President Barack Obama is stepping up the pressure on Congress, particularly Republicans, to extend the middle-class tax cuts for families earning under $250,000 a year. Surrounded today by middle-class Americans, the President said that a “typical middle-class family of four would see its income taxes go up by $2,200. That’s $2,200 out of people’s pockets. That means less money for buying groceries, less money for filling prescriptions, less money for buying diapers.”
“It means a tougher choice between paying the rent and paying tuition. And middle-class families just can’t afford that right now,” said President Obama during an event in the South Court Auditorium of the Eisenhower Executive Office Building in Washington, DC today.
President Obama also warned of the impact on business during the event in the South Court Auditorium, surrounded by middle-class Americans. “Businesses can’t afford it either. Yesterday, I sat down with some small business owners who stressed this point.”
Referring to a report released yesterday by the National Economic Council and the Council of Economic Advisers (CEA), the President said, “Economists predict that if taxes go up on the middle class next year, consumers will spend nearly $200 billion less on things like cars and clothes and furniture — and that obviously means fewer customers. That cuts into business profits. That makes businesses less likely to invest and hire, which means fewer jobs. And that can drag our entire economy down.”
President Obama encouraged to at last pass the tax cut for the middle-class. “So if both parties agree we should not raise taxes on middle-class families, let’s begin our work with where we agree.”
President Obama mentioned that a bill has already passed the Senate and got past the 60 vote threshold. “The Senate has already passed a bill that keeps income taxes from going up on middle-class families. Democrats in the House are ready to vote for that same bill today. And if we can get a few House Republicans to agree as well, I’ll sign this bill as soon as Congress sends it my way. I’ve got to repeat, I’ve got a pen. I’m ready to sign it.”
He held up a pen to create a visual of what he wanted to do and do it soon.
He also encourage the middle-class to write their Congressmen and also encouraged a social network campaign. “I’m asking Americans all across the country to make your voice heard. Tell members of Congress what a $2,000 tax hike would mean to you. Call your members of Congress, write them an email, post it on their Facebook walls. You can tweet it using the hashtag ‘#My2K.’ Not ‘Y2K.’ But ‘#My2K.’ We figured that would make it a little easier to remember.”
President Obama repeated the same message at a Cabinet meeting. “I’ll just repeat: There is no reason why taxes on middle-class families should go up. It would be bad for the economy. It would be bad for those families. In fact, it would be bad for the world economy. And so I think it’s very important that we get that resolved, and I am very open to a fair and balanced approach to reduce our deficit and provide the kind of certainty that businesses and consumers need so that we can keep this recovery going.”
Following the Cabinet meeting, President Obama and the Vice President Joe Biden attended a meeting with business leaders in the Roosevelt Room of the White House to discuss the actions needed to take to keep the economy growing and finding a balanced approach to reduce the deficit. The business leaders with The President and the Vice President were the following:
- Frank Blake, Chairman and CEO, The Home Depot
- Lloyd Blankfein, Chairman and CEO, Goldman Sachs Group
- Joe Echeverria, CEO, Deloitte LLP
- Ken Frazier, President and CEO, Merck and Co.
- Muhtar Kent, Chairman and CEO, Coca Cola
- Terry Lundgren, Chairman, President, and CEO, Macy’s Inc.
- Marissa Mayer, CEO and President, Yahoo!
- Douglas Oberhelman, Chairman and CEO, Caterpillar
- Ian Read, Chairman and CEO, Pfizer
- Brian Roberts, Chairman and CEO, Comcast
- Ed Rust, Chairman and CEO, State Farm Insurance Co.
- Arne Sorenson, President and CEO, Marriott
- Randall Stephenson, Chairman and CEO, AT&T
- Patricia Woertz, President and CEO, Archer Daniels Midland
President Obama will continue meeting with ordinary Americans, business leaders and Congressional leaders and see the fight for middle-class fairness to continue.
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John is the author of an award-winning book, the 2010 Winner of the USA National Best Book award for African American studies, published by The Elevator Group Mr. and Mrs. Grassroots: How Barack Obama, Two Bookstore Owners, and 300 Volunteers did it. Also available an eBook on Amazon. John is also a member of the Society of Midland Authors and is a book reviewer of political books for the New York Journal of Books