I say got DAMN! If your household is making $250,000 or more than you are a part of the plan for President Obama to raise taxes. Of cousre the Republican party is against the terms that our President is bringing to the table, but let’s hope there will be some middle ground that can be reached. Negotiations will be held Friday. Prior to the negotiations will be a press conference held on Wednesday. More information should be released around that time. Drop down bottom for more.
White House Press Secretary Jay Carney made clear that the president is sticking by his original budget plan, which includes $1.6 trillion in new revenue, by raising taxes on households making more than $250,000.
“The president has put forward a very specific plan that will be what he brings to the table when he sits down with congressional leaders,” Carney said.
Republicans, though, are adamantly opposed to raising tax rates, despite a willingness to deal on closing loopholes and deductions. Further, while Carney said the president would consider cuts to entitlements and other domestic programs, it’s unclear how far he can go without engendering a backlash from Democratic lawmakers. Whether the sides can bridge those gaps is the big question — if they cannot, the country will dive over the so-called “fiscal cliff,” a combination of spending cuts and tax hikes set to take effect in January.
Obama is set to launch negotiations Friday during a meeting with congressional leaders. But before that, he is holding a press conference Wednesday where he will likely reveal more about his terms for the talks. Obama meets the press at 1:30 p.m. ET.
Republicans are unlikely to agree to anywhere near $1.6 trillion in tax rate hikes over the next decade.
