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August 3, 2009

White House: “NO New Taxes For Middle Class”

President Obama is committed to making sure middle class families do not see a tax increase, White House Press Secretary Robert Gibbs said today. 

“The president’s clear commitment is not to raise taxes on those making less than $250,000 a year,” Gibbs said, repeating Obama’s pledge from the presidential campaign. 

On Sunday, Treasury Secretary Tim Geithner suggested that taxes increases are inevitable. 

“We will not get this economy back on track, recovery will be not strong and sustained, unless we … can convince the American people that we’re going to have the will to bring these deficits down once recovery is firmly established,” Geithner said on ABC’s “This Week.” 

Asked point blank whether it was right to suggest it is a matter of when, not if, taxes will be raised, Geithner responded, “It is absolutely right.” 

National Economic Council President Larry Summers also did not rule out future increases on CBS’ “Face the Nation.” 

Gibbs, though, dismissed the comments Monday as part of a “hypothetical back and forth” that Geithner and Summers allowed themselves to engage in. 

“Promising that everybody’s going to be on message may be a bar that’s too high for me to leap over,” Gibbs said.

Peppered with reporters’ questions on the topic, he repeatedly said that despite the Sunday comments the president has been “clear” that he intends to shield middle-class families from a tax hike. 

“I am reiterating the president’s clear commitment in the clearest terms possible that he’s not raising taxes on those who make less than $250,000 a year,” he said. 

The discussion over future tax increases comes as the deficit is expected to hit $1.8 trillion next year. With spending still planned for a $1 trillion, 10-year health care reform plan, officials say something will have to be done to keep the deficit and national debt from growing wider. 

Gibbs said that President Obama is committed to cutting wasteful spending to help achieve that goal. 

October 13, 2008

10/13: Barack Obama’s Economic Rescue Plan For The Middle Class Will Help YOU!

 

 Senator Obama delivered a phenomenal and absolutely brilliant economic rescue plan for Americans this afternoon in Toledo, Ohio. It is a comprehensive four-part plan that deals with the immediate crisis that is currently affecting American workers, families and communities that are struggling. A plan that will grow our middle-class and create J-O-B-S! 

 

   Obama’s plan includes four new major ideas about job creation, relief to families, relief to homeowners and responding to the financial crisis. His plan also calls for temporarily eliminating taxes on unemployment insurance benefits; keeping all options on the table to help our automakers weather the financial crisis; having the Fed and Treasury prepare for guaranteeing a broader range of liabilities of the banking system; and instructing the Treasury to help unfreeze markets for individual mortgages, student loans, car loans, loans for multi-family dwellings and credit card loans:

Job Creation: A New American Jobs Tax Credit. Obama is calling for a temporary tax credit for firms that create new jobs in the United States over the next two years.

Relief to Families: Penalty-Free Withdrawals from IRAs and 401(k) s in 2008 and 2009. Obama is calling for new legislation to allow families to withdraw 15% of their retirement savings – up to a maximum of $10,000 – without facing a tax-penalty this year (including retroactively) and next year.

Relief to Homeowners: 90 day foreclosure moratorium for homeowners that are acting in good faith. Financial institutions that participate in the Treasury’s financial rescue plan should be required to adhere to a homeowners code of conduct, including a 90-day foreclosure moratorium for any homeowners living in their homes that are making good faith efforts pay their mortgages.

Responding to the Financial Crisis: A Lending Facility to Address the Credit Crisis for States and Localities. Obama is calling on the Federal Reserve and the Treasury to work to establish a facility to lend to state and municipal governments, similar to the steps the Fed recently took to provide liquidity to the commercial paper market.

 

 

 

 

 
Full text of  Obama’s speech as prepared below:

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August 10, 2008

Obama: Tax BREAKS For Middle Income Americans

Senator Obama plans to give 95% of all families a tax cut of $1,000.00 and not raise taxes by a single dime for those making under $250,000. The reason so many families are hurting today is because we’ve had eight years of failed Bush policies that Senator McCain wants to continue for another four years. 

The ad below is smart and effective and I hope we see more of these types of ads! PLEASE pass this on!

Be informed – check the facts for yourself:

http://www.factcheck.barackobama.com/

 

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