Transcript: Debate excerpts – President Obama on taxes

Edited by Jenny Jiang

Excerpts from President Barack Obama’s remarks on taxes at the first presidential debate held at the University of Denver, Colorado on Oct. 3, 2012:

“…Let’s talk about taxes, because I think it’s instructive. Now, four years ago, when I stood on this stage, I said that I would cut taxes for middle-class families. And that’s exactly what I did. We cut taxes for middle-class families by about $3,600.

“And the reason is, because I believe that we do best when the middle class is doing well. And by giving them those tax cuts, they had a little more money in their pocket, and so maybe they can buy a new car. They are certainly in a better position to weather the extraordinary recession that we went through. They can buy a computer for their kid who’s going off to college, which means they’re spending more money, businesses have more customers, businesses make more profits, and then hire more workers…”

“Governor Romney and I do share a deep interest in encouraging small-business growth. So at the same time that my tax plan has already lowered taxes for 98 percent of families, I also lowered taxes for small businesses 18 times. And what I want to do is continue the tax rates — the tax cuts that we put into place for small businesses and families.

“But I have said that for incomes over $250,000 a year, that we should go back to the rates that we had when Bill Clinton was president, when we created 23 million new jobs, went from deficit to surplus, and created a whole lot of millionaires to boot.

“And the reason this is important is because by doing that, we cannot only reduce the deficit, we cannot only encourage job growth through small businesses, but we’re also able to make the investments that are necessary in education or in energy…”

“Bill Clinton tried the approach that I’m talking about. We created 23 million new jobs. We went from deficit to surplus. And businesses did very well. So, in some ways, we’ve got some data on which approach is more likely to create jobs and opportunity for Americans and I believe that the economy works best when middle-class families are getting tax breaks so that they’ve got some money in their pockets, and those of us who have done extraordinarily well because of this magnificent country that we live in, that we can afford to do a little bit more to make sure we’re not blowing up the deficit.”



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