| 00:00:2322 sec. |
Obama, Barack - President
Thank you. (Applause.) Thank you very much. Everybody, have a seat. Have a seat. Good afternoon, everybody. I’m glad things have cooled off... |
| 00:00:4545 sec. |
Obama, Barack - President
We’re here today to talk about taxes -- something that everybody obviously cares deeply about. And I’ve often said that our biggest challenge right... |
| 00:01:3023 sec. |
Obama, Barack - President
What’s holding us back from meeting these challenges, it’s not a lack of plans, it’s not a lack of ideas -- it is a stalemate in this town, in... |
| 00:01:5316 sec. |
Obama, Barack - President
Many members of the other party believe that prosperity comes from the top down, so that if we spend trillions more on tax cuts for the wealthiest Americans,... |
| 00:02:0954 sec. |
Obama, Barack - President
I disagree. I think they’re wrong. I believe our prosperity has always come from an economy that’s built on a strong and growing middle class... |
| 00:03:038 sec. |
Obama, Barack - President
I wanted to repeat that because sometimes there’s a little misinformation out there -- (laughter) -- and folks get confused about it. |
| 00:03:1125 sec. |
Obama, Barack - President
Moreover, we’ve tried it their way. It didn’t work. At the beginning of the last decade, Congress passed trillions of dollars in tax cuts that... |
| 00:03:3629 sec. |
Obama, Barack - President
And what happened? The wealthy got wealthier, but most Americans struggled. Instead of creating more jobs, we had the slowest job growth in half a... |
| 00:04:0523 sec. |
Obama, Barack - President
So we don’t need more top-down economics. We’ve tried that theory. We’ve seen what happens. We can’t afford to go back to it. We need policies... |
| 00:04:2850 sec. |
Obama, Barack - President
So that’s why I believe it’s time to let the tax cuts for the wealthiest Americans -- folks like myself -- to expire. (Applause.) And, by the... |
| 00:05:1837 sec. |
Obama, Barack - President
By the way, these tax cuts for the wealthiest Americans are also the tax cuts that are least likely to promote growth. So we can’t afford to keep... |
| 00:05:5524 sec. |
Obama, Barack - President
And this is not just my opinion. The American people are with me on this. Poll after poll shows that’s the case. And there are plenty of patriotic... |
| 00:06:1950 sec. |
Obama, Barack - President
At the same time, most people agree that we should not raise taxes on middle-class families or small businesses -- not when so many folks are just trying... |
| 00:07:0924 sec. |
Obama, Barack - President
If Congress doesn’t do this, millions of American families -- including these good-looking people behind me -- (laughter) -- could see their taxes... |
| 00:07:3318 sec. |
Obama, Barack - President
Now, we can already anticipate -- we know what those who are opposed to letting the high-end tax cuts expire will say. They’ll say that we can’t... |
| 00:07:5128 sec. |
Obama, Barack - President
Let me tell you, the folks who create most new jobs in America are America’s small business owners. And I've cut taxes for small business owners... |
| 00:08:1937 sec. |
Obama, Barack - President
But here's the thing that you have to remember. The proposal I make today would extend these tax cuts for 97 percent of all small business owners in... |
| 00:08:5631 sec. |
Obama, Barack - President
I believe we should be able to come together and get this done. While I disagree on extending tax cuts for the wealthy, because we just can’t afford... |
| 00:09:2747 sec. |
Obama, Barack - President
So we should all agree to extend the tax cuts for the middle class. Let's agree to do what we agree on. Right? (Applause.) That’s what compromise... |
| 00:10:1425 sec. |
Obama, Barack - President
In many ways, the fate of the tax cut for the wealthiest Americans will be decided by the outcome of the next election. My opponent will fight to keep... |
| 00:10:3928 sec. |
Obama, Barack - President
Middle-class families and small business owners, they deserve that guarantee. They deserve that certainty. It will be good for the economy and it... |
| 00:11:0718 sec. |
Obama, Barack - President
Pass a bill extending the tax cuts for the middle class; I will sign it tomorrow. Pass it next week; I’ll sign it next week. Pass it next -- well,... |
| 00:11:2525 sec. |
Obama, Barack - President
As soon as that gets done, we can continue to have a debate about whether it’s a good idea to also extend the tax cuts for the wealthiest Americans.... |
| 00:11:5023 sec. |
Obama, Barack - President
And then next year, once the election is over, things have calmed down a little bit, based on what the American people have said and how they’ve spoken... |
| 00:12:1340 sec. |
Obama, Barack - President
But right now, our top priority has to be giving middle-class families and small businesses the security they deserve. You’re the ones who are driving... |
| 00:12:5331 sec. |
Obama, Barack - President
So thank you very much, you all, for being here. Thank you. (Applause.) |