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Wednesday, November 14, 2012

Obama To Turn Down Offer Of Hundreds Of Billions In New Revenue If He Can't Hike Taxes

By Susan Duclos

2012 presidential election exit poll question

Obama puts his "opening bid" out there, which would include over a trillion dollars in tax hikes, despite the offer from Republicans of hundreds of billions in new revenue which can be obtained by closing tax loopholes and limiting deductions.

The Hill article gets to key point at the bottom of their article:

GOP lawmakers insist that the White House include entitlement reform and spending cuts as part of any deficit package, but Obama has said he will only compromise if the deal includes higher taxes on the wealthy.

In other words, new revenue is not the goal as Obama has tried to tell the American people, and there will be no compromise on the part of the Obama administration to his insistence on raising taxes on those who he calls the "wealthy" but which includes hundreds of thousands of small business owners that file their taxes individually.

As Investors Business Daily headlines "Look Who's Refusing To Compromise To Avoid The Fiscal Cliff."

Hint, it ain't Republicans.

John Boehner has already made it clear that tax hikes cannot be passed by the House of Representatives. Obama knew that well before his ridiculous opening bid.

Closing tax loopholes and limiting deductions, among other revenue generating options, would bring in more revenue from the actual "wealthy" without the small business owners that file as individuals getting caught in the Obama tax trap, but Obama is refusing to acknowledge that or consider it, and would rather throw America off the fiscal cliff and into another recession.

This time, it won't be called the Great Recession, it will be named "The Obama Recession."