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The President is not totally clueless about finances. He knows that the trillion dollar a year deficits can not continue forever and he is not interested in any serious cuts in social programs or reductions in government size, so revenue obviously must be increased. If any cuts are made, some other new tax must replace it. Of course, the President has only limited power over tax cuts or increases. He says he would like to raise the income tax on the highest bracket of income and has threatened to veto an extension of the so-called "Bush" tax cuts if they include the top bracket. Unless Congress could over-ride such a veto, a large tax increase would occur at all levels, so what he would actually do is far from certain. He has other ideas about increasing taxes, such as taxing dividends like regular income, increasing the inheritance tax and reducing the home mortgage deduction -- tax cuts are not his focus.
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∙ 11y ago
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Can Obama repeal tax cuts?
Presidents often try to implement tax cuts (Obama has cut taxes several times since he has been in office). But tax cuts generally cannot be repealed unless congress goes along with it.
Which political party encourages tax cuts for all Americans?
OBAmA
What is President Obama unwilling to change his mind about?
Health care. Keeping Bush tax cuts. Tax cuts increase revenue to the government and stimulate the economy.
How much debt has Obama created?
The debt has grown about 25% during President Obama's administration, due mainly to the recession, the Bush tax cuts and two wars which Obama inherited.
Have taxes increase under Barack Obama?
No, they have not; in fact, President Obama gave middle class families two tax cuts during his first term in office.
What does mccain think about tax cuts?
I WISH I KNEW! NO BODY ANSWERS ME ON HERE!!! :-(
Can obama repeal bush tax cuts?
No, not alone. Only congress can repeal the law or write new one. The president can recommend to congress what he wants. The president also can veto the law written by congress or agree and sign it. But it should be noted that President Obama wants to keep some of the Bush tax cuts-- for the middle class especially. But he feels the wealthy do not need another tax cut, when they have already gotten a number of them.
What is Obama tax plan?
During his first term, he gave two tax cuts that mainly affected middle class Americans and small-business owners. In his second term, he wants to keep the Bush Tax Cuts for 98% of Americans, but allow the tax breaks for the wealthiest Americans (the top 2%) to expire, as he feels they can afford to pay a little bit more.
What is Barack Obama's opinion about taxes?
He says he wants to raise the income tax rate for very high income people. However, he did not veto the extension of the so-called Bush tax cuts when he had his chance.
Why does the President Obama believe that Tax Cuts are critical to help revive the economy?
Tax cuts mean more money to be spent. More money being spent means more money movement in the economy. A higher money movement is inherent in a strong economy, and often necessary.
Why did Barack Obama lower middle class families taxes?
It was a campaign promise that he made, and he kept it with two tax cuts that mainly benefited the middle class.
What compromises has Obama made?
In my view, his most damaging compromise was his agreement to retain the Bush tax cuts for households with adjusted gross incomes exceeding $250,000.
