CNN on the Presidents yet to be delivered speech....

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Tax the rich! OK, but then what, Mr. President?




NEW YORK (CNNMoney) -- For years, President Obama has been clear about his preferred tax policy: Tax the rich more and protect households that make less than $250,000 from higher taxes.

It's not clear what he'll say about taxes on Wednesday when he lays out his ideas for how to tackle the country's long-term debt. If history holds, he'll stick to his guns.

Certainly, continuing to promise low taxes for 98% of the country will help his newly launched 2012 re-election campaign. But it wouldn't be a great path to reining in debt. (Sorry GOP: Tax revenue has to go up)

Relying solely on tax increases for the rich to aid in deficit reduction -- even when paired with significant spending cuts -- doesn't cut it for two reasons, said Tax Policy Center senior fellow Roberton Williams.

http://money.cnn.com/2011/04/12/news/economy/national_debt_taxes_obama/index.htm?hpt=C1

[NewJeffCT]

1. Some simple ways to reduce spending or raise revenue

draw down in Afghanistan. No reason why we need more than special forces there for the long-term.

Reduce the residual force in Iraq

Close 25% of our overseas military bases. (I'd like to see more, but closing more than a handful is a pipe dream...)

I would also propose reducing corporate tax rates (maybe to 20-25%), but also closing a lot of corporate tax loopholes. Right now, most big companies pay nothing in taxes, so the relatively high US corporate tax rate is only hurting small & mid-sized businesses. Give them a break in terms of taxes, but close the loopholes that allow so many big companies to get by with paying nothing. Even if the big corps end up paying 5%, it's still a huge win in terms of revenue collected- the top 10 corporations probably have over $1 trillion in revenues. 5% of that is $50 billion, which is a lot more than 0.

[Tx4obama]

2. From Alan Colmes' website

Alan Colmes: Obama To Draw Sharp Distinction From Republicans On Budget


President Obama on Wednesday plans to announce budget plans very different than what we’re hearing from Republicans.

He will call for shrinking the nation’s long-term deficits by raising taxes on wealthier Americans and requiring them to pay more into Social Security, drawing a barbed contrast with a Republican plan to save money by deeply slashing Medicare, Medicaid and other domestic spending.

Obama will offer some spending cuts, including trims to the Pentagon’s budget, but his speech Wednesday is likely to provide Americans with a vivid choice between higher taxes or fewer benefits, issues that will color the national debate straight through the 2012 election…

Obama would end tax breaks for households earning more than $250,000 a year, trim Pentagon spending, lift a cap on the amount of income that is assessed for Social Security, and save on Medicare and Medicaid through alterations to healthcare delivery, administration officials said. He will speak about 1:30 p.m. Eastern time on the campus of George Washington University.

http://www.alan.com/2011/04/12/obama-to-draw-sharp-distinction-from-republicans-on-budget

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3. cnn can spin with the best (faux)