ve got to cut defense spending. We’ve got to cut health care inflation. We got to cut spending in our tax code -- because we spend a lot through our tax code with loopholes and tricks. We’ve got to eliminate every dime of waste. And if we want to take responsibility for the debt that we owe then we’re going to have to make some tough decisions.
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April 22, 2011
We need shared sacrifice, and that means as part of our overall approach, ending tax cuts for the wealthiest 2 percent of Americans in this country. Let me tell you something. This is important. You know, look, a lot of folks right now, somehow they’ve gotten the idea that we’ve raised taxes. I have lowered everybody’s taxes since I came into office. That’s part of what the Recovery Act was all about -- 30 percent of it were tax cuts. Folks might not have noticed it. It got spread out over all your paychecks. But those were tax cuts. And then this December we cut some taxes. Your payroll tax got cut because we wanted to make sure that we kept on going with the recovery.
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April 22, 2011
Look, I don’t want a $200,000 tax cut for me that’s paid for by asking 33 seniors each to pay more than $6,000 in extra Medicare costs. I don’t want my tax cut paid for by cutting children from Head Start, or doing away with health insurance for millions of people on Medicaid, for seniors in nursing homes, or poor children, or families that have a disabled child. I don’t want to make that trade-off.
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April 28, 2011
But now this is our responsibility. We’ve got to be serious about cutting spending in Washington. We’ve got to make cuts in domestic spending, but we also have to make cuts in defense spending. We also have to make cuts in all the loopholes in our tax code. Those also have to be cut.
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June 30, 2011
But I hope you understand that the stakes are enormously high.  And, again, as you watch this debt limit and deficit debate unfold, I hope you remember, we can make sure that Medicare is there for future generations and that we are maintaining our commitment to our seniors, and we can make sure that we have a tax code that is simpler and fairer and is not inhibiting business and is not inhibiting the free market.  We can accomplish those things while still bringing down the deficit, but we’ve got to do it in a way that is fair and balanced so that we’re still investing in things like medical research, we’re still investing in our infrastructure, we’re still investing in our kids.
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June 30, 2011
We live in a world where America is facing stiff competition for good jobs from rapidly growing nations, like China and India and Brazil.  For a long time we were told the best way to win that competition is just to undermine consumer protections and undermine clean air laws and clean water laws and hand out tax breaks to millionaires and billionaires.  That was the idea that held sway for close to a decade.  And let's face it, it didn’t work out very well.
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July 8, 2011
The payroll tax cut that we passed in December put an extra thousand dollars in the pockets of every family in America.
July 22, 2011
I want to extend the tax relief that we put in place back in December for middle-class families, so that you have more money in your paychecks next year.  If you’ve got more money in your paychecks next year, you’re more likely to spend it, and that means small businesses and medium-sized businesses and large businesses will have more customers.  And they’ll be in a position to hire.
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July 22, 2011
And it’s why I’ve said if we’re going to reduce our deficit, then the wealthiest Americans and the biggest corporations should do their part as well.    Before we stop funding clean energy research, let’s ask oil companies and corporate jet owners to give up the tax breaks that other companies don’t get.  I mean, these are special tax breaks.    Before we ask college students to pay more for their education, let’s ask hedge fund managers to stop paying taxes that are lower on their rates than their secretaries.    Before we ask seniors to pay more for Medicare, let’s ask people like me to give up tax breaks that we don’t need and we weren’t even asking for. 
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July 22, 2011
So this idea of balance, this idea of shared sacrifice, of a deficit plan that includes tough spending cuts but also includes tax reform that raises more revenue -- this isn’t just my position.  This isn’t just the Democratic position.  This isn’t some wild-eyed socialist position.    This is a position that’s being taken by people of both parties and no party.  It’s a position taken by Warren Buffet -- somebody who knows about business and knows a little something about being wealthy.    It’s a position that’s been taken by every Democratic and Republican President who’ve signed major deficit deals in the past, from Ronald Reagan to Bill Clinton.  And I was pleased to see this week that it's a position taken by Democrats and Republicans in the Senate.
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July 22, 2011
So back in December we passed a payroll tax cut that has saved the typical family $1,000 this year.  That's set to expire at the end of this year.  And what I’ve said is as part of this package we should renew that payroll tax cut so that consumers still have more in their pockets next year until the economy gets a little bit stronger.
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July 22, 2011
In addition, what we sought was revenues that were actually less than what the Gang of Six signed off on. So you had a bipartisan group of senators, including Republicans who are in leadership in the Senate, calling for what effectively was about $2 trillion above the Republican baseline that they’ve been working off of. What we said was give us $1.2 trillion in additional revenues, which could be accomplished without hiking taxes -- tax rates, but could simply be accomplished by eliminating loopholes, eliminating some deductions and engaging in a tax reform process that could have lowered rates generally while broadening the base.
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July 22, 2011
Now, if you do not have any revenues, as the most recent Republican plan that’s been put forward both in the House and the Senate proposed, if you have no revenues at all, what that means is more of a burden on seniors, more drastic cuts to education, more drastic cuts to research, a bigger burden on services that are going to middle-class families all across the country. And it essentially asks nothing of corporate jet owners, it asks nothing of oil and gas companies, it asks nothing from folks like me who’ve done extremely well and can afford to do a little bit more.
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July 22, 2011
And it’s accomplished without raising individual tax rates. It’s accomplished in a way that’s compatible with the “no tax” pledge that a whole bunch of these folks signed on to -- because we were mindful that they had boxed themselves in and we tried to find a way for them to generate revenues in a way that did not put them in a bad spot.
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July 22, 2011
Now, what you’re going to hear, I suspect, is, well, if you -- if the Senate is prepared to pass the cap, cut and balance bill, the Republican plan, then somehow we can solve this problem -- that’s serious debt reduction. It turns out, actually, that the plan that Speaker Boehner and I were talking about was comparable in terms of deficit reduction. The difference was that we didn’t put all the burden on the people who are least able to protect themselves, who don’t have lobbyists in this town, who don’t have lawyers working on the tax code for them -- working stiffs out there, ordinary folks who are struggling every day. And they know they’re getting a raw deal, and they’re mad at everybody about it. They’re mad at Democrats and they’re mad at Republicans, because they know somehow, no matter how hard they work, they don’t seem to be able to keep up. And what they’re looking for is somebody who’s willing to look out for them. That’s all they’re looking for.
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July 25, 2011
My number-one priority, every single day, is to figure out how we can get businesses to hire and create jobs with decent wages.  And in the short-term, there are some things we can do right away.  I want to extend tax relief that we already put in place for middle-class families, to make sure that folks have more money in their paychecks.  And I want to cut red tape that keeps entrepreneurs from turning new ideas into thriving businesses.  I want to sign trade deals so our businesses can sell more goods made in America to the rest of the world, especially to the Americas.
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July 25, 2011
And that’s why people from both parties have said that the best way to take on our deficit is with a balanced approach –- one where the wealthiest Americans and big corporations pay their fair share, too.    Before we stop funding energy research, we should ask oil companies and corporate jet owners to give up special tax breaks that other folks don’t get.    Before we ask college students to pay more to go to college, we should ask hedge fund managers to stop paying taxes that are lower in terms of rates than their secretaries.  Before we ask seniors to pay more for Medicare -- before we ask seniors to pay more for Medicare, we should ask people like me to give up tax breaks that we don’t need and weren’t even asking for. 
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July 29, 2011
Now, keep in mind, this is not a situation where the two parties are miles apart.  We’re in rough agreement about how much spending can be cut responsibly as a first step toward reducing our deficit.  We agree on a process where the next step is a debate in the coming months on tax reform and entitlement reform –- and I’m ready and willing to have that debate.  And if we need to put in place some kind of enforcement mechanism to hold us all accountable for making these reforms, I’ll support that too if it’s done in a smart and balanced way.
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July 31, 2011
Now, I've said from the beginning that the ultimate solution to our deficit problem must be balanced.  Despite what some Republicans have argued, I believe that we have to ask the wealthiest Americans and biggest corporations to pay their fair share by giving up tax breaks and special deductions.  Despite what some in my own party have argued, I believe that we need to make some modest adjustments to programs like Medicare to ensure that they’re still around for future generations.
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July 31, 2011
Now, is this the deal I would have preferred?  No.  I believe that we could have made the tough choices required -- on entitlement reform and tax reform -- right now, rather than through a special congressional committee process.  But this compromise does make a serious down payment on the deficit reduction we need, and gives each party a strong incentive to get a balanced plan done before the end of the year.
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August 16, 2011
I want to cut the payroll tax again to help families make ends meet.  That’s meant an extra $1,000 in the pockets of typical American families.  That means more customers for your business, more buyers of your products.  I want to pass a road construction bill to put tens of thousands of people to work all across America.
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August 17, 2011
Now, the fact is, though, times are still tough. And some of the reasons times are still tough we don’t have complete control over. The economy was predicted to be growing at about 3.5 percent at the beginning of this year, partly because we had worked a bipartisan package of tax cuts and investment credits to encourage businesses to invest. But then you had the Arab Spring, and that shot gas prices and fuel prices up. And I know a lot of farmers here experienced that spike. And then we had the tsunami in Japan, and that disrupted supply lines and that affected American manufacturing. And then we had the situation in Europe and the debt crisis there, and that started lapping up onto our shores.
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August 17, 2011
So the question is, what do we do going forward? Look, even though private sector job growth is good, we’ve still got a long way to go before we put everybody back to work. We need to go ahead and act right now on some proposals that are before Congress, ready to be voted on. We should extend the payroll tax cut that we passed in December, put $1,000 in the typical family’s pocket -- we need to extend that into next year. Because if you’ve got more money in your pockets, that means businesses have more customers, they’re more likely to hire. There’s no reason why we can’t do that right now.
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August 17, 2011
When folks tell you that we’ve got a choice between jobs now or dealing with our debt crisis, they’re wrong. They’re wrong. We can’t afford to just do one or the other. We’ve got to do both. And the way to do it is to make some -- reform the tax code, close loopholes, make some modest modifications in programs like Medicare and Social Security so they’re there for the next generation, stabilize those systems. And you could actually save so much money that you could actually pay for some of the things like additional infrastructure right now.
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August 17, 2011
So this is going to be part of the larger debate we have about the tax code. And the one thing I want to emphasize, a lot of folks don’t realize this, but there are only 3 percent of the population that has an annual income of more than $200,000 a year. Think about that, 97 percent of folks, their annual income is less than $200,000. And there are only less than 1 percent who are making millions of dollars. And then there’s less than one one-hundredth of 1 percent who are in the Warren Buffett category. That top 1 percent -- in fact, that top one-tenth of 1 percent, those are the main folks who have seen their incomes skyrocket over the last 10, 15 years. Ordinary families, including family farmers, basically your incomes and your wages have flatlined over the last decade.
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August 17, 2011
And so when we think about tax reform we should be thinking about fairness. What’s fair? Nobody likes paying taxes. I promise you, I don’t like paying taxes. But I do believe in paying what I use -- paying for what I use. And if I want good roads, and if I want good schools for kids, and if I want the best universities in the world and I want to make sure that we’re continuing to invest in agricultural research at places like University of Illinois that have helped to make us the most productive farmers in the world, then I think I should have to pay for it. And if I’m better able to pay for it than a waitress who is making $25,000 a year, I don’t mind paying a slightly higher rate. There’s nothing socialist about that. That’s just basic fairness.
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August 17, 2011
And, by the way, when you hear folks saying, well, you know what, that’s job killing -- that’s not job killing. When Bill Clinton was President we created 22 million jobs with a tax rate that was much higher across the board than it is now. We don’t have to go all the way back up there on the estate tax or any other taxes for us to close our deficit and our debt, but we should ask oil and gas companies that are making record profits that they don’t benefit from a special tax loophole that the mom-and-pop store in Alpha doesn’t get. And I don’t think there’s anything wrong with asking me to pay a little more so our senior citizens don’t have to pay an extra $5,000, $6,000 a year for their Medicare. That’s what we’re looking for, is balance in terms of our tax policy.
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August 17, 2011
If everybody took an attitude of shared sacrifice, that we’re not going to put the burden on any single person, we can solve our deficit and debt problem next week.  And it wouldn’t require radical changes, but it does have to be balanced.  I don’t want a tax break, as lucky as I’ve been, if that tax break means that a senior citizen is going to have to pay an extra $6,000 for their Medicare.  That’s not fair.
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August 17, 2011
So the bottom line is this:  I will be presenting, as I’ve already presented -- I did back earlier this year -- a plan that says we’re going to have spending cuts and we’re going to have revenue.  We’ll have more spending cuts than we have revenue, but we’re going to have to take a balanced approach and everything is going to be on the table, including our long-term obligations, because the thing that is driving the deficit, if you look at -- we had a balanced budget back in 2000.  Here’s what happened.  Number one is we decided that we would cut taxes without paying for it.  So we had huge tax cuts in 2001, 2003.  Then we had two wars.  And for the first time in our history, we didn’t pay for our wars.  When our grandparents fought in World War II, the entire country paid for the wars that it fought.  They didn’t pass it onto the next generation, didn’t put it on a credit card.  We were the first generation not to pay for the wars that we fought.
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August 17, 2011
So since I’m in Wyffels Hybrids, it’s like eating your seed corn.  You are cutting back on the things that are going to help you grow and help this country succeed over the long term.  It’s just not a smart thing to do.  It’s not how you would run your own family business.  And so I think it’s also important to understand that we can raise the kind of revenues we’re talking about without having an impact on middle-class families who are already struggling and haven’t seen their wages and their incomes go up in over a decade now.  It can be done.    The tax code is full of loopholes.  Close those loopholes. 
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August 17, 2011
When it comes to the corporate tax rate, we could actually lower the overall corporate tax rate, which would make us more competitive, if we closed up a whole bunch of these loopholes that special interests and lobbyists have been able to get into the tax code.  It might put some lawyers out of business -- but it would be the right thing to do.
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August 17, 2011
And when it comes to upper-income folks -- I talked about Warren Buffett -- but the truth is -- I’ll just give you one example.  The reason Warren Buffett’s taxes are so low is because he typically gets his income from capital gains.  Capital gains are taxed at 15 percent.  Now, your income taxes, you’re not being taxed at 15 percent, most of you.  And as a consequence, these days the richer you are the lower your tax rate.  Now, that can’t be something that is defensible regardless of party.  I don’t care whether you’re a Democrat or Republican, an independent.  That can’t be the way it is. 
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September 7, 2011
We said working folks deserved a break, so within one month of me taking office, we signed into law the biggest middle-class tax cut in history, putting more money into your pockets.
September 22, 2011
Now, some folks in Congress, they say, well, we don’t like how it’s paid for.  Well, it’s paid for as part of my larger plan to pay down our debt.  And that's why I make some additional cuts in spending.  We already cut a trillion dollars in spending.  This makes an additional hundreds of billions of dollars in cuts in spending, but it also asks the wealthiest Americans and the biggest corporations to pay their fair share of taxes. 
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September 22, 2011
And all I’m saying is that everything should be fair.  You know, you learn the idea of fairness when you’re two, three years old.  Right?  You’re in the sandbox and you don’t want to let somebody play with your truck -- and your mom or your daddy go up and they say, “No, hon, that’s not fair, you’ve got to share.”  Isn’t that what they say?  Things have to be fair.  So all I’m saying is that Warren Buffett’s secretary should not be paying a lower [sic] tax rate on her income than Warren Buffett.    That doesn’t make any sense.  A construction worker who’s making 50 or 60 grand a year shouldn’t be paying higher tax rates than the guy who’s making $50 million a year.    And that’s how it’s working right now.  Because they get all these loopholes and tax breaks that you don’t get.
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September 24, 2011
But we got to work.  With your help, we started fighting our way back from the brink.  And at every step of the way, we’ve faced fierce opposition based on an old idea -- the idea that the only way to restore prosperity can’t just be to let every corporation write its own rules, or give out tax breaks to the wealthiest and the most fortunate, and to tell everybody that they're on their own.  There has to be a different concept of what America’s all about.  It has to be based on the idea that I am my brother’s keeper and I am my sister’s keeper, and we’re in this together.  We are in this thing together. 
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September 24, 2011
Ask the family struggling to make ends meet if that extra few hundred dollars in their mother’s paycheck from the payroll tax cut we passed made a difference.  They’ll tell you.  Ask them how much that Earned Income Tax Credit or that Child Tax Credit makes a difference in paying the bills at the end of the month.
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September 24, 2011
These Republicans in Congress like to talk about job creators.  How about doing something real for job creators?  Pass this jobs bill, and every small business owner in America, including 100,000 black-owned businesses, will get a tax cut.    You say you’re the party of tax cuts.  Pass this jobs bill, and every worker in America, including nearly 20 million African American workers, will get a tax cut.    Pass this jobs bill, and prove you’ll fight just as hard for a tax cut for ordinary folks as you do for all your contributors. 
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September 24, 2011
We are not asking them to do anything extraordinary.  The reform we’re proposing is based on a simple principle:  Middle-class folks should not pay higher tax rates than millionaires and billionaires.    That’s not crazy -- or it’s good crazy.    Warren Buffett’s secretary shouldn’t pay a higher tax rate than Warren Buffett.  A teacher or a nurse or a construction worker making $50,000 a year shouldn’t pay higher tax rates than somebody making $50 million.  That’s just common sense.
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September 24, 2011
This debate is about priorities.  If we want to create new jobs and close the deficit and invest in our future, the money has got to come from somewhere.  And so, should we keep tax loopholes for big oil companies?  Or should we put construction workers and teachers back on the job?    Should we keep tax breaks for millionaires and billionaires?  Or should we invest in our children’s education and college aid?  Should we ask seniors to be paying thousands of dollars more for Medicare, as the House Republicans propose, or take young folks’ health care away?  Or should we ask that everybody pay their fair share? This is about fairness.  And this is about who we are as a country.  This is about our commitment to future generations.
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September 25, 2011
So what I did over the last two weeks was say to members of Congress -- Democrat and Republican, but particularly to the Republicans -- I’m prepared to work with you, but these games have to stop. And given how high unemployment is right now, we’ve got to act. We can’t just be engaged in the usual partisan bickering here in Washington. We put forward a jobs act that would -- it’s estimated to grow the economy by an additional 2 percent, and put as many as 1.9 million back to work. And we’re paying for all of it -- by continuing to make cuts in programs that we don’t need and making adjustments to entitlement programs like Medicare and Medicaid, but also making sure that we’ve got a tax code that is fair.   So we are just going to keep on pounding away at this issue. How they will respond, we don’t yet know. And part of it is going to depend on how much pressure they’re feeling from people all across the country, here in the Pacific Northwest, but everywhere else. And yet we are going to just keep on drawing a clear contrast between a vision that we have for where we want to take this country, one in which we’re living within our means but also investing in infrastructure, and investing in schools, and investing in education, and investing in basic research and innovation.
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September 26, 2011
The question is not whether this country has been going through tough times. The question is where are we going next. We can either go back to the same ideas that the other sides is peddling -- old worn-out ideas that were tried throughout the last decade, where corporations get to write their own rules, and those of us who've been most fortunate get to keep all our tax breaks, and we abandon our commitment to caring for the vulnerable, and we abandon our commitment to investing in the future and investing in infrastructure and investing in education and basic research -- or we can build an America that we talked about in 2008. An America where everybody gets a fair shake and everybody does their fair share. And that's what this election is about. And that's what we've been fighting for for the last two and a half years.
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September 26, 2011
Instead of giving more tax breaks to the largest corporations, we cut taxes for small business and for middle-class families. The first law I signed into -- the first bill I signed into law made sure that women earn equal pay for an equal day's work, because I want our daughters to have the same opportunities as our sons.
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September 26, 2011
It's time to reform the tax code based on a very simple principle: Warren Buffett's secretary shouldn’t be paying a higher tax rate than Warren Buffett. A teacher or a nurse or a construction worker making $50,000 a year shouldn’t pay a higher tax rate than somebody pulling in $50 million. It's not fair. It's not right. It has to change.
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September 26, 2011
So would you rather keep tax loopholes for oil companies? Or would you rather put construction workers and teachers back on the job? Would you rather keep tax breaks for millionaires and billionaires -- or do you want to invest in medical research and new technology? Should we ask our seniors to pay thousands of dollars more for their Medicare -- or should we ask the most profitable corporations to pay their fair share?
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September 26, 2011
And so what I said was not only will we put a jobs act that puts a couple million people back to work, and it’s estimated it will raise our GDP by a couple of percent, but we can also pay for it in a responsible way -- building off the work we did this summer, which is, we made some judicious cuts spread out over 10 years so it doesn’t impact our recovery, but we’ve cut a trillion dollars from the budget. We’re proposing that we can actually find an additional half a billion dollars in savings, making some modest modifications to Medicare and Medicaid to bend the cost curve, but not in a way that hurts beneficiaries. And once we’ve done that we’ve also got to make sure that we’ve got a tax code that is fair and in which everybody does their fair share.
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September 26, 2011
But what I’ve also said is in order to pay for it and bring down the deficit at the same time, we’re going to have to reform our tax code in a way that’s fair and makes sure that everybody is doing their fair share. I’ve said this before, I'll say it again: Warren Buffett’s secretary shouldn't be paying a lower tax rate than Warren Buffett. Somebody who's making $50,000 a year as a teacher shouldn't be paying a higher effective tax rate than somebody like myself or Jeff, who've been incredibly blessed -- I don't know what you make Jeff, but I’m just guessing who've been blessed by the incredible opportunities of this country.
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September 26, 2011
There’s been a lot of dispute about the kind of impact that we had right after the financial crisis hit. But the fact is, the vast majority of economists who looked at it have said that the Recovery Act, by starting infrastructure projects around the country, by making sure that states had help on their budgets so they didn’t have to lay off teachers and firefighters and others, by providing tax cuts to small businesses -- and by the way, we’ve cut taxes about 16 times since I’ve been in office for small businesses to give them more capital to work with and more incentives to hire -- all those things made a big difference.
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September 26, 2011
The American Jobs Act is specifically tailored to putting more of those folks back to work. It’s not going to solve all our problems. We’ve still got a housing situation in which too many homes are underwater. And one of the things that we’ve proposed as part of the American Jobs Act is, is that we’re going to help reduce the barriers to refinancing so that folks can get record-low rates. That will put more money into people’s pockets. It will provide tax cuts to not only small businesses, but almost every middle-class family. That means they’ve got more money in their pockets, and that means that they’re going to be able to spend it on products and services, which provide additional incentives for business to hire folks like you.
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September 26, 2011
So we are going to be pushing back against that kind of proposal. And that raises the point I made earlier. If people like myself aren’t paying a little more in taxes, then the only way you balance the budget is on the backs of folks like your mom, who end up paying a lot more in Medicare and they can’t afford it, whereas I can afford to pay a little more in taxes.
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September 26, 2011
Thank you, . I don’t have a job, but that’s because I’ve been lucky enough to live in Silicon Valley for a while and work for a small startup down the street here that did quite well. So I’m unemployed by choice. My question is would you please raise my taxes? I would like very much to have the country to continue to invest in things like Pell Grants and infrastructure and job training programs that made it possible for me to get to where I am. And it kills me to see Congress not supporting the expiration of the tax cuts that have been benefiting so many of us for so long. I think that needs to change, and I hope that you will stay strong in doing that.
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September 26, 2011
This jobs bill provides a tax cut not only to every working family in America, which will put more money in their pockets and allows them to make sure that they can buy all the great products that are created here in Silicon Valley -- but it also cuts taxes for small businesses and entrepreneurs. It cuts taxes for companies that are hiring new workers or who are providing their workers raises. And it provides a tax credit for those who are hiring veterans.
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September 27, 2011
Pass this bill, and it will help hundreds of thousands of young people find summer jobs next year to help them build skills.    It provides a $4,000 tax credit for companies that hire anybody who’s spent more than six months looking for a job.  It extends unemployment insurance, but it also says if you’re collecting benefits, you’ll get connected to temporary work as a way to build your skills while you’re looking for a permanent job.  Congress needs to pass this bill. 
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September 27, 2011
If Congress doesn’t act -- if Congress fails to pass this bill -- middle-class families will get hit with a tax increase at the worst possible time.  We can’t let that happen.  Republicans say they’re the party of tax cuts.  Well, let them prove it.  Tell them to fight just as hard for tax cuts for working Americans as they fight for the wealthiest Americans.    Tell them to pass this jobs bill right now. 
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September 27, 2011
So let me summarize here.  The American Jobs Act will lead to new jobs for construction workers, jobs for teachers, jobs for veterans, jobs for young people, jobs for the unemployed.  It will provide tax relief for every worker and small business in America.  And by the way, it will not add to the deficit.  It will be paid for. 
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September 27, 2011
Look, we need to reform our tax code based on a simple principle:  Middle-class families shouldn’t pay higher tax rates than millionaires and billionaires.    Warren Buffett’s secretary shouldn’t pay a higher tax rate than Warren Buffett.  A teacher or a nurse or a construction worker making $50,000 a year shouldn’t pay higher tax rates than somebody making $50 million.  That’s just common sense. 
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September 27, 2011
Tell Congress to pass this bill so companies are getting tax credits for hiring our veterans. The idea that they suspend their careers, leave their families, are over there putting themselves in harm’s way for our safety and security, and they’ve got to come back here and fight to get a job -- it’s wrong. It’s got to change. And passing this bill will help change it. Pass this bill!
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September 27, 2011
The American Jobs Act cuts taxes for virtually every worker in America. It cuts taxes for small businesses all across America. It gives an extra tax credit if small businesses hire a new worker or give a worker a raise. Congress and the Republicans are always talking about how much they love job creators. Do something for job creators. Pass this bill and give them the tax breaks that will help them grow their business and hire more workers.
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September 27, 2011
I’ve got a very simple principle, if we reform our tax code, we can make sure everybody pays their fair share. And the principle that we should be putting forward is Warren Buffett’s secretary shouldn’t pay a higher tax rate than Warren Buffett. And by the way, Warren Buffett agrees with me.
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September 27, 2011
I’ve been incredibly blessed. I shouldn’t be paying a lower effective rate than a teacher, or a firefighter, or a construction worker. And they sure shouldn’t be paying a higher tax rate than somebody pulling in $50 million a year. It’s not fair, and it’s not right. And it’s got to change.
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September 28, 2011
We've actually cut taxes for small business 16 times since I've been in office. So taxes for small businesses are lower now than they were when I came into office.
October 24, 2011
This is the fight that we’re going to have right now, and I suspect this is the fight that we’re going to have to have over the next year. The Republicans in Congress and the Republican candidates for President have made their agenda very clear. They have two basic economic principles: first, tax cuts for the very wealthiest and the biggest corporations, paid for by gutting investments in education and research and infrastructure and programs like Medicare. That’s agenda item number one. Second is just about every regulation that's out there they want to get rid of -- clean air, clean water -- you name it.
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October 25, 2011
Giving tax breaks to small businesses so they can excel and hire more people. Giving them tax breaks for hiring our veterans. We ask these incredible men and women in uniform to put the pause button on their careers, to leave their families, to put themselves at risk. They shouldn’t have to fight for a job when they come home. We should be doing everything we can to put them back to work, right now. And yet 100 percent of Republican senators so far have said no. Maybe it’s just because I proposed it. Because the American people support it. It’s paid for. Economists say it would create almost 2 million jobs.
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October 26, 2011
And this is a bill that’s filled with Democratic and Republican proposals.  These are the kinds of proposals that in the past would have gotten bipartisan support  -- tax cuts for workers and small businesses, funding to rebuild our roads and our bridges and our schools and to put construction workers back to work, funding to hire teachers and our veterans.  It’s a bill that’s fully paid for by asking those of us who've been most blessed in this society to do a little bit more, to pay a little bit more.
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October 26, 2011
More than that, their basic idea that the only thing we can do to restore prosperity is to somehow break up government and refund everybody their money through tax cuts and let every company write its own rules and tell every American that they’re on their own -- that’s not who we are.  That’s not the essence of America.
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November 21, 2011
Back in September, I sent Congress a jobs bill.  And in it, I proposed a tax credit for any business that hires a veteran who’s been unemployed for at least four weeks.  I proposed an even bigger tax break if a business hires a veteran who’s been unemployed for at least six months.  And if a business hires an unemployed veteran with a disability related to their service, I proposed doubling the tax break that we already have in place.
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November 21, 2011
Tomorrow, I'm heading to New Hampshire to talk about another proposal in the American Jobs Act, and that's a tax cut for nearly every worker and small business owner in America.  Democrats and Republicans have traditionally supported these kinds of tax cuts.  Independent economists from across the political spectrum have said this proposal is one of the best ways to boost our economy and spur hiring.  It's going to be easier for us to hire our vets if the overall economy is going strong.  So there's no reason not to vote for these tax cuts.
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November 22, 2011
You see, last year, both parties came together to cut payroll taxes for the typical household by $1,000 this year.  That’s been showing up in your paychecks each week.  You may not know it, but it’s been showing up because of the action that we took.  Which reminds me, by the way, the next time you hear one of these folks from the other side coming in talking about raising your taxes, you just remind them that ever since I’ve gotten into office, I’ve lowered your taxes, haven’t raised them.  That’s worth reminding them.    But this payroll tax is set to expire at the end of next month.  End of next month, end of the year, this tax cut ends.  And if we allow that to happen -– if Congress refuses to act -– then middle-class families are going to get hit with a tax increase at the worst possible time.  For the average family, your taxes will go up $1,000 if Congress does not act by the end of the month.
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November 22, 2011
Now, we can’t let that happen.  Not right now.  It would be bad for the economy.  It would be bad for employment.  That’s why my jobs bill extends that tax cut.  In fact, it does it one better -– it expands the tax cut.  Instead of a $1,000-a-year tax cut next year, the average working family would get a tax cut of more than $1,500.    And that’s $1,500 that would have been taken out of your paycheck, would instead be going into your pocket.  And that means you’d be spending in small businesses, and that would increase their business, which means they would potentially hire more people.
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November 22, 2011
Now, I know Republicans like to talk about we’re the party of tax cuts.  A lot of them have sworn an oath -- we’re never going to raise taxes on anybody for as long as we live –- even though they have already voted against these middle-class tax cuts once.  But the question they’ll have to answer when they get back from Thanksgiving is this:  Are they really willing to break their oath to never raise taxes, and raise taxes on the middle class just to play politics?
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November 22, 2011
Now, how many of you could use an extra $1,000?    An extra $1,500 in your pocket?  It makes a big difference for families here in New Hampshire and all across America.  And keep in mind, we’re going to do it responsibly -- because unlike several tax cuts that were instituted over the past several years, we’re going to make sure that it doesn’t add to our deficit.  We’re asking the wealthiest Americans -– the folks who got the biggest tax cuts over the past decade, the folks who made it through the recession better than most, folks who have seen their incomes go up much more quickly than anybody else over the last three decades, exponentially -– we’re asking them to contribute a little bit more to get our economy working for everybody.    We’re asking people like me to pay our fair share so middle-class families can get a tax cut.  And I believe that most Americans are willing to do their part.
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November 30, 2011
Last year, both parties came together to cut payroll taxes for the typical household by $1,000.  Now, that’s been showing up in your paychecks each week.  You may not be aware of it, because times are tight.  But you actually got a tax cut of $1,000 this year.  Now, I know you hear a lot of folks on cable TV claiming that I’m this big tax-and-spend liberal.  Next time you hear that, you just remind the people who are saying it that since I’ve taken office, I’ve cut your taxes. 
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November 30, 2011
And that’s why my jobs bill -- part of the American Jobs Act was to extend this tax cut for another year.  In fact, it does one better.  It says, let’s expand that tax cut.  Instead of a $1,000 tax cut next year, the typical working family under my plan would get a tax cut of $1,500.    Instead of it coming out of your paycheck, it would be going into your pocket.  Now, that’s money that you can spend on a small business right here in Scranton.  If you’re a small business owner, my jobs bill will cut your payroll taxes in half.  So if you’ve got 50 employees making $50,000 each, you’d get a tax cut of nearly $80,000.  That’s money that you can then use to hire some more workers and get this economy moving again.  That’s a good thing. 
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November 30, 2011
The bad news is some of those same Republicans voted “no” on my jobs bill and those tax cuts.  I don’t know whether it’s just because I proposed it.  I don’t know.  They said “no” to cutting taxes for small business owners and working families.  One of them said just two years ago that this kind of tax cut would boost job creation, and now that I’m proposing it, he said we should let it expire.  I mean, what happened?
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November 30, 2011
Republicans say they’re the party of tax cuts.  That’s what they say.  A lot of them have sworn an oath to never raise taxes on anybody as long as they live.  That doesn’t square with their vote against these tax cuts.  I mean, how is it that they can break their oath when it comes to raising your taxes, but not break their oath when it comes to raising taxes for wealthy people?  That doesn’t make any sense.    I mean, I hope that they don’t want to just score political points.  I hope that they want to help the economy.
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November 30, 2011
So I’ll tell you what, Scranton.  They may have voted “no” on these tax cuts once.  But I’m already filled with the Christmas spirit.  There’s kind of some chill in the air.  I saw some Christmas decorations at the Festas.  So I’m in a Christmas spirit.  I want to give them another chance.  I want to give them a chance to redeem themselves.  We’re going to give them another chance.
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November 30, 2011
Now, I really do think your voices are already getting through, because some of the folks in Congress are starting to say, well, maybe we’re open to this thing.  Maybe we’ll be open to these tax cuts.  And that’s good news.  But I want to make sure that we do this responsibly.  So what I’ve said is, to pay for this tax cut, we need to ask wealthy Americans to pay their fair share. 
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November 30, 2011
We’re asking -- what we’ve said is let’s ask the folks who’ve seen their incomes rise fastest, who’ve gotten bigger tax breaks under Bush, let’s ask them to help out a little bit, because they made it better through the recession than most of us.  Let’s ask them to contribute a little bit more to get the economy going again.
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November 30, 2011
And that’s the very simple choice that’s facing Congress right now:  Are you going to cut taxes for the middle class and those who are trying to get into the middle class?  Or are you going to protect massive tax breaks for millionaires and billionaires, many of whom don’t even want those tax breaks?  Are you going to ask a few hundred thousand people who have done very, very well to do their fair share?  Or are you going to raise taxes for hundreds of millions of people across the country -- 160 million Americans?  Are you willing to fight as hard for middle-class families as you do for those who are most fortunate?  What’s it going to be?
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November 30, 2011
That’s the choice in front of Congress.  And I hope members of Congress think hard about this, because their actions lately don’t reflect who we are as a people.  What does it say about our priorities when we’d rather protect a few really well-to-do people than fight for the jobs of teachers and firefighters?    What does it say when we -- about our values when we’d rather fight for corporate tax breaks than put construction workers back on the job rebuilding our roads and our bridges and our schools?    What does it say about us if we’re willing to cut taxes for the people who don’t need them, and raise them on folks who do need a tax break?
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December 6, 2011
Of course, those productive investments cost money. They’re not free. And so we’ve also paid for these investments by asking everybody to do their fair share. Look, if we had unlimited resources, no one would ever have to pay any taxes and we would never have to cut any spending. But we don’t have unlimited resources. And so we have to set priorities. If we want a strong middle class, then our tax code must reflect our values. We have to make choices.
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December 6, 2011
But in order to structurally close the deficit, get our fiscal house in order, we have to decide what our priorities are. Now, most immediately, short term, we need to extend a payroll tax cut that’s set to expire at the end of this month. If we don’t do that, 160 million Americans, including most of the people here, will see their taxes go up by an average of $1,000 starting in January and it would badly weaken our recovery. That’s the short term.
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December 6, 2011
In the long term, we have to rethink our tax system more fundamentally. We have to ask ourselves: Do we want to make the investments we need in things like education and research and high-tech manufacturing -- all those things that helped make us an economic superpower? Or do we want to keep in place the tax breaks for the wealthiest Americans in our country? Because we can’t afford to do both. That is not politics. That’s just math.
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December 6, 2011
Keep in mind, when President Clinton first proposed these tax increases, folks in Congress predicted they would kill jobs and lead to another recession. Instead, our economy created nearly 23 million jobs and we eliminated the deficit. Today, the wealthiest Americans are paying the lowest taxes in over half a century. This isn’t like in the early ‘50s, when the top tax rate was over 90 percent. This isn’t even like the early ‘80s, when the top tax rate was about 70 percent. Under President Clinton, the top rate was only about 39 percent. Today, thanks to loopholes and shelters, a quarter of all millionaires now pay lower tax rates than millions of you, millions of middle-class families. Some billionaires have a tax rate as low as 1 percent. One percent.
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December 6, 2011
Investing in things like education that give everybody a chance to succeed. A tax code that makes sure everybody pays their fair share. And laws that make sure everybody follows the rules. That’s what will transform our economy. That’s what will grow our middle class again. In the end, rebuilding this economy based on fair play, a fair shot, and a fair share will require all of us to see that we have a stake in each other’s success. And it will require all of us to take some responsibility.
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December 6, 2011
Some billionaires have a tax rate as low as 1 percent — 1 percent. That is the height of unfairness.
December 14, 2011
That includes the Post-9/11 G.I. Bill, so that you and your families can get the education that allows you to live out your dreams.  That includes a national effort to put our veterans to work.  We’ve worked with Congress to pass a tax credit so that companies have the incentive to hire vets.  And Michelle has worked with the private sector to get commitments to create 100,000 jobs for those who’ve served.
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December 15, 2011
In some cases, building this kind of economy is going to require some action from Congress.  And right now, Congress needs to make sure that 160 million working Americans don’t see their taxes go up on January 1st.  None of the workers who’ve joined us here today can afford a $1,000 tax increase next year.  And it wouldn’t be good for the economy.  Every economist indicates that it’s important for us to extend the payroll tax cut and make sure that unemployment insurance is extended.  So this Congress cannot and should not leave for vacation until that -- until they have made sure that that tax increase doesn’t happen.  Let me repeat that:  Congress should not and cannot go on vacation before they have made sure that working families aren’t seeing their taxes go up by $1,000 and those who are out there looking for work don’t see their unemployment insurance expire.
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December 17, 2011
Hello, everybody.  In the last few weeks, I set out a simple principle:  Congress should not go home for vacation until it finds a way to avoid hitting 160 million Americans with a tax hike on January 1st.  Extending the payroll tax cut that shows up in people’s paychecks every week is an idea that I proposed in September as part of the American Jobs Act.
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December 20, 2011
Nearly the entire Senate -- including almost all of the Republicans -- voted to prevent 160 million working Americans from receiving a tax increase on January 1st.  Nearly the entire Senate voted to make sure that nearly 2.5 million Americans who are out there looking for a job don’t lose their unemployment insurance in the first two months of next year.  And just about everybody -- Democrats and Republicans -- committed to making sure that early next year we find a way to extend the payroll tax cut and unemployment insurance through the end of 2012.
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December 20, 2011
Q    Jay, thanks.  House Republicans have said that their main issue with the bill is that it only extends the payroll tax cut for two months.  Given that, as the President just said, ultimately, he does want to see a one-year extension, can you just explain what the problem is with renegotiating this deal?
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December 20, 2011
MR. CARNEY:  Well, I’ll point you back to both what the President said and I said, which is that, as part of an approach that was agreed upon by the Speaker of the House, the Senate Republican leader, the Senate Democratic leader worked very hard on a bipartisan compromise to extend the payroll tax cut for a year.  They made great progress but they were not able to get it done in time, and they believe that what was of the utmost importance was that they reach a compromise to extend the payroll tax cut for two months to ensure that Americans did not have their taxes go up on January 1st.  But they committed to come back and finish the work that would lead to a year-long extension.  That is absolutely the President’s approach.
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December 20, 2011
I mean, it is simply a fallacy to suggest that this is about one year versus two months.  Everybody is for one year.  In fact -- and I won’t bore you with reading all the quotations that exist -- this President has been pushing for a one-year extension and expansion of the payroll tax cut for months, initially against great Republican resistance to even that idea.
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December 20, 2011
But what is not in doubt is that the President, Senator Reid, Senator McConnell and the Speaker of the House all agree -- and Leader Pelosi -- all agree that we should extend the payroll tax cut for the entire year.  And this President is committed, the leaders are all committed to working to make that happen.  But what this political brinksmanship has created is the possibility that taxes will go up on January 1st because House Republicans refuse to even vote on a bill that received overwhelming bipartisan support in the Senate.
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December 20, 2011
We agree with that assessment.  It is absolutely a bipartisan compromise.  And it reflects the work that the Senate Democratic leader and Senate Republican leader achieved towards a year-long solution to extending the payroll tax cut.  They worked very hard on that.  Senator Reid worked very hard on that bipartisan compromise.  They could not quite achieve it in the time allowed and passed a overwhelmingly bipartisan two-month extension as insurance to make sure that Americans did not have their taxes go up in 11 days and 10 hours -- 160 million Americans.  That is absolutely what must get done.  And the House still has that option.  So we hope they take it.
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December 20, 2011
MR. CARNEY:  As Senator Reid has said -- Senator Reid, Senator McConnell and Speaker Boehner had a conversation about what was the best way to proceed.  The best way to proceed was to have Senator McConnell and Senator Reid negotiate a bipartisan compromise.  They worked very hard to do that.  They worked very hard to reach an agreement on extending the payroll tax cut for a year.  They were not able to get that done in time to ensure that taxes wouldn’t go up on 160 million Americans, and so they passed -- they worked out and passed, with an overwhelming bipartisan majority of both Republicans and Democrats, a two-month extension, and committed to return next year and make sure that that extension was provided for the rest of the year.  That was the right approach.
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December 20, 2011
The President has been hammering on this issue since September, as you know.  And what the Senate leadership, both Republican and Democrat, decided is that they didn’t have enough time to finish a one-year extension, so they decided that what was absolutely essential is that Americans don’t have their taxes go up in just 11 days.  So they passed, by a vote of 89 to 10, a bipartisan compromise to extend the payroll tax cut for two months.  The House ought to follow suit.
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December 20, 2011
MR. CARNEY:  Well, it’s a good question, Dan.  The President’s approach has been focused on -- and his strategy has been focused on getting this very important piece of business done for the American people.  He put it on the table in September as part of the American Jobs Act.  He called for not just an extension of the payroll tax cut but an expansion, so that if his proposal had passed, if he got his way in entirety, Americans wouldn’t just have $1,000 extra next year, they would have had on average $1,550 extra.  If he had gotten his way in his proposal entirely, small businesses would have had a payroll tax cut.
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December 23, 2011
Good afternoon, everybody.  I know you're all looking forward to spending time with their families over the holidays, but we did have one last piece of business to finish up.  I said it was critical for Congress not to go home without preventing a tax increase on 160 million working Americans, and I'm pleased to say that they've got it done.  So I want to thank all the members of Congress for ending the stalemate and making this happen.
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December 23, 2011
Last week, I said that this should be a formality, and that’s still the case.  So let’s make sure that we extend this tax break and unemployment insurance for a full year for our families, but also for our economy.  It’s the right thing to do because more money spent by more Americans means more businesses hiring more workers.  And that’s a boost for everybody, and it's a boost that we very much need right now.
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January 24, 2012
We should start with our tax code.  Right now, companies get tax breaks for moving jobs and profits overseas.  Meanwhile, companies that choose to stay in America get hit with one of the highest tax rates in the world.  It makes no sense, and everyone knows it.  So let’s change it.
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January 24, 2012
But in return, we need to change our tax code so that people like me, and an awful lot of members of Congress, pay our fair share of taxes.
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January 24, 2012
After all, innovation is what America has always been about.  Most new jobs are created in start-ups and small businesses.  So let’s pass an agenda that helps them succeed.  Tear down regulations that prevent aspiring entrepreneurs from getting the financing to grow. Expand tax relief to small businesses that are raising wages and creating good jobs.  Both parties agree on these ideas.  So put them in a bill, and get it on my desk this year. 
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January 24, 2012
Right now, our most immediate priority is stopping a tax hike on 160 million working Americans while the recovery is still fragile. People cannot afford losing $40 out of each paycheck this year.  There are plenty of ways to get this done.  So let’s agree right here, right now:  No side issues.  No drama.  Pass the payroll tax cut without delay.  Let’s get it done. 
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January 24, 2012
When it comes to the deficit, we’ve already agreed to more than $2 trillion in cuts and savings.  But we need to do more, and that means making choices.  Right now, we’re poised to spend nearly $1 trillion more on what was supposed to be a temporary tax break for the wealthiest 2 percent of Americans.  Right now, because of loopholes and shelters in the tax code, a quarter of all millionaires pay lower tax rates than millions of middle-class households.  Right now, Warren Buffett pays a lower tax rate than his secretary.
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January 24, 2012
Tax reform should follow the Buffett Rule.  If you make more than $1 million a year, you should not pay less than 30 percent in taxes.  And my Republican friend Tom Coburn is right:  Washington should stop subsidizing millionaires.  In fact, if you’re earning a million dollars a year, you shouldn’t get special tax subsidies or deductions.  On the other hand, if you make under $250,000 a year, like 98 percent of American families, your taxes shouldn’t go up. You’re the ones struggling with rising costs and stagnant wages.  You’re the ones who need relief.
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January 24, 2012
We don’t begrudge financial success in this country.  We admire it.  When Americans talk about folks like me paying my fair share of taxes, it’s not because they envy the rich.  It’s because they understand that when I get a tax break I don’t need and the country can’t afford, it either adds to the deficit, or somebody else has to make up the difference -- like a senior on a fixed income, or a student trying to get through school, or a family trying to make ends meet.  That’s not right.  Americans know that’s not right.  They know that this generation’s success is only possible because past generations felt a responsibility to each other, and to the future of their country, and they know our way of life will only endure if we feel that same sense of shared responsibility.  That’s how we’ll reduce our deficit.  That’s an America built to last.
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January 25, 2012
Because we've got to make choices:  We could keep those tax breaks for folks like me, or we could keep investing in everything that's going to make this country strong -- education and basic research, and our military, and caring for our veterans. 
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January 25, 2012
But we’ve got to seize that opportunity.  We’ve got to help these companies succeed.  And it starts with changing our tax code.  It starts with changing our tax code.    Now, right now, companies get all kinds of tax breaks when they move jobs and profits overseas.  Think about that.  A company that chooses to stay in America gets hit with one of the highest tax rates in the world.  That’s wrong.  It doesn’t make sense.  We’ve got to stop rewarding businesses that ship jobs overseas, reward companies like Conveyor that are doing business right here in the United States of America. 
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January 25, 2012
Now, before the other side gets all excited, let me be clear:  If you’re a company that wants to outsource jobs or do business around the world, that’s your right.  It’s a free market.  But you shouldn’t get a tax break for it.  Companies that are bringing jobs back from overseas should get tax breaks.  High-tech manufacturers should get tax breaks.  Manufacturers like Conveyor that stamp products with three proud words:  Made in America.  Those are the folks who should be rewarded through our tax code. 
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January 25, 2012
Now, most immediately -- I was talking about taxes on business -- the most immediate thing we need to do with our tax code is make sure that we stop a tax hike on 160 million working Americans at the end of next month.  People can’t afford losing $40 out of each paycheck.  Not right now.  Your voices convinced Congress to extend this middle-class tax cut before.  You remember there was a little resistance there at the end of last year?  But you guys sent a message:  Renew that payroll tax cut, strengthen the economy.  But they only extended it for two months.  We now have to extend it for the entire year.  So I need your help to make sure they do it again.  Tell Congress to pass this tax cut without drama, without delay.  No soap operas.  Just get it done.
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January 25, 2012
Now, does that make any sense to you?  Do we want to keep these tax cuts for folks like me who don’t need them?  I’m doing okay. I really am.  And look, nobody likes paying taxes.  I understand that.  So if we didn’t need it, if the country was in a surplus like it was back in 2000, I’d understand us saying, well, let’s try to let millionaires keep every last dime.  I get that.  But that’s not the situation we’re in.  And so we’ve got to make choices.
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January 25, 2012
Do we want to keep investing in everything that’s important to our long-term growth -- education, medical research, our military, caring for our veterans -- all of which are expensive? Or do we keep these tax cuts for folks who don’t need them and weren’t even asking for them?  Because we can’t do both.  I want to be very clear about this.  We cannot do both. You’ve got to choose.
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January 25, 2012
A lot of -- I hear folks running around calling this class warfare.  This is not class warfare.  Let me tell you something, asking a billionaire to pay at least as much as his secretary, that’s just common sense. That’s common sense.  I mean, we’re talking about going back to tax rates that we had under Bill Clinton -- when, by the way, the economy grew faster and jobs increased much faster.  And in the meantime, Warren Buffett will do fine. I will do fine.  We don’t need tax breaks.  You do.  You’re the ones who’ve seen your wages stall, the cost of everything from groceries to college tuition going up.  So I want to give you a break.  I don’t need a break.
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January 25, 2012
Look, we don’t begrudge success in America.  This family business right here, I want them to thrive.  I want these guys to keep growing and growing and growing.  And hire and hire and hire.  When we talk -- when Americans talk about folks like me paying my fair share in taxes, it’s not because Americans envy the rich.  Most of them want to get rich.  Most of them will work hard to try to do well financially.  It’s because if I get a tax break I don’t need and the country can’t afford, then either it’s going to add to our deficit -- and that’s what happened between 2000 and 2008, basically.  All these tax cuts just added to the deficit because they weren’t paid for, so it takes money out of the treasury.
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January 25, 2012
As an American, I’m proud of companies like Intel, who create jobs here.  We all are.  So let’s help them grow and hire even faster.  We have a huge opportunity to create more high-tech manufacturing jobs in the United States, and bring some of these jobs back from overseas.  But we’re going to have to seize the moment.  That starts with changing our tax system. 
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January 25, 2012
Today, my administration is laying out several concrete actions we could take right now that would discourage companies from outsourcing jobs and encourage them to invest in the United States.  Congress needs to send me this tax reform.  I want to sign it right away, because I want to put more people to work right here in the United States. 
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January 25, 2012
When it comes to tax policy, my first priority right now is to stop a tax hike on 160 million working Americans at the end of next month. People can’t afford losing $40 out of each paycheck.  Not right now.  Your voices convinced Congress to extend this middle-class tax cut before.  I need your help again. Let Congress know:  Pass this tax cut without drama, without delay.  Get it done.  It's good for the economy. 
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January 25, 2012
Right now, we’re supposed to spend nearly a trillion dollars more on what was intended to be a temporary tax cut for the wealthiest 2 percent of Americans.  A quarter of all millionaires pay lower tax rates than millions of middle-class households.  Warren Buffett pays a lower tax rate than his secretary.  I know because his secretary was at the State of the Union yesterday.  That just doesn't make any sense.
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January 25, 2012
Again, we don’t begrudge success in America.  We encourage it.  We aspire to it.  When we talk about everybody paying their fair share, it’s not because anybody envies the rich.  Earlier today, Bill Gates said that he agrees that Americans who can afford it should pay their fair share.  I promise you, Bill Gates doesn’t envy rich people. He feels pretty comfortable that he’s doing okay.  It just has to do with basic math.  We’re going to have to reduce our deficit, and if I get tax breaks that I don’t need and the country can’t afford, if a Bill Gates or a Warren Buffett get tax breaks that they don’t need and can’t afford, then one of two things is going to happen.  Either it adds to our deficit, or it’s going to take away from somebody else -- whether it’s a senior or a student or a family who’s trying to get by.  And that’s not right.  That’s not who we are.
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January 26, 2012
But we’ve got a longer-run issue -- Scott and I were talking about this before we came out -- and that is how do we get America’s fiscal house in order.  And we’re going to have to make some choices.  The reason that we’ve got these debts and deficit is because we’re not making hard choices.  Right now, we’re supposed to spend nearly $1 trillion more on what was intended to be a temporary tax cut for the wealthiest 2 percent of Americans.  Supposed to be temporary.  Back in 2001.   That’s a long time ago.  A quarter of all millionaires pay lower tax rates than millions of middle-class households.  Warren Buffett pays a lower tax rate than his secretary.  I know because she was at the State of the Union.  She told me.
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January 26, 2012
But that alone doesn’t do it.  So if we want to actually deal with the deficit, we’ve got to look at the other side of the ledger.  Do we want to keep these tax cuts for the wealthiest Americans?  Or do we want to keep investing in everything else -- like education, like clean energy -- like a strong military, like caring for our veterans who are coming home from Iraq and Afghanistan?  We can’t do both.  We can’t do both.
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January 26, 2012
This has nothing to do with envy.  It has everything to do with math.  It’s what I talked about earlier.  We’ve got to make choices.  Americans understand if I get a tax break I don’t need and a tax break the country can’t afford, then one of two things are going to happen.  Either it’s going to add to our deficit or somebody else is going to have to make up the difference.
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January 27, 2012
But people understand that the job is not done, not even close to being done yet.  And they understand that if we’re going to finish the job, then we’ve got to, first of all, make sure that American manufacturing is strong.  And that means that we’re out there creating a tax code that doesn’t provide tax breaks for companies that are shipping jobs overseas.  We are focusing on companies that are investing right here in the United States, because we believe that when you make it in America everybody benefits, everybody does well.     They understand that we need American energy.  And part of my goal on Tuesday was to dispel this notion that somehow we haven’t been on top of developing American energy -- oil and gas production up higher than they’ve been in eight years, percentage of imports lower than in the last 16.  We’ve been developing and opening up millions of acres to develop.
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January 27, 2012
I know the other side doesn’t always believe in this agenda. They think that the only subsidy that’s worth providing is subsidies to oil companies.  Well, as I said, we’ve been subsidizing oil companies for close to a century now.  Rarely have they been more profitable.  Let’s take some of that money, let’s take some of those tax breaks and make sure that we’re investing in a clean energy future that’s just as promising.
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January 27, 2012
And when we've got a trillion -- more than $1 trillion worth of tax breaks that were supposed to be temporary for the top 2 percent slated to continue, we've got a tax code full of loopholes for folks who don't need them and weren't even asking for them -- we've got to ask ourselves, what's more important to us?  Is it more important for me to get a tax break, or is it more important for that senior to know that they've got Medicare and Social Security that's stable?  Is it more important for me to get a tax break, or is it better for that young person to get a break on their college education?  Is it more important for me to get a tax break, or is it more important that we care for our veterans?
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January 27, 2012
This is -- one of the biggest things I'm going to be pushing back against this year is this notion that somehow this is class warfare, that we're trying to stir up envy.  Nobody envies rich people.  Everybody wants to be rich.  Everybody aspires to be rich, and everybody understands you got to work hard if you're going to be financially successful.  That's the American way.  The question is are we creating opportunity for everybody, which requires some investments.  And the question is how do we pay for that -- because when you give me a tax break that I don't need and the country can't afford, two things happen:  Either the deficit increases or, alternatively, somebody else has to pay the tab -- that senior, or that student, or that family who’s struggling to make ends meet.
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January 27, 2012
So that’s what we’ve been doing.  Now Congress has to do more.  Congress needs to do more.  They need to stop the interest rates on student loans from doubling this July.  That's what’s scheduled to happen if Congress doesn't act.  That would not be good for you.  So you should let your members of Congress know:  Don't do that.  Don't do it.  Don't do it.
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January 27, 2012
Your voices encouraged and ultimately convinced Congress to extend the payroll tax cut for two months.  Now we’ve got to extend it for the whole year.  I need your help to get it done again.  Tell them to pass this tax cut, without drama, without delay.  Get it done.  It’s good for the economy. 
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January 27, 2012
Do we want to keep these tax cuts for folks like me who don’t need them?  Or do we want to invest in the things that will help us in the long term -- like student loans and grants -- and a strong military -- and care for our veterans -- and basic research? 
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January 27, 2012
When it comes to paying our fair share, I believe we should follow the Buffett Rule:  If you make more than $1 million a year -- and I hope a lot of you do after you graduate -- then you should pay a tax rate of at least 30 percent.   On the other hand, if you decide to go into a less lucrative profession, if you decide to become a teacher -- and we need teachers -- if you decide to go into public service, if you decide to go into a helping profession -- if you make less than $250,000 a year -- which 98 percent of Americans do -- then your taxes shouldn’t go up. 
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January 27, 2012
There have been some who have been saying, well, the only reason you’re saying that is because you're trying to stir people up, make them envious of the rich.  People don't envy the rich.  When people talk about me paying my fair share of taxes, or Bill Gates or Warren Buffett paying their fair share, the reason that they're talking about it is because they understand that when I get a tax break that I don't need, that the country can't afford, then one of two things are going to happen:  Either the deficit will go up and ultimately you guys are going to have to pay for it, or alternatively, somebody else is going to foot the bill -- some senior who suddenly has to pay more for their Medicare, or some veteran who's not getting the help that they need readjusting after they have defended this country, or some student who’s suddenly having to pay higher interest rates on their student loans.
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January 31, 2012
How do we make sure that we've got a tax system that reflects everybody doing their fair share -- because if we're going to bring down our deficits and make investments in our infrastructure and our basic research, then we're going to have to do it in a balanced way.
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February 17, 2012
Because of you, we were able to put middle-class tax cuts in the back pockets of working Americans every single year I've been in office.  And today, Congress did the right thing and extended the payroll tax cut for working Americans through the rest of the year.  That’s about $1,000 for the typical American family.  And that’s part of what lifted the economy when it was on the verge of a Great Depression. That’s what change is.
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February 17, 2012
The recovery is accelerating.  America is coming back -- which means the last thing we can do is go back to the same failed policies, the very same policies that got us into this mess in the first place.  And that’s what’s at stake in this election.  That’s exactly what the other candidates want to do.  They don’t make any secret about it.  They want to go back to the days when Wall Street played by its own rules.  They want to go back to the days when insurance companies could deny you coverage or jack up premiums without reason.  They want to go back to spend trillions of dollars more on tax breaks for folks like me, for the wealthiest Americans, even if it means adding to the deficit, or gutting things like education or clean energy or making Medicare more expensive for seniors.
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February 17, 2012
We got to change our tax code to incentivize investment here.  It means we have to make our schools the envy of the world, which that starts, by the way, with the man or woman in front of the classroom. A good teacher can increase the lifetime earnings of a classroom by over $250,000.  A great teacher offers a path for a child to go where their dreams might carry them even if they’re born into poverty, even if they’ve got tough circumstances.
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February 17, 2012
Even if we do that, we're still going to have to bring down our deficit and our debt.  And that comes to the issue of everybody doing their fair share.  We need a tax system that reflects our best values -- everybody carrying their weight.  I believe we should follow the Buffett Rule:  If you make more than $1 million a year, you shouldn’t pay a lower tax rate than your secretary.  If, like 98 percent of Americans, you make $250,000 a year or less, your taxes don’t need to go up right now.  Period. 
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February 17, 2012
This has nothing to do with class warfare.  It has nothing to do with envy.  It has everything to do with math.  If somebody like me gets a tax break that I don’t need, wasn't asking for, at a time when we're trying to get our fiscal house in order, then one of two things happens.  Either that adds to our deficit, or, alternatively, we've got to take something else away from somebody else.  Maybe a student suddenly has to pay higher interest on their student loans, or a senior has got to pay more for their Medicare, or a homeless veteran doesn’t get the support that they need, or a family doesn’t have the opportunity to get the kind of job training they need to adapt in this changing economy.
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February 17, 2012
Across the board, I have not seen in my lifetime as stark a choice as we’ve got in 2012.  And that means we’re going to have to work harder this time than we did last time.  If you agree with Mr. Gates here, who’s spoken so eloquently about the fact that we’ve got to have a balanced approach to how we reduce our deficits, well, this is for all the marbles right here.  Because the Bush tax cuts are going to expire at the end of this year and whoever is the President is going to shape what our tax policy is, and how we reduce our deficits and how we maintain fiscal stability for the next 20, 30 years.
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February 21, 2012
You'll remember I called on Congress to pass this middle-class tax cut back in September as part of my broader jobs plan. And for the typical American family, it is a big deal.  It means $40 extra in their paycheck.  And that $40 helps to pay the rent, the groceries, the rising cost of gas -- which is on a lot of people's minds right now.  LaRonda Hill -- right here -- told us how $40 covers the water bill for a month.  So this tax cut makes a difference for a lot of families.  You can get back over here, Joe. And more people spending more money means more businesses will be able to hire more workers, and the entire economy gets another boost just as the recovery is starting to gain some steam.
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February 23, 2012
And it means that we have a tax system that encourages economic growth, that helps to bring down our deficit, that pays for the investments that we need, and says folks like me can afford to do a little bit more -- that it doesn’t make sense to give me tax breaks I don’t need if it means making some senior citizen pay more for her Medicare, or making a student pay more for their student load, or a veteran maybe doesn’t get the kind of help that they need coming home and they’ve got Post Traumatic Stress Disorder.
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February 23, 2012
Now, that’s what the other candidates want to do. I don’t know if you guys have been watching the Republican primary debates, in case you need an incentive. They make no secret about what they want to do. They want to go back to the days when Wall Street played by its own rules. They want to go back to the days when insurance companies could deny you coverage or jack up your premiums without reason. They want to spend trillions more on tax breaks for the wealthiest individuals, for people like me, who don’t need it, weren’t even asking for it -- even if it means adding to the deficit, even if it means gutting our investments in education or clean energy, or making it harder for seniors on Medicare. Their philosophy is simple: We are better off when everybody is left to fend for themselves, everybody makes their own rules, a few do very well at the top and everybody else is struggling to get by. That’s their core vision for America.
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February 23, 2012
That's not class warfare. That's not envy. It has to do with simple math. If somebody like me gets a tax break that the country can't afford, then one of two things happen: Either the deficit goes up, which is irresponsible -- or we're taking it out of somebody else -- that student who is now suddenly having to pay a higher student loan rate, or that senior who's having to pay more for Medicare, or that veteran who's not getting the help they need after having served our country.
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February 23, 2012
That's why we focused on education, and we've said that not only do we want to improve K through 12 so that every child is getting the basics -- math and science and English -- but we want everybody to be able to go to college.  And we took $60 billion that was going to -- that was being channeled to the banks as subsidies through the student loan program and we said let’s take that money and give it directly to students so that we could expand Pell grants and we could make sure that every -- young people who want to go to college can afford to do so.  Because right now, actually, student loan debt is higher than credit card debt in this country.  And it’s a huge burden on the next generation and we have to start relieving it.   We said, we’ve got to have an energy policy that makes sense and that includes developing oil and gas resources in this country, but it also means focusing on clean energy.  And here in Florida, we’ve seen enormous progress on things like solar and wind and biodiesel.  But we’ve got to do more -- making sure that our cars are more energy efficient, making sure that we’re not prey to every year right around this time oil spiking because something is going on in the Middle East, and our whole economy is suddenly vulnerable.   And we focused on making sure that our tax system is fair.  What I’ve said consistently is, look, I don’t like paying taxes any more than anybody else does and I’m the President.  Now, here’s the thing about being President, you pay every dime.  You don’t take advantage of any loopholes -- because everybody sees your income tax returns.  So I’m probably in the top bracket in every category.   But what I’ve said is Michelle and I have been so blessed, we can afford to do a little bit more to make sure that the next generation is able to come back up, is able to achieve their dreams the same way Michelle and I did.  Because we think about our stories.  I was raised by a single mom.  Michelle was raised by a blue-collar worker and a secretary.  My mother-in-law, even though she lives with us now, she's kept her home back in Chicago.  It’s now her house, but when they were growing up it was actually my mother-in-law’s sister’s house and Michelle’s family lived on the top floor, the second floor of this bungalow. It couldn’t have been more than 600 square feet where four people grew up.   And yet, she was able to go to a quality public school, go to Princeton, go to Harvard Law School, because somebody made an investment in her.  Somebody said, you know what, we want to make sure everybody has opportunity.  And that’s the same way I was able to get ahead, is because somebody made an investment in me.
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March 30, 2012
But that’s what the other side wants to do.  They make no secret about it.  They want to go back to the days where Wall Street played by its own rules.  They want to go back to the day when insurance companies could do whatever they wanted to.  They want to go back to the days where -- they want to continue to spend trillions of dollars on tax breaks for the wealthiest individuals in America, even if it means adding to the deficit, or gutting education, or gutting investments in clean energy, or hurting Medicare.
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March 30, 2012
And we’ve got to make sure that we’ve got a tax system that is actually fair.  Part of that is something I call the Buffett Rule.  It’s very simple:  If you are making more than $1 million a year -- I’m not saying you have $1 million, I’m saying you’re making $1 million every year -- then you shouldn’t pay a lower rate than your secretary. That’s a pretty simple proposition.
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March 30, 2012
Look, if somebody like me gets a tax break that they don’t  need and that the country can’t afford, then one of two things are going to happen -- either it adds to our deficit, or we’re taking something away from somebody else.  That student now has to pay a higher interest rate on their student loan because we’ve got to make up the money somewhere.  Or that senior has to start paying more for their Medicare because the money has to be made up somewhere.  Or that veteran doesn’t get the PTSD care that they needed after serving our country.  Or a family that’s struggling to get by maybe is getting less home heating oil assistance.
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March 30, 2012
But, of course, that’s exactly what the other side -- all those folks who are running for this office -- that’s exactly what they’re proposing.  They don’t make any secret about it.  They want to go back to the days when Wall Street played by its own rules.  They want to roll back health care so that insurance companies can jack up your rates or whatever they want.  They want to continue to spend trillions of dollars more on tax breaks for the wealthiest individuals, even if it means adding to the deficit, even if it means gutting things like education, and basic research, and clean energy and Medicare -- all those things that help this economy grow.
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March 30, 2012
And when it comes to our deficit, when it comes to our fiscal situation, let’s have a tax system that reflects everybody doing their fair share. Doing their fair share.  Some of you know I’ve proposed something called the Buffett Rule.  It’s a pretty simple rule that Warren Buffett happens to endorse:  If you make more than $1 million a year -- I don’t mean that you have $1 million, I mean every year you’re making more than $1 million -- you should not pay a tax rate that’s lower than your secretary’s, which is what is happening for too many folks right now. 
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April 12, 2012
I'm not the first President to call for this idea that everybody has got to do their fair share. Some years ago, one of my predecessors traveled across the country pushing for the same concept.
April 20, 2012
The Buffet Rule was an idea that was supported by a strong majority of the American people — including nearly half of Republicans. The majority of millionaires supported it.
April 24, 2012
So when we graduated from college and law school, we had a mountain of debt.  When we married, we got poorer together.  We added up our assets and there were no assets.  And we added up our liabilities and there were a lot of liabilities, basically in the form of student loans.  We paid more in student loans than we paid on our mortgage when we finally did buy a condo.  For the first eight years of our marriage, we were paying more in student loans than what we were paying for our mortgage.  So we know what this is about.
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April 24, 2012
Now, that’s their priorities.  And that doesn’t make any sense.  Do we want to keep tax cuts for the wealthiest Americans who don’t need them and didn’t ask for them?  Or do we want to make sure that they’re paying their fair share? Do we want to keep subsidizing big oil, or do we want to make sure we’re investing in clean energy? Do we want to jack up interest rates on millions of students, or do we want to keep investing in things that will help us and help them in the long-term -- things like education and science, and a strong military and care for our veterans?  We can’t do both.  We can’t have it both ways.  We’ve got to make a choice about what our priorities are. 
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April 25, 2012
I mean, do we want to keep tax cuts for the wealthiest Americans who don’t need them, didn’t ask for them, the country can’t afford it?  Or do we want to make sure that everybody pays their fair share, and make sure that young people are able to afford to go to college? 
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April 25, 2012
How can we want to maintain tax cuts for the wealthiest Americans who don’t need them and weren’t even asking for them?  I don't need one.  I needed help back when I was your age.  I don't need help now.  I don't need an extra thousand dollars or a few thousand dollars.  You do.
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April 25, 2012
They say that, well, we’ve got to do it because we’ve got to bring down the deficit.  Now, first of all, these guys ran up the deficit.  Remember, these are the same folks who voted in favor of two wars without paying for it, and big tax cuts without paying for it.  They just voted to keep billions of dollars of taxpayer subsidies to big oil companies who are raking in record profits.  They just voted to let millionaires and billionaires keep paying low tax rates -- lower tax rates than middle-class workers.  They just voted to give an average tax cut of at least $150,000 to the wealthiest Americans -- folks like me who don’t need it, weren’t asking for it.  And the way they pay for it is to cut things like education and job training that give students opportunities to work and succeed.  So they can’t be too serious about deficits.
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April 25, 2012
There are a couple of things I’d like Congress to be doing this year.  First, they need to extend the tuition tax credit that we put in place when I first came into office, because it’s saving middle-class families thousands of dollars.  They get a tax break when they are helping their kids go to college.  That’s important. 
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April 27, 2012
He's made veteran's employment a national priority, with tax breaks for businesses that hire veterans and wounded warriors.  He's working to end the outrage of veteran's homelessness once and for all. He championed the Post-9/11 GI Bill, which has helped more than half a million veterans and military families go to college.  And today, with this new effort to ensure that you all get the education you've earned, that story continues.
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April 30, 2012
And their argument might actually fly if they didn’t just vote to spend $4.6 trillion on lower tax rates -– that’s with a T, trillion -– on top of the $1 trillion they’d spend on tax cuts for people making more than $250,000 a year.  So they're willing to spend over $5 trillion to give tax breaks to folks like me who don't need them and weren’t even asking for them at a time when this country needs to be rebuilt.  That gives you a sense of their priorities.
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April 30, 2012
Now, what do you think would make the economy stronger?  Giving another tax break to every millionaire and billionaire in the country?  Or rebuilding our roads and our bridges and our broadband networks that will help our businesses sell goods all around the world?  It’s pretty clear.  This choice is not a hard one. 
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April 30, 2012
And what makes it worse -- it would be bad enough if they just had these set of bad ideas, but they’ve also set their sights on dismantling unions like yours.  I mean, if you ask them, what’s their big economic plan in addition to tax cuts for rich folks, it’s dismantling your unions.  After all you’ve done to build and protect the middle class, they make the argument you’re responsible for the problems facing the middle class.  Somehow, that makes sense to them.
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May 21, 2012
And when you’re President, as opposed to the head of a private equity firm, then your job is not simply to maximize profits.  Your job is to figure out how everybody in the country has a fair shot.  Your job is to think about those workers who got laid off and how are we paying for their retraining.  Your job is to think about how those communities can start creating new clusters so that they can attract new businesses.  Your job as President is to think about how do we set up a equitable tax system so that everybody is paying their fair share that allows us then to invest in science and technology and infrastructure, all of which are going to help us grow.
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May 23, 2012
And the reason we came together in 2008, this wasn't about me.  This was about us.  We believed that the country was straying from these basic values.  We had a record surplus that had been squandered on tax cuts for people who didn’t need them and weren’t even asking for them.  Two wars being waged on a credit card.  Washington speculators were reaping huge profits by making bets with other people’s money.  Manufacturing was leaving our shores.  So a shrinking number of Americans were doing fantastically well, while the vast majority, a growing number were struggling to get by.  Falling incomes, rising costs, the slowest job growth in half a century -- that’s what we were confronting.
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May 23, 2012
And now, I want to finish the job.  I want to finish the job in a balanced way.  Yes, we're going to streamline government.  There's more waste to be cut.  We can reform our tax code so that it’s simpler and fairer, but so that it also asks the wealthiest Americans to pay a little bit more.
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May 23, 2012
And let me say, my opponent, he won’t tell us how he’d pay for his new $5 trillion tax cut.  Now, this is a tax cut that gives an average of $250,000 to every millionaire in the country. This is on top of the Bush tax cuts.  This is more. So I'd get more.  I don't need more.  And we know that the tax bill -- or the bill for this tax cut, it's going to come from two places -- either it's passed on to our children, or it will be paid for by a whole lot of ordinary Americans.
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May 23, 2012
I see an American Century because we have the resilience to make it through these tough economic times.  We're going to put America back to work by investing in the things that keep us competitive -- education and high-tech manufacturing, science and innovation.  We'll pay down our deficits, reform our tax code and keep reducing our dependence on foreign oil.  We need to get on with nation-building here at home.  And I know we can, because we’re still the largest, most dynamic, most innovative economy in the world.  And no matter what challenges we may face, we wouldn’t trade places with any other nation on Earth.
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May 24, 2012
And so we’re going to finish the job.  Yes, by streamlining government and cutting more waste.  But we also need to reform our tax code so it’s simpler and fairer and so it asks folks like me -- the wealthiest Americans -- just to pay a little more.
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May 24, 2012
Third thing, instead of just talking about job creators -- you always hear -- every member of Congress has said, we’ve got to help the job creators.  Okay, let’s help them.  Congress should help small business owners who create most of the new jobs in America -- small business owners.  So what we want to do is give them a tax break for hiring more workers and for paying them higher wages.  Give them an incentive to say, you know what, if on the margins maybe I’m thinking about hiring that extra person, if I get a tax break it makes that person a little bit cheaper to hire, and that can put more of our neighbors and friends back to work.  So that’s a common-sense idea. 
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May 24, 2012
So those are four simple things.  And the fifth thing is the reason why I'm here today.  The fifth item on my "To-Do" list -- I'm calling on Congress to extend tax credits that are set to expire at the end of the year for clean-energy companies like TPI.  Let's not wait.  Let's do it now. 
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May 24, 2012
So I'm here today because, as much progress as we've made, that progress is in jeopardy.  If Congress doesn’t act, those tax credits that I mentioned -- the ones that helped build up the wind industry, the ones that helped to bring all these jobs to Newton, those tax credits will expire at the end of the year if Congress doesn't do anything.
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May 24, 2012
So this is a simple thing on Congress's "To-Do" list -- extend these tax credits.  Do it now.  Every day they don't act business grows more concerned that they will not be renewed.  They're worried demand for their products is going down, so they start thinking twice about expanding, more cautious about making new investments.  They start looking overseas.  I was talking to your CEO.  We got an opportunity to branch out, but we want to branch out by making the stuff here and then sending it there.  We don't want to branch out by sending the jobs and the investments over there, and then shipping it back to America.  That doesn't make sense. One company that had plans to invest $100 million to build a wind manufacturing plant in Arkansas -- and create hundreds of jobs –- put those plans on hold.
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May 24, 2012
And by the way, this should not be a partisan issue.  There are several Republican governors –- including the governor of this state -– who are calling on Congress to act.  There are members of Congress in both chambers and on both sides of the aisle –- including your two senators –- who support these tax credits.  And that doesn’t happen much in Washington where Democrats and Republicans say they agree on something.  So if you agree, why haven’t we gotten it done yet?
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May 24, 2012
We watched a record surplus that was squandered on tax cuts for folks who didn't need them and weren’t asking for them.  We saw two wars being waged on a credit card.  We saw speculation in the financial sector, reaping huge profits for a few folks who were making bets with other people’s money, but it was a flimsy kind of success.  Manufacturing left our shores. A shrinking number of Americans did really, really well, but a growing number saw falling incomes and stagnant job growth and rising costs for everything from college to health care.
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May 24, 2012
And my opponent won’t -- he’s proposed a $5 trillion tax cut on top of the Bush tax cut.  This gives an average of $250,000 to every millionaire in the country.  And although he won’t detail how he’s going to pay for it, I can tell you either it’s going to be passed on to our kids, or you’re going to have to pay for it.  A whole lot of ordinary Americans will have to pay for it.
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May 24, 2012
And we came together in 2008 because you could tell that our country -- or at least the leadership in Washington -- had strayed away from these basic values.  We had a record surplus that had been squandered on tax cuts for folks who didn’t need them and weren’t even asking for them.  Two wars had been waged on a credit card.  Wall Street speculators were reaching huge profits, making bets with other people’s money, but it was destabilizing our financial system.  Manufacturing was moving offshore.  A shrinking number of Americans were doing fantastically well, but a whole lot of people were struggling with falling incomes and rising costs and the slowest job growth in half a century.
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May 24, 2012
You don’t build a strong economy by proposing more tax cuts for corporations that ship jobs and profits overseas.  But that’s his plan. You don’t build a strong economy by repealing the rules that are designed to prevent another taxpayer bailout of Wall Street banks.  But that’s what he pledges to do, roll those things back.  You don’t build a strong economy by offering another budget-busting tax cut skewed to the wealthiest Americans, while raising taxes on 18 million working families.  But that’s what he’s proposing. 
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May 30, 2012
Number three, Congress still has the opportunity to do more to help small business owners who create most of the new jobs in America.  So we want to give them a tax break for hiring more workers and providing those workers higher wages.
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May 30, 2012
A couple of points.  Number one, it still makes no sense for us to be giving tax breaks to companies that are shipping jobs and factories overseas.  The great news is there are a lot of companies that are now thinking about insourcing and moving jobs back to the United States.  We are more competitive than ever.  Our workers are more productive than ever.  We want to help provide incentives for folks to make those decisions.  So it's time for Congress to take tax breaks away that allow for deductions moving jobs overseas and instead cover moving expenses for companies that are interested in bringing jobs back to America.
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May 30, 2012
Fourth, Congress should extend the tax credits for clean energy companies that are set to expire at the end of the year.  This is something that a lot of members, both Democrats and Republicans, should be able to appreciate, because wind power, solar power, biofuels -- those aren't partisan issues -- that's a job sector that is growing across the country.  But right now, there is too much uncertainty because we haven't gone ahead and locked down some of these tax credits.
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May 30, 2012
These companies are putting folks back to work and they're helping us break our dependence on foreign oil.  There are members, again, of both parties that support these tax credits.  And tens of thousands of jobs are at stake.  So I think it's very important for us to make sure that we move forward on that.
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June 22, 2012
Instead of just talking a big game about "job creators," we should give small business owners a tax break for hiring more workers or for paying higher wages. Instead of rewarding companies that ship jobs overseas, we should take that money and use it to cover moving expenses for companies who are bringing jobs back to America.
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June 22, 2012
The Republicans who run Congress, the man at the top of their ticket, they don’t agree with any of the proposals I just talked about. They believe the best way to grow the economy is from the top down. So they want to roll back regulations, and give insurance companies and credit card companies and mortgage lenders even more power to do as they please. They want to spend $5 trillion on new tax cuts -- including a 25-percent tax cut for every millionaire in the country. And they want to pay for it by raising middle-class taxes and gutting middle-class priorities like education and training and health care and medical research.
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June 22, 2012
We don’t need more top-down economics. What we need is a better plan for education and training, and energy independence, and innovation, and infrastructure that can rebuild America. What we need is a tax code that encourages companies to create jobs and manufacturing here in the United States, and, yes, asks the wealthiest Americans to help pay down the deficit. That's what's needed.
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June 22, 2012
We don’t need more top-down economics.  What we need is some middle class-out economics, some bottom-up economics. We need a plan for better education and for better training, for energy independence, for innovation, for infrastructure that can rebuild America.  What we need is a tax code that encourages companies to create jobs and manufacturing here in the United States -- and that asks the wealthiest Americans to help pay down our deficit, to do their fair share. 
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June 22, 2012
And then they propose turning Medicare into a voucher program.  But you know what, that’s still not enough.  So, as it was reported in the newspaper just this week, they’ll also have to raise taxes on the middle class by taking away tax deductions for everything from health care to college, to retirement, to homeownership --
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June 22, 2012
So Governor Romney and the Republican leaders in Congress, they’ve rejected what used to be this bipartisan tradition.  They’ve opted for top-down, on-your-own economics that has never succeeded in this country.  And I've got a different view.  I have an economic plan based on the shared vision that’s always worked for America’s middle class and all those striving to get there -- a plan focused on education and energy and innovation and infrastructure, and a tax code that is fair and responsible.  That's how we’re going to build this country.  That's why I’m running for President of the United States. 
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June 22, 2012
And fifth, we’re going to reduce our deficit by $4 trillion. I have a detailed plan.  We’ll cut spending we can’t afford.  We’ll strengthen programs like Medicare for the long haul.  We can reform our tax code in a way that is fair and responsible -- which, by the way, means let’s stop giving tax breaks to businesses that ship jobs and factories overseas. Let’s reward companies that create jobs in manufacturing right here in the United States of America. 
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June 22, 2012
So this is about choices.  I don’t believe that giving millionaires and billionaires a $250,000 tax cut is more valuable to our future than hiring transformative teachers, or providing financial aid to kids who need it to go to college. I don’t believe that kind tax cut is more likely to create jobs than providing loans to new entrepreneurs, or tax credits to small businesses who hire veterans.  I don’t think it’s more likely to spur economic growth than our investments in clean energy and medical research, in building new roads and bridges and expanding our ports and our runways.
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June 25, 2012
Unlike Governor Romney, I want to close the outsourcing loophole in our tax code.  I want to give tax breaks to companies who create jobs and manufacturing here in New Hampshire, here in the United States of America. 
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June 25, 2012
So that’s step number one.  And then, second, they promise not only to keep all of the Bush tax cuts in place -- not just the ones for the middle class, but for everybody, for the wealthiest Americans -- but they also then want to add another $5 trillion in tax cuts on top of that, including a 25 percent tax cut for every millionaire in the country.
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June 25, 2012
We don’t need more top-down economics.  What we need is a better plan for education and training -- and energy independence and infrastructure and innovation that rebuilds America.  What we need is a tax code that encourages companies to create jobs and manufacturing here in the United States -- and that asks the wealthiest Americans to pay a little bit more to help pay down our deficit. Listen, we don’t expect government to solve all our problems, and it shouldn’t try to solve all our problems.  I learned from my mom no education policy can take the place of a parent’s love and attention -- and sometimes scolding. As a young man, I worked with a group of Catholic churches who taught me that no poverty program can make as much of a difference as the kindness and commitment and involvement of caring neighbors and friends and fellow parishioners. 
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June 25, 2012
The way it was done before. I put forward a detailed plan.  It will cut spending we can’t afford.  And there's some programs that don't work -- we can eliminate that money -- strengthen programs like Medicare for the long haul, reform our tax code so that the wealthiest Americans pay a little bit more, just like they did when Bill Clinton was President -- just like they did when our economy created 23 million new jobs. 
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June 25, 2012
This is about choices.  I don’t believe that giving millionaires and billionaires a $250,000 tax cut is going to do more for our future than hiring transformative teachers, or providing financial aid to the children of middle-class families.  I don’t believe a poorly designed tax cut like that is more likely to create jobs than providing loans to new entrepreneurs, or tax credits to small businesses who hire veterans.  I don’t think it’s more likely to spur economic growth than investments in clean energy and medical research, and new roads and bridges and runways.
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June 25, 2012
And let me be clear.  We all believe in the free market.  We all believe that risk-takers and entrepreneurs need to be rewarded.  It's that dynamism that built this country.  But we also believe in shared prosperity.  I want to close the outsourcing loophole in our tax code.  I want to give tax breaks to companies who create jobs and manufacturing right here in the United States of America. 
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June 25, 2012
I’m running because we need to reduce our deficit, we need to manage our debt, and so I've put forward a plan -- $4 trillion of deficit reduction that is balanced and responsible, that allows us to cut spending we can’t afford, strengthens programs like Medicare for the long haul, and, yes, reforms our tax code so that the wealthiest Americans pay a little bit more.
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June 25, 2012
And just as Mr. Romney's theories and the Republicans in Congress, their theories have been tested, well, my theories have been tested as well, because that tax code that I described happened to be the tax code that was around when Bill Clinton was President, and we created 23 million new jobs, the biggest budget surplus in history. We created a whole lot of millionaires to boot.  Businesses did just fine.  And you know there are plenty of patriotic, successful Americans all across the country -- I meet them every day -- who'd be willing to make this contribution again because they understand there is such a thing as the common good.  They understand that we’re in this thing together.
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June 25, 2012
And we believe in creating a great infrastructure, so businesses can move people and products and services seamlessly throughout our global economy.  And we believe in a tax code that is fair and balanced, in which success is rewarded, but in which we also are paying for those investments that allow us to pass on a great country to the next generation.
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June 26, 2012
You want somebody who will close the outsourcing loopholes in our tax code.  You want somebody who will give tax breaks to companies that create jobs in manufacturing here in the United States, not ship them overseas. 
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June 26, 2012
Part two of the plan is not only to keep all the Bush tax cuts in place, including for the wealthiest Americans, but also add another $5 trillion in tax cuts on top of that, which includes a 25 percent tax cut for every millionaire in the country.
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June 26, 2012
I want to change our tax code, because I'm tired of seeing us give tax breaks to companies that ship jobs overseas.  I want to give tax breaks to companies that are investing right here in Georgia, right here in Atlanta, right here in the United States of America. 
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June 26, 2012
And not only is it helping families, but it’s also help the country as a whole, because over time what we’re building into is a health care system that’s going to be more efficient and provide better quality.  And by the way, just yesterday or today, Kaiser released a study showing that there’s going to be over a billion dollars of rebates going out to millions of families all across America because of this law. 
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June 26, 2012
We don’t need more top-down economics.  We need a plan for better education and training and energy independence and innovation and new infrastructure, and we need a tax code that encourages companies to keep jobs here in the United States and asks wealthy Americans to help pay down our deficit -- that’s what we need.  That’s what we’re fighting for.  And that’s why I’m running for a second term as President of the United States of America. 
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June 26, 2012
Soon, insurance companies will no longer be able to deny coverage based on preexisting conditions like breast cancer, or charge women more just because they’re women.  And this year, women will receive new access to recommended preventive care like domestic violence screening and contraception at no additional cost.  That’s going to be happening. 
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June 26, 2012
And, by the way, that approach -- just like their approach has been tested, our approach has been tested, because that formula of a tax code that is balanced and fair is what produced those surpluses under Bill Clinton.   It's what got our economy creating 23 million new jobs.   It's what got the engines of our economy moving.  And, by the way, it was good for business.  We created a lot of millionaires and a lot of billionaires during those times, because they had a lot of customers for their services and their products.   And there are a lot of patriotic, successful Americans -- including here tonight -- who would be willing to do a little bit more for their country because they understand the concept of a common good.  They understand we're in it together.
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June 26, 2012
Now, you may be wondering, how is it that he can talk about cutting taxes by $5 trillion and, at the same time, say he's going to reduce our deficit -- because they always talk about the deficit and how terrible it is and we've got to get control of the deficit and the debt, and we can't pass this on to the next generation.  All right, so you're going to cut $5 trillion, giving folks like me or Mr. Romney a tax break.  How do the numbers work?
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June 26, 2012
But that doesn't pay for $5 trillion.  That's not enough.  So then what they'd have to do is eliminate a whole bunch of deductions that middle-class families count on to keep their taxes low.  And so what this adds up to is essentially you -- your family, your friends, middle-class people all across the country -- would end up seeing higher taxes to pay for tax cuts for Mr. Romney and me.
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June 26, 2012
And on this tax code, as I said, I do not think that a $250,000 tax break for me or Mr. Romney -- he’d get a little more, he’s got more -- more than I do -- I don’t think that’s more important than us hiring outstanding teachers. I don’t think that’s more important than us sending broadband lines into rural areas of Georgia and all across the country so that folks have access to the Internet.  I don’t think that’s going to help our economy grow more than us investing in cures for Alzheimer’s or cancer. 
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July 9, 2012
FACT: In 2010 and 2011, Romney paid less than 15% in taxes on $42.5 million in income—much less than what many middle-class families pay.
July 10, 2012
They believe that if we spend trillions of dollars more on tax cuts -- mostly for the wealthy -- that it will somehow create more jobs, even if we have to pay for it by gutting education, chopping assistance to community colleges and Pell grants, cutting back on training --
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July 10, 2012
Now, I believe that we should make sure that taxes on the 98 percent of Americans don't go up, and then we should let the tax cuts expire for folks like me, for the top 2 percent of Americans. 
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July 10, 2012
And by the way, the reason I say that is not because I just love to pay taxes. It’s because I know I can afford it, and to give me another tax break or to give Warren Buffett another tax break, or to give Mitt Romney another tax break.
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July 10, 2012
So this has nothing to do with me wanting to punish success. We love folks getting rich.  I hope Malia and Sascha go out there and if that’s what they want to do, that’s great.  But I do want to make sure that everybody else gets that chance as well.  And for us to give a trillion dollars’ worth of tax breaks to folks who don’t need it -- to folks who don’t need it and aren’t even asking for it, that doesn’t make sense.
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July 10, 2012
Now, the Republicans in Congress and Mr. Romney disagree with me.  And that’s what democracy is all about.  They want more tax cuts for the wealthiest Americans -- on top of the existing Bush tax cuts, they want to give $5 trillion more in tax cuts.  And that fight is a big part of what this election is about.  We’re going to have that debate -- here in Iowa and all across the country.
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July 10, 2012
But what we’ve also got to do is ask the wealthiest Americans who enjoyed the biggest unlike tax cuts over the past decade to just pay a little bit more.  And here’s the thing.   There are plenty of patriotic, successful Americans who want to make this contribution.  They’re willing to do it because they remember how they got successful.
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July 13, 2012
Now, one last thing -- one of the biggest differences is how we pay down our debt and our deficit.  My opponent, Mr. Romney’s plan is he wants to cut taxes another $5 trillion on top of the Bush tax cuts.
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July 13, 2012
So we need to keep this tax hike from happening.  But the Republicans in Congress are refusing to act. They refuse to let you keep your tax cut -- 98 percent of Americans keep their tax cut -- unless we also spend an additional trillion dollars on tax cuts for the top 2 percent.
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July 13, 2012
Now, let me say this.  If you believe that the recipe for economic growth is to give the top 2 percent additional tax breaks, then by all means you should send those folks to Washington.
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July 13, 2012
Part number two is they believe if you tear down all the regulations that we’ve put in place -- for example, on Wall Street banks or on insurance companies or on credit card companies or on polluters -- that somehow the economy is going to do much, much better.  So those are their two theories.  They’ve got the tax cuts for the high end, and they’ve got rollback regulation.
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July 13, 2012
Now, this is what I've been focused on since I've been in office.  In 2008, I promised to make sure that middle-class taxes didn’t go up.  And in fact, because of the recession, you needed some help, so we cut the typical family's income taxes by $3,600.  So if you hear somebody say that I'm a big tax guy, just remember $3,600 for the typical family.  That’s the tax break you've gotten since I've been in office. 
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July 13, 2012
Four years later, I'm running to keep middle-class taxes low.  So this week, I called on Congress to immediately extend income tax cuts on the first $250,000 of income.  Now, what that means is 98 percent of Americans make less than $250,000, so 98 percent of folks would have the certainty and security that your taxes, your income taxes would not go up a dime.  And, by the way, this is not a hypothetical.  This wasn't some campaign promise.  The reason I called on Congress to act now is because if they don’t do anything, on January 1st, almost everybody here, your taxes will go up an average of $1,600.
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July 13, 2012
And I understand why they wouldn’t want to pay more in taxes.  Nobody likes to pay more in taxes.  Here's the problem:  If you continue their tax breaks, that costs a trillion dollars.  And since we're trying to bring down our deficit and our debt, if we spend a trillion dollars on tax cuts for them, we're going to have to find that trillion dollars someplace else.  That means we're going to have to maybe make student loans more expensive for students.  Or we might have to cut back on the services we're providing our brave veterans when they come home.
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July 13, 2012
I don’t think those are good ideas.  So what I've said to the Republicans is, look, all right, let's have this debate about the tax cuts for the wealthiest folks.  I don’t mind having that debate.  But in the meantime, let's go ahead and do what we agree on, which is give 98 percent of Americans some certainty and some security.  So far, they haven't taken me up on my offer.
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July 13, 2012
But you know what, I’m not going to see us gut the investments that grow our economy to give tax breaks to me or Mr. Romney or folks who don’t need them.  So I’m going to reduce the deficit in a balanced way.  We’ve already made a trillion dollars’ worth of cuts.  We can make another trillion or trillion-two, and what we then do is ask for the wealthy to pay a little bit more.  And, by the way, we’ve tried that before -- a guy named Bill Clinton did it.  We created 23 million new jobs, turned a deficit into a surplus, and rich people did just fine.  We created a lot of millionaires.
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July 13, 2012
No, look, I mean, this is what democracy is about.  We’re going to have a debate about how to grow this economy and help build a strong middle class.  And they believe that happens from the top down.  They believe that if we spend trillions of dollars more on tax cuts for the wealthy, if we eliminate regulations that protect consumers -- make sure insurance companies can't take advantage of you, that we eliminate regulations that protect our air and our water and make sure our children are healthy -- if we do those things, then somehow even if we have to pay for it by gutting education or maybe raising taxes on middle-class families or eliminating training programs, that somehow we’re going to be better off.
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July 13, 2012
That's their theory.  Now, here’s the problem.  They tried it.  This country tried that for the decade before I took office, and it didn't work.   We are still paying trillions of dollars in tax cuts for folks who didn't need them and weren’t even asking for them, and it didn't lead to better jobs or better wages for the middle class.
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July 13, 2012
On the last campaign, I promised to cut taxes for the middle class, and I kept that promise.  We’ve cut taxes by about $3,600 for the typical family.  Four years later, I'm running to keep middle-class taxes low.  This week, I called on Congress to immediately extend these tax cuts on everybody who is making $250,000 a year or less.  Now that, by the way, includes 98 percent of Americans.    If you're one of the 98 percent whose incomes are less than $250,000 a year, you would not see a dime of tax increases on your income tax. 
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July 13, 2012
All because they want to keep tax cuts for millionaires and billionaires and folks like me who don’t need it.  Our lives will not -- Michelle and I, our lives will not be better.  The average -- Warren Buffett's life is not going to be better if he gets that additional tax cut. And, by the way, here's the important thing -- the way this is organized, the truth is, those top 2 percent, they'd still get a tax break, just only up to $250,000.  The money they made after that, that’s when they would have to start paying slightly more.
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July 13, 2012
It turns out that that his business record was starting a company that's been investing in what were called "pioneers" of outsourcing.  He wants to keep giving tax breaks to companies that ship jobs overseas.  I want to end those tax breaks.  I want to give tax breaks to companies that are investing here in Virginia, investing in American workers, investing in advanced American manufacturing so we can sell our goods around the world stamped with three proud words:  Made in America.  That's why I’m running. 
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July 13, 2012
Their economic idea, you can summarize it really easily.  They basically want to give $5 trillion in new tax cuts, mostly for the wealthy, on top of the Bush tax cuts even if it means gutting investments in education, even if it means gutting investments in basic research, even if it means that we’re not rebuilding America’s infrastructure, even if it starts cutting into benefits that we’re providing to our veterans.  The basic idea is that if you help folks at the top, at the very top, and if you eliminate regulations that we’ve put in place to make sure banks can’t just do whatever they want, or consumers aren’t cheated by their credit card companies, or insurance companies can’t take advantage of their customers -- eliminate those regulations, cut taxes at the very top, that somehow, all those benefits are going to trickle down on you --
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July 13, 2012
I have cut taxes for middle-class families by an average of $3,900 since I’ve been in office. Because my attitude was working people were the ones who were hurt most severely by the crisis and, by the way, if they got a tax break, they were most likely to spend that money for necessities and put it back into circulation, and that would do the most for the economy.
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July 13, 2012
Well, it turns out that the holdup is we’ve got a disagreement on the top 2 percent.  The top 2 percent, folks like me, we don’t need a tax break.  And it turns out if you give us a tax break along with the 98 percent, that costs about a trillion dollars.  We already benefitted from most of the tax cuts over the last decade, so we don't need it, we’re least likely to spend it.  It’s least likely to give a boost to the economy.  We can't afford it because we’re trying to bring down our deficit and trying to control our debt.
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July 13, 2012
Now, the Republicans disagree with me on this.  Mr. Romney disagrees with me on this.  And my attitude is, well, that's fine, but let’s not hold middle-class folks hostage. The top 2 percent, those tax cuts, that will be settled in the next election.  And I’m looking forward to having a debate, because if you say you want to bring down the deficit but you're not willing to let tax cuts lapse for the top 2 percent, it tells me you’re not serious about deficit reduction. 
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July 13, 2012
I’m running because I want to make sure that every young person in America has a great education.  I’ve got a plan to hire new teachers, especially in math and science. We’ve already expanded the Pell Grant program to help make college more affordable, provide tax credits to middle-class families to help make college more affordable. I want to keep on going and make sure that 2 million more people can go to community colleges to get trained in the jobs that exist right now, and lower college tuition costs.  That’s why I’m running for President of the United States of America. 
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July 14, 2012
And what happened in the auto industry I want to see happen in manufacturing all across this country -- right here in Virginia. We’ve invested in advanced manufacturing because we want to beat out countries like Germany and China.  I want the great inventions to be done here, and I want great new products created here -- which is why -- and this is another contrast -- whereas my opponent, in his private business, was investing in companies that The Washington Post calls “pioneers" of outsourcing, I believe in insourcing.  I want to stop giving tax breaks to companies that are shipping jobs overseas.  Let’s give those tax breaks that are investing right here in Virginia -- right here in the United States of America, hiring American workers to make American products to sell around the world.  That’s why I’m running for President of the United States. 
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July 14, 2012
So what I’ve said is, look, middle-class families, folks who are making $250,000 or less, 98 percent of Americans, you shouldn’t see your taxes go up one dime. You don't need to.  Your income taxes should stay constant.  And I’ve said to Congress let’s go ahead and get that done now.  Let’s give 98 percent of folks certainty right now.  By the way, 97 percent of small businesses earn less than $250,000, so the vast majority of people would get immediate relief.
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July 14, 2012
See, my opponent and his allies in Congress, they believe in a top-down economics. They believe that if we spend trillions of dollars on tax cuts -- mostly for the wealthy -- even if we have to pay for it by gutting education, or gutting job training programs, or gutting investments in basic research, or turning Medicare into a voucher system, or increasing middle-class taxes -- that if we do that, somehow all of you are going to benefit. That’s their idea. They also believe that if we roll back regulations on banks and insurance companies and credit card companies -- regulations that are meant to protect people and our economy -- that somehow everybody is going to be more secure. That’s their basic argument. They’ll spend a lot of time talking, but if you cut through all the stuff -- what they’re really saying is tax cuts for the wealthy, roll back regulations. That’s essentially their plan.
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July 14, 2012
Mr. Romney has got a different idea. He invested in companies that have been called "pioneers" of outsourcing. I don't want a pioneer in outsourcing. I want some insourcing. I want to bring companies back. And part of that is making sure we change our tax code. Part of it is investing in basic science and research. We've always been at the cutting-edge of technology. We've got to keep that. We've got to maintain that.
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July 14, 2012
I'm willing to do more, because not every program works. Government can't solve every problem. Government can't help somebody if they don't want to help themselves. It doesn’t matter how much money we put into schools if parents, you're not telling your kids they need to work hard in school. But I'm not willing to do is what my opponent proposes, which is pretend like you're lowering the deficit and then cut taxes for folks like me by $5 trillion on top of the Bush tax cuts, because we can't afford it.
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July 16, 2012
They’ve actually got a two-part vision.  One is tax cuts for the wealthy, and then the second is eliminate regulations that we’ve put in place to make sure, for example, that Wall Street doesn't engage in the same reckless behavior that got us into this mess in the first place.
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July 16, 2012
Now, the difference extends not just to the difference in corporate taxes, it's also individual taxes.  We don't need a President who is going to give himself a big tax break.  We need a President who is going to cut your taxes.
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July 16, 2012
So right now their main prescription for growing the economy faster is an additional $5 trillion in tax cuts, most of which would go to the wealthiest Americans, even if to pay for it you’d have to gut education programs, or turn Medicare into a voucher program, or eliminate our investments in basic research and science.  That's their vision about how you grow an economy.
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July 16, 2012
He says that until he puts a tax plan in place.  But his tax plan is not just to keep all the Bush tax cuts.  As I said, he wants to put another $5 trillion -- this is estimated that it’s almost impossible for you to bring down the deficit and deal with the debt with that kind of tax plan.  Nearly 40 percent of these new taxes would go to the top 1 percent of all households.
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July 16, 2012
So I want everybody to understand, Ohio, I’ve got a different theory.  We don’t need a President who plans to ship more jobs overseas, or wants to give more tax breaks to companies that are shipping jobs overseas.  I want to give tax breaks to companies that are investing right here in Ohio -- that are investing in Cincinnati, that are investing in Hamilton County.  I want to give incentives to companies that are investing in you, the American people, to create American jobs, making American goods that we’re selling around the world, stamped with three proud words:  Made in America.
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July 16, 2012
The typical family's tax burden is $3,600 lower than it was when I came into office.  I want all the press to notice that. Because sometimes, you'll hear all these crazy accusations -- oh, Obama, is raising taxes and burdening -- no, here are the facts.  Typical middle-class family, your taxes have gone down $3,600 since I've been in office. 
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July 16, 2012
A couple weeks ago, I called on Congress to immediately extend these tax cuts to 98 percent of the American people.  Folks making $250,000 a year or less would not see their taxes go up one single dime -- their income taxes go up one single dime. Now, I should point out, by the way, that 97 percent of small businesses also would not see their taxes go up, because typically they don't earn more than $250,000. 
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July 16, 2012
American manufacturing, change our tax code, provide incentives for companies to invest here, invest in basic research and science so that we are at the cutting-edge -- because whoever has got the best technology, will ultimately have the best economy.  We've got to make those investments.
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July 16, 2012
We will also give you additional tax credits if you are providing health insurance for your employees -- we’ll give you tax credits for that.  Right now, one of the things we’re pushing Congress to do is to give you a tax credit if you hire additional workers, or you give folks who are a working for you a raise.  We want to give you incentive to do that. 
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July 16, 2012
But this is an example of where there’s a contrast between myself and my opponent.  As I said before, his basic tax plan is to give folks at the top a tax break.  Now, we can have that debate, but what I’ve said is, in the meantime, let’s give 98 percent of individuals and 97 percent of small businesses some certainty right now by going ahead and passing a law that says your taxes won’t go up.  Because if Congress doesn't act, by the way, by January 1st, everybody’s taxes here are going to go up, by an average of about $1,600 -- if Congress doesn't do anything.  And so what I’ve said is if you really want to help small business right now, give 97 percent of them the certainty that their costs will not go up. And then we can have a debate about the other 2, 3 percent.
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July 16, 2012
What's true is also we've got, as I said, two different visions about how to move the country forward.  But my hope is that this election allows us to, once and for all, resolve some of the bigger questions about how we move the country forward -- because right now we've got as stark a choice as you could imagine.  I believe in investing in education and transportation and science and research, and bringing down our deficits in a balanced way, and changing our tax code to make sure that companies that are investing here are doing better.
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July 16, 2012
No, I mean, that's the great thing about democracy, is people can vote and make up their minds.  And so, if that's the case, then you can count on Mr. Romney implementing the plan that he and the Republicans in Congress have put forward.  So $5 trillion in tax cuts, massive cuts in a lot of the programs that are so important, from my perspective, to growing the economy -- those will be eliminated.  Medicare will be voucherized.  They will implement what they say they're going to implement.
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July 17, 2012
My opponent and his allies in Congress, they believe that prosperity comes from the top down. They believe that if we keep in place the Bush tax cuts for the wealthiest Americans and then we add on top of that another $5 trillion of tax cuts -- most of which would go to people who don’t need tax cuts and, frankly, aren't even asking for them -- if we do all that, even if it means gutting education investments, even if it means slashing transportation, even if it means that we're not able to take care of our veterans as effectively, even if it means that we're not investing in basic science and research, even if it means that Medicare we've got to voucherize -- even if we do all those things, they still believe that those tax cuts that benefit folks at the top will result in everybody being better off. That’s their basic economic theory. It's not complicated.
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July 17, 2012
They've got one other element to it, in fairness. They also say they want to eliminate regulations on insurance companies and Wall Street banks -- regulations we put in place to protect consumers from unscrupulous mortgage practices, and that take regulations off of polluters. If we do those things along with the tax cuts, the market will be freed up, government is out of the way, and happy days are here again. That’s their theory.
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July 17, 2012
And this is not unique to the auto industry. I want advanced manufacturing locating here in San Antonio. I want us to be making things here in the United States of America, so I want to end tax breaks to companies that are shipping jobs overseas. Let’s give tax breaks to companies that are investing right here in Texas, right here in the United States of America. Let’s put American workers back to work selling goods stamped with three proud words: Made in America. That's my vision for America.
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July 17, 2012
As long as I’m Commander-in-Chief, we’re going to make sure that our veterans are properly cared for. And we have expanded our funding and improved how we are working with our veterans. But we’ve got more work to do and that requires resources. We’re sure not going to spend that money better on tax cuts for me. I want to make sure that a young man or woman who has served our country, who has fought for us, they shouldn’t have to fight for a job or a roof over their heads when they come home.
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July 17, 2012
Their basic view is that if you take the Bush tax cuts and on top of that you then layer on $5 trillion more of tax cuts, mostly for the wealthy, and you eliminate regulations on polluters or the regulations we put in place to prevent another meltdown on Wall Street, or regulations to make sure that folks aren't being taken advantage of by unscrupulous lenders -- that if you just eliminate government intrusion into the market and let folks at the very top maximize their profits, that we'll all do better, we'll all be better off.
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July 17, 2012
And Governor Romney, his main calling card for running for office is his business experience, and so, understandably, the American people have been asking, well, let’s find out what you’ve been doing.  And if your main experience is investing in companies that are called "pioneers" of outsourcing, then that indicates that we’ve got a different vision, because I don't want to be a pioneer of outsourcing. I want to be a pioneer of insourcing.  I want to stop giving tax breaks to companies that are shipping jobs overseas.  I want to give tax breaks to companies that are investing right here in Austin -- investing right here in the United States of America, betting on American workers, making American products that we sell, stamped with three proud words:  Made in America.  That's why I’m running for President of the United States again.
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July 17, 2012
So we’re going to move forward on health care -- which brings me to one last issue, this whole issue of deficits and debt.  Now, the other side says this is the most important issue, we’re concerned for future generations.  Now, if you are truly concerned about deficits and debt, it’s puzzling that you would then propose a $5 trillion tax cut that would give the average millionaire a $250,000 tax break, and to pay for it you would then have to gut education, gut investments in science and research, gut our transportation spending, voucherize Medicare, oh, and in the process, eventually, you’re probably going to have to raise taxes on middle-class families.
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July 19, 2012
Now, my opponent doesn’t just want to keep these tax cuts, he wants to cut those taxes by another $5 trillion, including a 25 percent tax cut for every millionaire in the country.
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July 19, 2012
Jacksonville, we are here today because we recognize that this basic bargain, this essence of who we are as a people, this simple American Dream is at risk like never before.  For more than a decade, it had been slipping away from too many hardworking people.  Jobs and factories were shipped overseas.  Folks at the top were doing better than ever before, but middle-class families saw their paychecks get smaller even as their bills got bigger.  In Washington, the trillions that were spent on two wars and two tax cuts took us from record surpluses to record deficits.  And on Wall Street, a culture of "anything goes" led to the worst economic crisis and financial crisis since the Great Depression.
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July 19, 2012
My plan is to squeeze more money out of the health care system by eliminating waste, and going after abuse and fraud in Medicare. We can cut back government spending that we can't afford, but I will also ask anybody who is making over $250,000 a year to just go back to the rates they were paying under Bill Clinton -- because, by the way, that worked.  Nearly 23 million new jobs were created, the largest budget surplus in our history.  And when we were doing it that way, where the burden was shared, actually, millionaires did really well.
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July 19, 2012
Governor Romney’s experience has been owning companies that were called "pioneers" in the business of outsourcing, wants to give tax breaks to companies that ship jobs overseas.  I want to give tax breaks to companies that are investing here in the United States -- rewarding companies that are investing here and hiring American workers, so we can sell products around the world stamped with three proud words:  Made in America.  That's why I’m running.
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July 19, 2012
Meanwhile, in Washington trillions of dollars were spent on two wars and tax cuts, and we went from record surpluses to record deficits.  And on Wall Street, you had a culture of "anything goes," that led to reckless bets and ultimately resulted in the worst financial crisis since the Great Depression.
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July 19, 2012
I'm running because I don't believe that you can reduce the deficit without asking the wealthiest Americans -- including, by the way, folks like me -- to give up the tax cuts that they've been benefiting from for the last decade.  My opponent doesn't want to just keep those tax cuts.  He wants to pile on another $5 trillion in tax cuts, including a 25 percent tax cut for every millionaire in the country.
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July 19, 2012
-- to finance tax cuts for folks who don't need them and weren't even asking for them.  So, Florida, that is wrong.  It’s wrong to ask you to pay for Medicare so that people who are doing well right now get even more.  That’s no way to reduce the deficit.  We shouldn’t be squeezing more money out of our seniors.  My plan is to squeeze more money out of the health care system that is being wasted with waste and abuse and fraud. And we’ve been, by the way, cracking down on Medicare fraud harder than just about anybody because those dollars should be going to you and your care, not to folks who are cheating the system. 
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July 23, 2012
And there are a number of Republicans in Congress who don’t want you to know that most of them voted for these cuts.  Now they’re trying to wriggle out of what they agreed to.  Instead of making tough choices to reduce the deficit, they’d rather protect tax cuts for some of the wealthiest Americans, even if it risks big cuts in our military.  And I’ve got to tell you, VFW, I disagree.  If the choice is between tax cuts that the wealthiest Americans don’t need and funding our troops that they definitely need to keep our country strong, I will stand with our troops every single time. 
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July 24, 2012
We've gone through a decade in which people were working harder but making less money, while the cost of everything from college education to health care were going up.  We had fought two wars on a credit card.  We had taken a surplus, and because of tax cuts that weren't paid for, we had turned them into deficits.  And it all culminated in incredible recklessness on Wall Street that resulted in the worst financial crisis and economic crisis in our history.
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July 24, 2012
Let me give you a few examples of the choice because all of you are going to ultimately be the ones who break this stalemate. Tomorrow, the Senate is going to vote on a bill that says that if you earn less than $250,000 a year, your taxes will not go up next year by a single dime.  Now, members of both parties say that they agree this should happen so that our families and our businesses have a little more security and certainty going forward, which would be good for the economy.  But, of course, we are dealing in Washington, the only place where people agree on something and still can’t get it done. 
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July 24, 2012
So Republicans in Congress, they’ve decided apparently that they’re not going to let this bill pass.  Despite the fact that 98 percent of Americans make $250,000 a year or less, so we could provide 98 percent of Americans certainty that their taxes would not go up -- despite the fact that this would be good for the economy and investment climate, they’ve decided to hold middle-class tax cuts hostage until we also agree to spend another $1 trillion on tax breaks for millionaires and billionaires -- folks who don’t need tax breaks and, frankly, many of them aren’t even asking for them.
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July 24, 2012
So I’m going to cut government spending that we can't afford.  Not every government program works.  It’s got to be tested.  And if it doesn't work, if it’s not helping to grow the economy and give people opportunity, we can't afford it in this environment.  But I’m also going to ask folks who make over $250,000 a year to go back to the tax cuts -- or the tax rates that we had under Bill Clinton.
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July 24, 2012
That's part of the debate that we’re going to be having over the next three months.  And if you ask most Americans, and you break it down in that way, they’ll agree that we should not see a bunch of teacher layoffs or middle-class taxes go up to pay for a tax break for me.  That's part of the reason I’m running for a second term as President. 
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July 24, 2012
And let’s change our tax code so that we are providing tax breaks to companies not that are shipping jobs overseas -- let’s give tax breaks to companies that are investing right here in Oregon -- right here in the United States of America, and putting American workers back to work making American products.  That’s why I’m running for a second term. 
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July 24, 2012
And we're here today for the same reason that so many of us came together in 2008, because this basic bargain, this core American Dream is at risk.  And it's been at risk like never before.  For more than a decade before I was sworn in, it had been slipping away from too many hardworking people.  Jobs in factories were shipped overseas.  Folks at the top were doing better than ever, but middle-class families saw their paychecks get smaller, saw their bills get bigger.  And in Washington, trillions were spent on two wars and two tax cuts that took us from record surpluses to record deficits, while on Wall Street a culture of "anything goes" led to the worst financial and economic crisis since the Great Depression.
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July 24, 2012
And Governor Romney, his main calling card in this election is, I’ve got private sector experience.  Well, you know what, his experience has been investing in companies that were called "pioneers" in the business of outsourcing.  He wants to keep giving tax breaks to companies who are shipping jobs overseas.  I'm a big proponent of insourcing.  I want to end these tax breaks and start rewarding companies that create jobs right here in Oakland, right here in the United States, making products that we sell around the world, stamped with three proud words: Made in America.    That's what I believe.  That's why I'm running for a second term. 
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July 25, 2012
You build it by investing in America’s manufacturing base and providing the dollars for research so that we have the most advanced products in the world.  You do it by investing in small businesses -- the way we’ve provided 18 tax breaks to small businesses since I’ve been in office.  And if you’re a company that wants to relocate in a community that’s been particularly hard hit when a factory left town, I believe you should get help financing that new plant or equipment, or training for your workers -- because we can’t leave anybody behind if we want to grow America the way it can grow. 
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July 25, 2012
Just a few hours ago, the Senate moved forward a bill that we had promoted to keep middle-class tax cuts for 98 percent of Americans next year.    I will add that we didn’t get a lot of Republican votes -- but that’s okay, they’ve got time.  We passed it through the Senate and now is the time for the House to do the same.  They should not be holding middle-class tax cuts hostage just to get more tax cuts for millionaires and billionaires.    At a time when so many people who have a job can barely keep up with their bills, we don’t need another trillion-dollar tax cut for folks like me.  We need tax cuts for working Americans, not for folks who don't need it and weren’t even asking for it. 
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July 25, 2012
Now, let me be specific here.  Now, this afternoon the Senate passed a bill that says if you earn $250,000 or less your taxes should not go up next year.  This is something I deeply believe in, because the middle class is still struggling, recovering from this recession.  You don't need your taxes to go up and we could give you certainty right now.  But, of course, we're dealing with Washington.  So Republicans in the House, they've said, we're going to hold the middle-class tax cut hostage unless they get another trillion dollars' worth of tax cuts for the wealthiest 2 percent of Americans.
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July 25, 2012
Now, I've got to tell you this makes no sense.  If Congress doesn't act, the typical middle-class family is going to see their tax bill go up about $2,200.  Small businesses will also see their taxes go up.  So I’ve called on the House Republicans to drop their demands for another trillion-dollar giveaway for millionaires and billionaires so that we can make sure that middle-class families and small businesses have the financial security and certainty that they need.
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July 25, 2012
I want to give tax breaks to companies that invest right here in New Orleans, right here in Louisiana, right here in the United States of America, hiring American workers to make American products to sell around the world, stamped with three proud words:  Made in America.    That’s a difference in this campaign. 
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July 25, 2012
My opponent’s basic vision can be described pretty simply. You take the Bush tax cuts, you add on top of it an additional $5 trillion worth of tax cuts that would disproportionately benefit folks like us that don’t need them. To the extent that there’s even an attempt to reduce the deficit, it’s done by slashing investments in education, voucherizing critical safety net programs like Medicare, reducing our investment in basic research and science. And along with stripping away regulations that we’ve put in place through the health care bill or Wall Street reform or the enforcement that we think is important to make sure that our air is clean and our water is clean, that somehow, the market is going to be unleashed and prosperity will rain down on everybody. Now, that’s their theory.
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July 26, 2012
And yesterday, the Senate voted to ensure that 98 percent of Americans don’t see their taxes go up next year, that 97 percent of small businesses don’t see their taxes go up next year.  It was the right thing to do.  It will provide certainty and security to families who are already being pinched because of the economy.  It will be good for the economy as a whole.
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July 26, 2012
And now, the only thing that is going to prevent the vast majority of Americans from not seeing a tax increase next year is if the House doesn’t act.  We need 218 votes in the House of Representatives -- 218 votes in the House of Representatives -- to make sure that 98 percent of Americans don’t see their taxes go up next year.
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July 27, 2012
But so far at least, the House’s attitude is we’re not going to do that unless we also get a trillion dollar’s worth of tax cuts for the wealthy. That's a bad bargain for America. That's not how we grow an economy. I don't believe in top-down economics. I believe in middle-out economics and bottom-up economics. I believe that when everybody is doing well, then folks at the top do well also because they’ve got customers who have money in their pockets.
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July 27, 2012
So let me tell you what my vision is. My vision is that just as we were able to make sure that the auto industry in America stayed strong, we’ve got to bet on American workers and American manufacturing, and that means we got to stop giving tax breaks to companies that ship jobs overseas. Let’s give tax breaks to companies that are investing right here in the United States of America, right here in Virginia -- because we’ve got the best workers in the world and the best innovation in the world. What we need is a tax code that works for folks who are investing here in the United States.  That's my vision.
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July 27, 2012
But so far at least, the House’s attitude is we’re not going to do that unless we also get a trillion dollar’s worth of tax cuts for the wealthy.  That's a bad bargain for America.  That's not how we grow an economy.  I don't believe in top-down economics.  I believe in middle-out economics and bottom-up economics.  I believe that when everybody is doing well, then folks at the top do well also because they’ve got customers who have money in their pockets.
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July 27, 2012
So let me tell you what my vision is.  My vision is that just as we were able to make sure that the auto industry in America stayed strong, we’ve got to bet on American workers and American manufacturing, and that means we got to stop giving tax breaks to companies that ship jobs overseas.  Let’s give tax breaks to companies that are investing right here in the United States of America, right here in Virginia -- because we’ve got the best workers in the world and the best innovation in the world.  What we need is a tax code that works for folks who are investing here in the United States.  That's my vision.
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August 12, 2012
And this is not speculation.  It's on their websites.  It's embodied in the budget that the House Republicans voted for repeatedly.  The centerpiece of Governor Romney's entire economic plan is a new $5 trillion tax cut, a lot of it going to the wealthiest Americans.  This is on top of the Bush tax cuts.  Last week we found out that to pay for this $5 trillion tax cut, not only would we see them gut education investments --
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August 12, 2012
Let me tell you something.  They have tried this before.  They have tried to sell us this trickle-down fairy dust before.    And guess what -- it did not work.    It did not work.  It's not a plan to cut the deficit.  It's not a plan to create jobs.  It's not a plan to revive the middle class.  It's not a plan to move our economy forward.  We don't need more tax cuts for folks like me.  We need to give tax relief to working Americans.    To middle-class families.  For folks who are trying to raise their kids and keep them healthy, and send them to college, and keep a roof over their heads.
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August 12, 2012
Four years ago, I promised the American people I was going to cut taxes on middle-class families -- and that's what I did.    The typical middle-class family is actually paying $3,600 less in their taxes than when I came into office.  And I want to keep income taxes exactly where they are for everybody who's making $250,000 a year or more [sic] -- which is about 98 percent of the American people, and 97 percent of small businesses.  So if your income is $250,000 or less, your income taxes will not go up a dime. 
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August 12, 2012
So now I want to make sure that high-tech manufacturing takes root not in China, not in Germany, but here in the United States.  I want to stop giving tax breaks to companies that are shipping jobs overseas.  Let’s give those tax breaks to companies that are investing here in Chicago, investing in Cleveland, investing in Pittsburgh.    Let’s create jobs here in the United States -- hiring American workers, making American products, selling them around the world, stamped with three proud words:  Made in America.  That’s the choice in this election. 
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August 13, 2012
Now, keep in mind, these are the folks who say the deficit and the debt are the biggest problem we’ve got.  And yet, they now want to give a $5 trillion tax cut.  I know the numbers get so big, but I just want you to get a sense -- our entire defense budget annually is $500 billion.  So what this means is, a $5 trillion tax break over 10 years, that’s the equivalent of the entire defense budget going out as a tax cut every single year.
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August 13, 2012
Governor Romney, he likes to tout his private sector experience.  But a lot of that experience is investing in companies that were called "pioneers" of outsourcing.  We don't need more outsourcing.  We need some insourcing.    I want to take away tax breaks.  Let's stop giving tax breaks to companies that are shipping jobs overseas.  Let's give those tax breaks to companies that are investing right here in Iowa, right here in the United States of America.    That's the choice in this election.
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August 13, 2012
My opponent and I disagree when it comes to homegrown energy like wind.  Wind power is creating new jobs all across Iowa.  But Governor Romney says he wants to end the tax credit for wind energy producers.  Now, America generates more than twice as much electricity from wind than when I took office.    That's right.  The wind industry supports about 7,000 jobs right here in Iowa.  Without these wind energy tax credits, those jobs are at risk -- 37,000 jobs across the country would be at risk.
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August 13, 2012
Four years ago, I promised to cut middle-class taxes -- and by the way, that’s exactly what I’ve done.    The average working family here in Iowa and across the country has seen their tax rates go down about $3,600.  So when you see -- when you hear the other side talking about Democrats raising your taxes -- your taxes are lower since I've been President.    That's the truth.
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August 13, 2012
Now, I want to keep your taxes right where they are for the first $250,000 of everybody’s income.  So if your family makes under $250,000 -- which, by the way, is 98 percent of Americans -- you won’t see your income taxes go up by a single dime next year.    Ninety-seven percent of small businesses will not see their taxes go up. 
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August 13, 2012
Governor Romney, he likes to brag about his private sector experience.  A bunch of that private sector experience was investing in companies that have been called “pioneers” of outsourcing.  Let me tell you something -- I want insourcing, not outsourcing.    I want to stop giving tax breaks to companies that are shipping jobs overseas.  Let’s give tax breaks to companies that are investing here in the United States of America -- hiring American workers to make American products to sell around the world, stamped with those words:  Made in America.  That’s what I believe in. 
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August 13, 2012
Here’s another difference.  Right now, homegrown energy, things like wind energy -- creating new jobs all across the states like Iowa -- and Governor Romney wants to end tax credits for wind energy producers.  America now produces twice as much electricity from wind as we did before I took office.    We’ve doubled the amount of electricity we’re producing with wind.  The wind industry supports about 7,000 jobs in Iowa.  Without these wind energy tax credits, a whole lot of these jobs would be at risk -- 37,000 jobs across this country would be at risk.
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August 13, 2012
Now, we have as stark a choice in this election as we've seen in my lifetime.  In some ways, it's starker than it was in 2008.  The Republican nominee, Mr. Romney, and his new running mate, Congressman Ryan, their basic idea is that what's holding us back is not banks that take reckless risks, or insurance companies that are taking advantage of consumers, or the fact that we've still got a global economic crisis that we're digging our way out of.  Their view is that if we give tax cuts to the wealthiest Americans and we get rid of all kinds of regulations  -- regulations that help make sure that our air is clean and our water is clean, regulations that we've put in place to protect consumers from unscrupulous lenders, regulations that we've put in place to make sure that women are getting equal pay for equal work -- regulations to protect workers and consumers -- that somehow if we get rid of that stuff, then somehow the economy is going to thrive and prosperity will trickle down on everybody.
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August 13, 2012
But their idea is let's have another $5 trillion tax cut on top of the Bush tax cuts, even if it means gutting education investment, even if it means we're not rebuilding America, even if it means voucherizing our Medicare system, even if it means that we are weakening the safety net.  And this $5 trillion tax cut is not to lower our deficit.  It's not to help invest in America.  This $5 trillion tax cut would be used basically to give folks like me or Mr. Romney an additional $100,000, $200,000, million dollars that we don't need and would probably be hard-pressed to spend. 
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August 13, 2012
So what makes it worse is the analysis that's already been done by not my office, by independent economists and folks who evaluate tax plans for a living -- the only way to actually cut taxes $5 trillion more on top of the Bush tax cuts would be to ask middle-class families to pay an average of $2,000 more to play for my tax cut, or Mr. Romney's tax cut.
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August 13, 2012
That’s how we have built our economy, historically.  And that’s an example of what is at stake in this election.  That’s the choice, and it couldn’t be starker.  This is not an election between two candidates or two parties.  This is a choice between two fundamentally different visions about America and how we move forward.    Now, how we deal with our fiscal challenges, that’s just one example.  But across the board, there’s a stark choice.  I believe we should give tax breaks to companies that are investing here in the United States.    Mr. Romney wants to continue to give tax breaks to companies that ship jobs overseas. I think that’s the wrong way to go.
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August 14, 2012
But that's his theory.  The theory is, is that if folks up here are doing really well, then all the benefits are going to trickle down.  The extra $2,000 you'd be paying wouldn't be used to pay down the deficit or the debt that we've already got.  It wouldn't be to invest in more teachers or a better school system, or making college more affordable, or rebuilding our roads and bridges, and finding new ways to create cheap energy.  No, this $2,000 would be to help finance an average $250,000 tax break for folks making $3 million a year or more.
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August 14, 2012
See, I believe in a different theory.  When it comes to taxes, I said in 2008 I was going to lower middle-class taxes.  And guess what -- I did.    So the average family -- the typical family is paying $3,600 less in taxes than they were when I came into office.    So what I believe now is I want to keep your income taxes right where they are for everybody making $250,000 or less -- which is 98 percent of Americans, 97 percent of small businesses.  And folks who are in the other 2 percent, who are fortunate enough to be in the top 2 percent, they still get a tax cut for the first $250,000.  But after that, we're asking them to pay a little bit more so we can finance things like education and reduce our deficit in a balanced, responsible way. 
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August 14, 2012
So we know American manufacturing can succeed in this country -- high-tech manufacturing, advanced manufacturing -- but we've got to make sure we've got a tax code that encourages it.  I want to stop giving tax breaks to companies that are shipping jobs overseas.  Let's give tax breaks to companies that are investing here in the United States of America, hiring American workers, making American products. 
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August 14, 2012
Now, Governor Romney has decided that we should end the tax credit that we provide for wind power once and for all.  That's his idea.  He wants to get rid of it.  At a moment when homegrown energy is creating new jobs here in states like Iowa, he wants to bring an end to it.  He said -- and I'm quoting here -- he said new sources of energy like these are "imaginary."
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August 14, 2012
He’s a good man, he’s a family man.  He’s the ideological leader of the Republicans in Congress, and he’s an articulate spokesperson for Governor Romney’s views.  The problem is those views are wrong.  I fundamentally disagree with their vision for America.    Their basic prescription for America is to get rid of more regulations on big banks and big corporations, give more tax breaks to the very wealthiest Americans, and their belief is somehow that prosperity then will trickle down on everybody else.  That’s their view.    Look, the centerpiece of Governor Romney’s entire economic plan -- the centerpiece of it, his main idea -- his one big idea is to give another $5 trillion tax cut on top of the Bush tax cuts that he’s keeping -- he wants to keep in place -- $5 trillion.  To give you some sense of perspective, our entire defense budget is about half a trillion dollars a year.  So this tax cut would be the equivalent of what we spend on the national defense every single year for the next 10 years -- $5 trillion.  Last week we found out that he expects you to pay the tab.  Governor Romney’s tax plan would actually raise taxes on middle-class families with children by an average of $2,000 to pay for this big tax break that’s going mostly to the wealthiest folks.
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August 14, 2012
Understand, this is not asking you to pay more taxes to reduce our deficit or to help kids get an education or to rebuild some roads and bridges and ports around the country.  This is asking you to pay more to give an average $250,000 tax break to folks making $3 million a year or more.  That is his big idea.
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August 14, 2012
So when I came into office, I had promised you that I would cut taxes for middle-class Americans.  And guess what?  I kept that promise.    The Republicans like to call Democrats the big tax-and-spend folks, but it turns out that your tax rates are lower by about $3,600 for the typical family than they were when I came into office because I kept my promise. 
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August 14, 2012
So now what I want to do is to keep your income tax rates exactly where they are.  I don’t want your taxes going up for the first $250,000 of income that you make -- which, by the way, covers about 98 percent of all Americans and 97 percent of all small businesses.  Your taxes -- your income taxes would not go up one single dime next year if Congress does what I’ve asked them to do. 
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August 15, 2012
Because $5 trillion is a lot of money.  That's 10 times our defense budget, so that would be the equivalent of our defense budget in tax cuts every single year.  And his basic idea is that middle-class families with children would see their tax bill go up an average $2,000.  This is not my analysis.  This is an analysis that was done by independent economists.
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August 15, 2012
Governor Romney wants to keep those tax breaks.  He likes to talk about his private sector experience, but a lot of it was investing in companies that have been called "pioneers" of outsourcing.  We don't need more outsourcing, we need more insourcing.    That’s a difference in this election.  That’s a choice in this election.
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August 15, 2012
Now, keep in mind, $5 trillion is a lot of money, even in Washington.  Our entire defense budget is a little over half a trillion dollars a year, so this tax cut would be like giving the equivalent of the entire defense budget in tax cuts -- a lot of it going to very rich people -- every year for 10 years.
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August 15, 2012
Just like we’ve got a different plan on Medicare, we’ve got a different economic plan.  You just heard, they want to give $5 trillion tax cuts -- tax breaks to wealthy Americans who don’t need them.  Four years ago, I promised to cut middle-class taxes -- and, Dubuque, that’s exactly what I’ve done.    So if you talk to a friend of yours who says, oh, those Democrats, they’re all tax-and-spend liberals, you tell them the average middle-class family, their taxes are about $3,600 lower since I’ve become President. 
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August 15, 2012
And right now, what I want to do is to keep taxes right where they are for the first $250,000 of everybody’s income.  If your family makes under $250,000 -- like 98 percent of American families do and 97 percent of small businesses do -- you won’t see your income taxes increase by a single dime next year.    Now, if you’re fortunate enough to be in the other 2 percent --
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August 15, 2012
On energy, Governor Romney has said that he wants to get rid of the tax credit for wind energy -- doesn't believe in -- he says these sources of energy are "imaginary."  Congressman Ryan calls them a "fad".  He needs to come to Iowa.  He'll find out that there are 7,000 jobs in this state that depend on the wind industry.  These jobs aren't a "fad."  They're the future. 
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August 15, 2012
Now, here’s the thing -- we’ve tried this before.  We tried this trickle-down fairy dust before.  And guess what -- it didn’t work then, it won’t work now.  It’s not a plan to create jobs.  It’s not a plan to lower the deficit.  It’s not a plan to move our economy forward.  It’s not a plan to revive the middle class.  We do not need more tax cuts for the wealthiest Americans.  We need to give tax relief to working families who are trying to raise their kids, keep them healthy, send them to college, keep a roof over their heads.  That’s the choice in this election.  That’s one of the reasons I’m running for a second term as President.    So, Waterloo, I’ve got a different idea.  Four years ago, I came into office -- I promised to cut taxes for middle-class families.  That’s exactly what I’ve done -- by a total of about $3,600 for the typical family.  So if you talk to somebody who is feeling not convinced and undecided in the election, you tell them your taxes are lower -- your federal taxes are lower now than when I came into office. 
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August 15, 2012
Now, what I want to do is I want to keep everybody’s taxes right there where they are for the first $250,000 of everybody’s income.    So if your family makes under $250,000 -- like 98 percent of families do, and 97 percent of small businesses do -- then you won’t see your income taxes go up by a single dime next year.  Not one dime. 
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August 15, 2012
But if you’re fortunate enough to be in the other 2 percent -- like I am -- you’ll still get a tax break on your first $250,000.  But for the amount that you make over that, we’re asking you to contribute a little bit more so we can pay down our deficit without gutting education, without getting rid of transportation projects, without gutting all the things that help make America grow.
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August 15, 2012
I want to see high-tech, advanced manufacturing come back all across America in other industries.  I don’t want those jobs in China or Germany.  I want them here in Iowa.    Governor Romney says, well, no, look, I understand the economy because I’ve been in the private sector.  Well, a lot of that experience was investing in companies, including those that were called “pioneers” in the business of outsourcing.  He wants to keep giving tax breaks to companies that ship jobs overseas.  I want to end those tax breaks once and for all and start rewarding companies that are investing right here in the United States of America, hiring American workers, making American products.  That’s the choice in this election. 
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Issue Position |

Romney has said time and again that low taxes help boost the economy. He has recommended that the Bush-era tax cuts should be permanent and proposed lowering the corporate tax rate and allowing tax-free retirement accounts for middle-class families.

As governor, he found creative ways to increase revenue -- think fees and loophole closures -- without raising taxes.

Romney has proposed lowering tax rates while broadening the tax base, something that helped him generate revenue for Massachusetts when he was governor. He also increased fees and closed corporate tax loopholes in the state to help close the state’s repeated deficits.

Romney refused to take a stance on the Bush-era tax cuts while serving as governor in 2003, saying he wouldn’t be a cheerleader for the proposal but wouldn’t oppose them either. He justified his position -- or lack thereof -- by saying he “has to keep a solid relationship with the White House.”

The two-time presidential candidate finally endorsed the Bush-era cuts during his 2008 bid for the GOP nomination, proposing to make them permanent.

Romney's plan, released in February, would slash individual income rates across the board by 20 percent, to lower the top tax rate to 28 percent from 35 percent, abolish estate taxes and the alternative minimum tax, and lower the corporate tax rate from 35 percent to 25 percent. He said he would eliminate taxes on capital gains and dividends only for people making $200,000 or less, and those making more than $200,000 will face limits on their deductions for things like charitable contributions.

The former governor has argued against implementing a national sales tax, saying the system would disproportionately impact the poor and middle class.

Endorse

Romney on Taxes
128 Comments

Reader Endorsements

Melissa Miller

Melissa Miller Once again: "Raising taxes isn't the solution...we should cut spending! Taxing the wealthy is punishment, in my opinion. The more you make, the more you're taxed. So, why would people want to work harder if they will be taxed more? ...See More

Mike Murillo

Mike Murillo A businessman can understand taxes. The liberal agenda is to tax,tax,tax, and live off the american taxpayer.

Anita Pawlak

Anita Pawlak Small businesses provide jobs and Romney know this. Taxes have to be considered to be for higher salaries not higher income that might be from a business. Obama want to give away money hard working people have gained to people ...See More

Florencia Unsue

Florencia Unsue Because he know better. Are you better now? if you are vote for Obama if not vote for Romney very simple I will vote for Romney and I'm Democrat but I can't take it any longer with Obama

Jim Lewin

Jim Lewin Obama tax and spend vs Romney create jobs and grow.

Susie Tynes Davis

Susie Tynes Davis Have you ever got a job from a poor person? Have you ever hired an employee when you were broke? Didn't think so.

Roberto Hernandez

Roberto Hernandez he is sincere to solve the problem of the US debt.

Robert Hightower Jr

Robert Hightower Jr Romney: taxes going up no matter what he says now, but will keep them a lot lower than Obama.

Amy R. Eldred

Amy R. Eldred Because Romney understands that the more people who work, the more revenue comes in. When the tax base is BROADER, even if the rate is LOWER, a net gain will seen.

Takahiro Hiroi

Takahiro Hiroi Our businesses should become competent against foreign companies to solve our trade deficit. Reduced tax rate is one way.

Chris Limbeck

Chris Limbeck Small business grow the economy. We need less tax burdens for a small business owners so we can hire and create jobs instead of more laying off.

Judy Burt

Judy Burt he is not lying to the public Obama doesnt know the truth on anything except about how to go on date night and run around on our tax money

Kyle Vance

Kyle Vance Real intelligent mr president. Raise the taxes so high on the job makers until they move their operations to another country with a lower tax rate. Then what are you going to do then?

Wayne Grimsley

Wayne Grimsley I agree that lower taxes will boost the economy. I also know that Obama's notion that taxing wealthier Americans more will not come close to reducing the debt as he claims.

Seshu Crismond

Seshu Crismond Home owners pay property taxes already plus State and federal. Too many taxes. and government is misusing them by over spending. They need to cut spending for four more years .Why we pay taxes and government take ride on them. ...See More

Don Sherwood

Don Sherwood Close the loopholes, lower the tax rates. The president has not shown the leadership ability to get anything done on this issue. We have been in limbo for three years and it is hurting the economy

Mary Frances Ayars

Mary Frances Ayars Lower taxes, less government intrusion. Remove the regulations, such as "soda" laws and give the taxpayers a chance to use their money wisely. I think that charitable donations will rise, more jobs will be available and more production will result.See More

Jeff Kitchens

Jeff Kitchens Obama tax increase on the so called 1% will KILL JOBS!!! Think people think!!!

Leslie Feliciano Massucco

Leslie Feliciano Massucco Governor Romney has business experiences, he considers the Hard working American Business owners as the true Builders of the American Economy V'S President Obama is only interested in Big Brother Government involvement.in taking additional funds from business owners to pay ...See More

Christopher Mullaney

Christopher Mullaney Governor Romney has indicated that he thinks the federal government is too big and I agree.

Luu Hoang

Luu Hoang The rich are already had high tax. Obama is stupid enough not to know it's not the bracket but the loop hole that help the rich avoid the high tax. Romney promise he will close those loop hole so the ...See More

Heide Radtke

Heide Radtke He know how to read a balance sheet and actually "have" a budget.

Ben Cannon

Ben Cannon If big business is doing well the little guy does well. Employers match the Inocme Tax that an employee pays. If the businesses are paying more (such as the higher amount for people making over 100K per year) then the ...See More