Arab Today, arab today obama to republican raise taxes on rich or no deal
Last Updated : GMT 23:12:04
Arab Today, arab today
Arab Today, arab today

Obama to Republican: raise taxes on rich or no deal

Arab Today, arab today

Arab Today, arab today Obama to Republican: raise taxes on rich or no deal

Washington - AFP

President Barack Obama warned Republicans Tuesday there would be no deal on averting a potentially disastrous fiscal crisis without them caving in to his demand to raise tax rates on the rich. But in an interview with Bloomberg TV, Obama offered a hint of wiggle room, declining to specify that the top income tax rate on the wealthy must go up all the way to the 39.6 percent seen under the Clinton administration. \"We have the potential of getting a deal done,\" Obama said, adding that Republican proposals to close loopholes and cap deductions would not produce sufficient revenue to make a serious cut in the deficit. \"We\'re going to have to see the rates on the top two percent go up and we\'re not going to be able to get a deal without it,\" Obama said. If Obama and Republicans cannot get a deal, George W. Bush-era tax cuts on all Americans will expire on January 1, at the same time as huge automatic spending cuts come into force, likely throwing the economy into recession. Obama wants to extend tax cuts for most people, but raise rates on the richest two percent of Americans but Republicans want to extend all tax cuts for a year, then discuss spending cuts and tax reform to produce more revenues. The president campaigned for re-election on the basis of raising taxes on the wealthiest Americans, while Republicans, though open to raising more revenue, refuse to do so by raising marginal tax rates. \"Let\'s let the tax rates on the upper income folks go up,\" Obama told Bloomberg, arguing that there was no time before the deadline to work out comprehensive reform on taxes and social programs that Republicans want. \"Then let\'s set up a process with a time certain at the end of 2013 or the fall of 2013 where we work on tax reform (where) we look at what loopholes and deductions both Democrats and Republicans are willing to close. \"It\'s possible we may be able to lower rates by broadening the base at that point.\" Obama noticeably did not commit himself to a specific top tax rate for the wealthiest Americans -- which he defines as individuals earning $200,000 or families making $250,000 a year -- either this year, or next. Some analysts believe that the crisis over the so-called \"fiscal cliff\" could be defused by Republicans agreeing to raise the top tax rate, but to a point some way short of the Clinton-era rate. Obama in return could offer cuts in entitlement spending and allow the closure of some tax loopholes to raise further revenue.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today obama to republican raise taxes on rich or no deal Arab Today, arab today obama to republican raise taxes on rich or no deal

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today obama to republican raise taxes on rich or no deal Arab Today, arab today obama to republican raise taxes on rich or no deal

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 11:09 2017 Sunday ,25 June

HUAWEI P10 the ‘guru’ of portrait shots
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday