PRESIDENT OBAMA " THE BIG MISTAKE "
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Obama insists proposed tax hikes are vital to economic recovery
Neil Munro
WASHINGTON — President Barack Obama called for a new round of tax increases to offset the looming budget sequester and help close the annual $1 trillion deficit.
The tax increase is needed to keep the economic recovery going, Obama claimed, even though the economy apparently contracted by 0.1 percent during the last three months of 2012.
WASHINGTON — President Barack Obama called for a new round of tax increases to offset the looming budget sequester and help close the annual $1 trillion deficit.
The tax increase is needed to keep the economic recovery going, Obama claimed, even though the economy apparently contracted by 0.1 percent during the last three months of 2012.
“While it’s critical for us to cut wasteful spending, we can’t just cut our way to prosperity,” he said a midday appearance in the White House
press room.
press room.
“These modest reforms in our social insurance programs have to go hand-in-hand with a process of tax reform, so that the wealthiest individuals and corporations can’t take advantage of loopholes and deductions that aren’t available to most Americans,” he said.
“There’s no reason why we should keep them at a time when we’re trying to cut down on our deficit,” he claimed.
GOP officials quickly slammed Obama’s proposed tax increase.
“The President’s proposal is nothing more than another tax hike to pay for more Washington spending. That is not what America needs,” said a statement from Michigan Republican Rep. Dave Camp, the chairman of the House tax-writing committee.
Read more: http://dailycaller.com/2013/02/05/obama-says-economy-is-recovering-pushes-for-more-tax-increases/#ixzz2K4jVDVxv
