WEEKLY ADDRESS: It’s Time for Congress to Pass the Middle Class Tax Cut Extension
The White House
Office of the Press Secretary
WASHINGTON, DC— In this week’s address, President Obama called on Congress to act now to extend tax cuts for the 98% of Americans making less than $250,000 for another year. If Congress fails to act, taxes will go up on January 1st and will be a blow to millions of middle class families and to our economy. Both parties agree on extending the tax cuts for the middle class, and the President believes it’s time for Congress to act so that we can give the middle class and our small businesses the certainty they need as we work to create an economy that is built to last.
The audio of the address and video of the address will be available online at www.whitehouse.gov at 6:00 a.m. ET, Saturday, July 14, 2012.
Remarks of President Barack Obama
The White House
July 14, 2012
Over the past couple weeks I’ve been talking with folks across the country about how we’re going to rebuild an economy where if you work hard, you and your family can get ahead.
And right now, there’s a big debate going on in Washington over two fundamentally different paths we can take as a country to do that.
One path – pushed by Republicans in Congress and their nominee for President – says that the best way to create prosperity is to let it trickle down from the top. They believe that if we spend trillions more on tax cuts for the wealthy, it’ll somehow create jobs – even if we have to pay for it by gutting education and training and by raising middle-class taxes.
I think they’re wrong. We already tried it that way for most of the last decade, and it didn’t work. We’re still paying for trillions of dollars in tax cuts that benefitted the wealthiest Americans more than anyone else; tax cuts that didn’t lead to the rise in wages and middle class jobs that we were promised; and that helped take us from record surpluses to record deficits.
The last thing we need right now is more top-down
You can read the rest of this article at:: http://www.whitehouse.gov/the-press-office/2012/07/14/weekly-address-it-s-time-congress-pass-middle-class-tax-cut-extension
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