Tampa Star
TampaStar.com Thursday 9th February 2012 Volume 20120209
Follow us on Follow us on TwitterFollow us on facebook








  • More World News

  • Chinese city wants long speeches cut short
  • Reversing trend, China's inflation rises to 4.5 per cent
  • Maldives' ousted president seeks global help for democracy
  • Ajax's supervisory board resigns
  • Drought affects 1.5 mn in China
  • Capello resigns, Stuart checks in as caretaker England boss
  • Putin wants New Year holidays shifted to May
  • Nasheed sees ex-dictator Gayoom's network behind his ouster
  • Pattaya Open: Sania in singles, doubles quarterfinals
  • Former Tour de France winner Jan Ullrich banned for 2 years
  • Ghana disappointed at semi-final loss in African Cup soccer
  • Heavy snow disrupts traffic on China-Nepal highway
    Get World News headlines emailed to you daily.

    Obama argues against tax cuts for rich
    Tampa Star
    Thursday 9th September, 2010  
    (IANS)


    US President Barack Obama appealed for public support Wednesday against a Republican plan to extend tax cuts for the richest Americans, arguing that such a move would add hundreds of billions of dollars to the national deficit.

    Speaking in the working class city of Cleveland, Ohio, Obama said he would back extending Bush era tax cuts for the middle class - families with incomes below $250,000 annually or 98 percent of Americans - and not for the wealthiest two percent of households.

    'Under the tax plan passed by the last administration, taxes are scheduled to go up substantially next year,' Obama said. 'I believe we ought to make the tax cuts for the middle class permanent.

    'These families are the ones who saw their wages and incomes flatline over the last decade ... And because folks in the middle class are more likely to spend their tax cuts on basic necessities, this will strengthen the economy as a whole.'

    Obama said that the sluggish US economy couldn't afford to spend $700 billion over the next 10 years 'to give a tax cut of about $100,000 to folks who are already millionaires', which the Republicans have called for.

    The issue is expected to be high on the agenda ahead of November congressional elections, when Republicans are expected to make a strong push to oust Obama's Democrats from control of the legislature.


      Email this story to a friend

    Have your say on this story

    Your nickname (required)
    Message