Presidential town hall debate excerpts – President Barack Obama on taxes

Edited by Jenny Jiang

Excerpts from the presidential town hall debate at Hofstra University in Hempstead, New York on Oct. 16, 2012

Transcript of President Barack Obama’s remarks on taxes

President Barack Obama: My philosophy on taxes has been simple. And that is, I want to give middle-class families and folks who are striving to get into the middle-class some relief. Because they have been hit hard over the last decade. Over the last 15, over the last 20 years.

So four years ago I stood on a stage just like this one. Actually it was a town hall, and I said I would cut taxes for middle- class families, and that’s what I’ve done, by $3,600.00. I said I would cut taxes for small businesses, who are the drivers and engines of growth. And we’ve cut them 18 times. And I want to continue those tax cuts for middle-class families, and for small business.

But what I’ve also said is, if we’re serious about reducing the deficit, if this is genuinely a moral obligation to the next generation, then in addition to some tough spending cuts, we’ve also got to make sure that the wealthy do a little bit more.

So what I’ve said is, your first $250,000.00 worth of income, no change. And that means 98 percent of American families, 97 percent of small businesses, they will not see a tax increase. I’m ready to sign that bill right now. The only reason it’s not happening is because Governor Romney’s allies in Congress have held the 98 percent hostage because they want tax breaks for the top 2 percent.

But what I’ve also says is for above $250,000, we can go back to the tax rates we had when Bill Clinton was president. We created 23 million new jobs. That’s part of what took us from deficits to surplus. It will be good for our economy and it will be good for job creation.

Now, Governor Romney has a different philosophy. He was on 60 Minutes just two weeks ago and he was asked: Is it fair for somebody like you, making $20 million a year, to pay a lower tax rate than a nurse or a bus driver, somebody making $50,000 year? And he said, “Yes, I think that’s fair.” Not only that, he said, “I think that’s what grows the economy.”

Well, I fundamentally disagree with that. I think what grows the economy is when you get that tax credit that we put in place for your kids going to college. I think that grows the economy. I think what grows the economy is when we make sure small businesses are getting a tax credit for hiring veterans who fought for our country. That grows our economy.

So we just have a different theory. And when Governor Romney stands here, after a year of campaigning, when during a Republican primary he stood on stage and said “I’m going to give tax cuts” — he didn’t say tax rate cuts, he said “tax cuts to everybody,” including the top 1 percent, you should believe him because that’s been his history.

And that’s exactly the kind of top-down economics that is not going to work if we want a strong middle class and an economy that’s striving for everybody.

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