Fox News
Expand
Browse All Video
Watch Live

You're watching...

Obama pushing for tax changes again?

Details

  • Description

    Wendell Goler reports

  • Duration 2:40
  • Date

Clips

Also in this playlist...

Latest Politics

Auto-advance: ON

Auto-advance
View All

Transcript

This transcript is automatically generated

Now fresh -- a tax hike for high income earners President Obama may be going to that well again and going very soon.

The president insists he needs more money to reduce the deficit and will likely focus on a familiar target.

White House correspondent Wendell Goler tells us how that is ago.

As the president headed to Minnesota to talk about gun violence Republicans on Capitol Hill tried to keep the nation's attention on fiscal matters.

We are having trouble and a large part because spending -- the problem.

It's what's -- jobs overseas and causing much anxiety.

About our future next Sunday in a three Super Bowl interview with CBS is Scott Kelly.

Mr.

Obama says this year's tax changes shouldn't be the last there is no doubt we need additional revenue.

Coupled with a Smart spending reductions in order to bring down our deficit.

The president said he's not talking about raising rates but closing what he calls loopholes that -- high income people especially those who make money mainly from investments.

Pay a lower tax rate than middle income salaried or hourly wage earners.

Every person doesn't have access to Cayman island accounts the average person doesn't.

Have access to.

Carried interest income where they end up and a much lower rate on billions of dollars of paper and.

Mr.

Obama says the only way to continue investing in education research and development and still reduce the deficit is with a combination of spending cuts and additional revenue.

But Republicans say the government got its additional revenue -- last year's tax agreement.

Which raise tax rates on families making more than 450000.

Dollars a year.

And limited or phased out deduction for income over 300000.

In a written statement John Boehner spokesman said quote.

Any tax loopholes we close should be used to lower rates for all taxpayers so we can be more competitive and create more jobs.

And the speaker -- -- reminded the White House is once again missing its first Monday in February deadline for submitting a budget.

-- -- -- -- And some reports say that it could be as marked as long as a -- -- And I guess to bet our economy could use some presidential leadership right now.

House Republicans plan a bill this week that would require the president to submit a budget that would balance in ten years.

Democrats say that -- avoid sequestration in the across the board spending cuts that to happen in March.

Unless congress and the White House come up with a deficit reduction agreement before then defense officials say those cuts would hurt readiness maintenance and training.

And make it difficult for the US to respond to global crises.

Don't they would certainly by hard no question Wendell Goler forced and out of the White House Wendell thanks.

Load More