Two versions of the same story …
Bloomberg, “Obama Rules Out Permanent Tax-Cut Extension for Top Earners, Axelrod Says“:
President Barack Obama has ruled out a permanent extension of tax cuts for the richest Americans while seeking to extend breaks for the U.S. middle class, a top administration adviser said.
“The bottom line is he wants to sit down and talk about this,” senior White House adviser David Axelrod said today on NBC’s “Meet the Press” program. “There’s no bend on permanent extension of tax cuts for the wealthiest Americans.”…
“‘The president still believes we have to move forward with these tax cuts for the middle class,” Axelrod said. “But we can’t afford to borrow another $700 billion to pay for tax cuts for millionaires and billionaires.”
Shopfloor.org’s version, “Obama Sticks By Plan to Raise Taxes on Small Business”:
President Barack Obama will continue to push for higher taxes on small businesses and manufacturers while seeking to extend breaks for the U.S. middle class, a top administration adviser said.
“The bottom lime is he wants to sit down and talk about this,” senior White House adviser David Axelrod said today on NBC’s “Meet the Press” program. “There’s no bend on permanent extension of tax cuts for the wealthiest Americans.”
The Obama Administration’s definition of “wealthiest Americans,” is an elastic ones, stretched according to political needs. The pending expiration of the 2001 and 2003 tax rates on Jan. 1, 2011, dwould in fact mean major tax increases on thousands of small manufacturers — S Corporations and other pass-through entities — that file their business taxes at the individual rate. Under the President’s plan, the top marginal rate for many of these employers could jump from 35 to 39.6 percent.
“The president still believes we have to move forward with these tax cuts for the middle class,” Axelrod said. “But we can’t afford to borrow another $700 billion to pay for tax cuts for millionaires and billionaires,” he added, conspicuously ignoring the impact on small business, the economy and job creation.
News coverage and commentary…
- Financial Times, “Business warning on tax increases intensifies debate“
- Bloomberg, “Tax Increase Should be ‘Off the Table,’ Camp says.”
- Associated Press, “GOP lawmakers take tough stand on Bush tax cuts“
- Cato @ Liberty, “Obama: “I Want to Make Sure That Taxes Don’t Go Up”
