A group of Gary citizens, city department heads, and local leaders joined Gary mayor Karen Freeman-Wilson at City Hall Wednesday for a conference call with President Barack Obama regarding the impending fiscal cliff. Mayor Freeman-Wilson says the President laid out what the fiscal cliff means to everyday Americans, and emphasized the importance of extending middle class tax cuts for 98-percent of Americans, which gives a tax break on the first 250-thousand dollars of their income. The Mayor says the President is also open to suggestions and further compromise, and that he continues to urge Americans to raise their voice on this issue.
Fighting for Middle Class Tax Cuts & Impact on Small Businesses
- This week, the President will continue to meet with business and civic leaders from inside and outside Washington to discuss his plans to create jobs and get their ideas on creating jobs and growing the economy.
- On the fiscal cliff, leaders of both parties have pledged to work together in the coming weeks and act as soon as possible. The President also instructed his senior team to work with Members of Congress and their staff.
- There are encouraging signs that Republicans in Washington are open to a bipartisan solution. For the first time in more than 20 years, Congressional Republicans are openly and explicitly considering tax revenue as part of a balanced approach to reducing the deficit. The President has long supported the need for both revenues and spending cuts to reduce the deficit in a balanced way. He welcomes this development, but now Republicans need to get specific and detail exactly what they’re open to and what their plan is.
- As we move into the holiday season, Democrats and Republicans should come together to renew middle class tax cuts so families have a little more certainty at this critical time for our economy. If we act quickly, we can prevent a hit to consumer spending which is roughly 70% of the U.S. economy.
- By extending middle class tax cuts, every American will get a tax break on their first $250,000 of income. And income taxes won’t go up at all for 98% of American families and 97% of small businesses. If not, middle class families will see their income taxes go up by $2,200 in just a few short weeks. Everyone agrees that taxes shouldn’t go up on middle class families. The Senate sent a bill to the House to extend middle class tax cuts. There’s no reason to wait.
- On top of that, one of the most important things we can do for the economy is to lay the foundation for long term middle class job growth by reducing the deficit.
- The President’s plan reduces the deficit in a balanced way by $4 trillion by asking the wealthy to pay their fair share and preserving the investments we need to grow the economy. The President has already signed $1 trillion in spending cuts and he looks forward to working with Democrats and Republicans on a balanced approach to further reduce our deficit.
- While the President has put forward a specific plan to reduce the deficit, he is not wedded to every detail. He is open to compromise, but his guiding principle throughout these talks will be balance and what’s best for the middle class.
- These problems are challenging, but they are solvable. For months, the President has made clear he will fight every day for the middle class to move this country forward and grow the economy from the middle-out, not the top down.
- The President's second term agenda creates jobs and will restore middle class security by investing in small business, manufacturing, education, and clean energy. He looks forward to getting down to business and working in a bipartisan way to help the middle class.
(Photo Courtesy of the City of Gary Mayor's Office)
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