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All Speakers
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.)

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