Money & Politics
- Zero China Growth Is ‘Probable’: Gordon Chang
- With Greece Nearing Euro Exit, Is Cash King?
- Euro Zone Battle Hinges On Greece’s Banks: Steil
- Will Congress Forge Budget Deal, Avoid ‘Fiscal Cliff’?
- Bob Lutz: Auto Bailout Was ‘Right Thing to Do’
- Will European Woes Trigger QE3, Death of Euro?
- Battle Over Congressional Budget Heats Up
- Extend the Bush Tax Cuts Now
- Sen. Coburn: There Will Be a Budget Deal
- Paul Ryan Blames Democrats for Debt Woes
SHOW TIMES
Weeknights 7p ET
CNBC Asia:
Saturday 07:00 SIN/HK
RSS FEED
MOST SHARED
- Homes Prices Drop 2% to Post-Crisis Lows: Case-Shiller
- Consumer Confidence Has Biggest Drop in Eight Months
- Stocks Advance, Led by Energy; FB Down 5%
- Spain to Go to Market to Fund Banks, Regions
- State Fund Rejects ‘Unaccountable’ Chesapeake Board
- Greece to Leave Euro Zone on June 18: Wealth Manager
- Auto Sales to Really Take Off This Summer?
- European Firms Plan for Greek Unrest and Euro Exit
- JPMorgan Debacle Points to Regulatory Incompetence, Corruption
- June Could Be Turning Point for Markets, Economy
CONTACT US
We want to hear from you!
E-mail:
More Obama Soak-the-Rich Rhetoric
Text Size 
CNBC Anchor
As I wrote yesterday, Democrats are obsessed with repealing the Bush tax cuts, especially the upper-end. They could use a 12-step program and a Higher Power.
 |
CNBC President Obama wants to extend tax middle class tax cuts and eliminate tax breaks for millionaires, billionaires. |
President Obama, after signing an extension of the Bush tax cuts last December, relapsed once again at his news conference today. It was the usual bashing of millionaires and billionaires, oil companies, corporate jets (made by Cessna and Hawker-Beechcraft), and investment funds.
Plus, the president says there’s only about $1 trillion of spending cuts over ten years. Pardon me for being cynical for thinking much of that is phony baloney.
So the whole debt-ceiling business is going nowhere. Republicans correctly reject tax hikes and the president isn’t yet digging in on spending. There’s no majority in the House for a $600 billion tax hike, and I hope there never is.
What we have now is certainly not a growth package to perk up the sputtering, less-than 2 percent economy, with its 9.1 percent unemployment rate. No mention at all of a real business-tax-reform overhaul.
On the plus side, the president did seem to side with Boeing [BA
Loading...
()
] in the NLRB dispute about adding jobs in South Carolina and the state of Washington. Obama said companies should be able to relocate anywhere in the United States.
But basically his message today was class-warfare, soak-the-rich. Somehow, Democrats are for your kids but Republicans are for your fat cats. It’s so tiresome. It will never sell.
Obama is in political trouble and he knows it.
Questions? Comments, send your emails to:
- Solving Europe’s crisis is really up to the politicians and not the economists says CNBC’s Kelly Evans.
- Take a look at the most luxurious golf homes currently for sale... and see if they fit your budget.
- The authors and business leaders discuss private equity and running a business in an election year.
- If this past weekend is any indication, automakers and dealers could have a great summer, says Phil LeBeau.
- A Gallup poll says 26 percent of American adults are obese. Here's where the portliest are found.
- Emerging-market bulls should look to Brazil, South Africa and Russia, as well as Thailand and South Korea.
Data is a real-time snapshot *Data is delayed at least 15 minutes
