Taxes

House Minority Leader Nancy Pelosi (D-CA): Tax Cuts Are The Same As Spending

March 9, 2013

““Our whole budget is what, $3.5 trillion? So when we talk about reducing spending, we certainly must, and we certainly have — $1.6 trillion in the previous Congress, $1.2 of it in the Budget Control Act. But spending is also related to tax cuts,” Mrs. Pelosi, speaking to the press, said.”

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Congressional Budget Office: 2013 Tax Revenue Projected at Record $2.7 Trillion

March 4, 2013

“Tax revenue will total 16.9 percent of gross domestic product this year, the CBO predicts, compared with 18.5 percent of GDP in 2007. It looks as if it will take another year, until 2014, for tax revenue to get back to 18 percent of GDP, which has been the average level since 1973.”

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Democrats Struggling in Fight For Additional Tax Revenue After Sequester Passes

March 4, 2013

“Republicans now scoff at the idea that the fiscal cliff established any type of precedent when it comes to tapping revenue to cut the deficit. Utah Sen. Orrin Hatch, the top Republican on the Finance Committee, dismissed the idea of a precedent as “bull.””

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Tax Policy Center: Taxes on Wealthy Hit Highest Levels Since 1979

March 4, 2013

“For 2013, families with incomes in the top 20 percent of the nation will pay an average of 27.2 percent of their income in federal taxes, according to projections by the Tax Policy Center, a research organization based in Washington.”

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Retailers Preparing for Lower Consumption Due to the High Gas Prices, Payroll Tax Increase, and Stagnant Income

February 24, 2013

“In a survey released Thursday, the National Retail Federation (NRF) said some 46 percent of consumers plan to spend less as a result of the payroll tax increase”

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Virginia Governor Bob McDonnell (R) to Sign Bipartisan Transportation Spending and Tax Bill

February 24, 2013

“The new law, which cleared the state Senate Saturday and now awaits McDonnell’s signature, cuts the state gas tax, implements new levies on wholesale gasoline and diesel sales and hikes the sales tax in order to steer hundreds of millions of dollars to state and local transportation projects.”

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Politico: Republicans Lack Unity in Dealing With the Upcoming Sequestration Spending Cuts

February 24, 2013

“There seem to be three distinct camps: Most congressional Republicans appear willing to let the sequester happen since they can’t replace it in time. Others want the cuts to be even deeper. And still others wish that House Speaker John Boehner and President Barack Obama would just get in the same room and negotiate a deal.”

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Bob Woodward: President Obama and the White House Initiated the Automatic Sequestration Spending Cuts

February 24, 2013

“Obama personally approved of the plan for Lew and Nabors to propose the sequester to Senate Majority Leader Harry Reid (D-Nev.). They did so at 2:30 p.m. July 27, 2011, according to interviews with two senior White House aides who were directly involved.”

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President Obama Calls Senate Minority Leader Mitch McConnell (R-KY) and House Speaker John Boehner (R-OH) to Discuss Sequestration

February 21, 2013

“The outreach was Obama’s first in weeks to top Republicans in Congress. They came as both parties remained in a stalemate over how to avoid automatic, across-the-board cuts that would trim $85 billion from most government accounts.”

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House Republicans Continue Resistance Against President Obama’s Proposed Tax Increases

February 20, 2013

“Party strategists have advised Republican members to aggressively blame the president for the creation of the automatic cuts and the failure to stop them.”

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President Obama Interviews With 8 Local Television Stations to Increase Sequestration Pressure on Congressional Republicans

February 20, 2013

“Obama scheduled interviews with television stations in eight media markets, most of which have a strong military presence, on a day when the Pentagon described its plans for laying off some 800,000 civilian employees for 22 days to save money.”

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President Obama Continues to Pressure Congressional Republicans on the Sequestration Spending Cuts Deadline

February 19, 2013

“Obama is trying to get concessions from Congress to stall the cuts by ending tax breaks enjoyed mainly by wealthy Americans.”

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State of the Union Address: President Obama Calls for Tax Reform

February 13, 2013

“To hit the rest of our deficit reduction target, we should do what leaders in both parties have already suggested, and save hundreds of billions of dollars by getting rid of tax loopholes and deductions for the well-off and well-connected.”

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Sen. Marco Rubio State of the Union Republican Response Excerpt: Warning Against Increasing Spending And Taxes

February 12, 2013

“Florida Sen. Marco Rubio says in excerpts released ahead of his Republican response to Obama’s State of the Union address that he hopes the president will “abandon his obsession with raising taxes” and try to grow the economy.”

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President Obama State of the Union Address Excerpt: Job Creation Without Increasing the Deficit

February 12, 2013

“The president said his proposals to increase spending on manufacturing, infrastructure and clean-energy technologies would be fully paid for, though he did not specify in the excerpts how he would offset the cost of his proposals.”

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