Obama blasts House GOP tax plan as ‘more top-down economics’

President Obama pressed Congress to extending current tax rates for Americans making under $250,000 a year, decoupling them from a package GOP Republicans are pushing to extend all of the Bush-era tax rates set to expire at the end of the year.
Making a case that has been a regular feature of his recent stump speeches, Obama said in his weekly address that citizens with an income over the $250,000 threshold could afford to “go back to the income tax rates they were paying under Bill Clinton.”
“The last thing we need right now is more top-down economics,” Obama said.  “Under my plan, 98 percent of American families won’t see their income taxes go up at all.  But the other 2 percent of Americans will have to pay a little more in taxes on anything they make over $250,000.”
Obama touted the economic record of former President Clinton, saying that the Clinton-era tax rates accompanied an economic boom for the nation.
“If you remember, that was when our economy created nearly 23 million new jobs, the biggest budget surplus in history, and millionaires were doing pretty well,” Obama said.
The president said Congress should pass an extension of the tax cut for earners under $250,000, even if there was lingering disagreement among lawmakers on the appropriate tax rates for other brackets.
“Even if we disagree on the tax cuts for the wealthiest Americans, we all agree that no American should pay more taxes on the first $250,000 of their income,” Obama said. “So let’s at least agree to do what we all agree on.  That’s what compromise is all about.

Read more:  http://thehill.com/video/administration/237891-obama-slams-gop-tax-plan-as-more-top-down-economics

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