“We don’t need more top-down economics. We have tried that theory. We have seen what happens,” Obama said in a White House speech reminding voters of the trillion-dollar tax breaks instituted during president George W. Bush’s administration that “benefited the wealthiest Americans” more than others.
“That is why I believe that it is time to let the tax cuts for the wealthiest Americans — folks like myself — expire,” he added.
“I’m not proposing anything radical here. I just believe that anybody making over $250,000 a year should go back to the income tax rates we were paying under (president) Bill Clinton, back when the economy created nearly 23 million new jobs, and the biggest budget surplus in history.”
With Bush-era tax cuts set to expire at the end of 2012, taxes will rise for virtually all US households if Congress does not pass new legislation.