President Obama proposes to reduce deficit by ending tax cuts and loopholes for millionaires
More here: Obama Pushes End Of Millionaires' Tax Cuts But GOP Bashes Deficit Plan - NY1.com
Speaking from the White House this morning, the president called for a change when it comes to Bush-era tax cuts, recommending they expire for high income e
He is also planning to close loopholes for oil and gas firms, private jet owners and investment fund managers.
"I will not support any plan that puts all the burden for closing our deficit on ordinary Americans," said Obama. "I will veto any bill that changes benefits for those who rely on Medicare but does not raise serious revenues by asking the wealthiest Americans or biggest corporations to pay their fair share."
The president's plan also includes about $320 billion in Medicare and Medicaid savings, more than $1 trillion in savings from the troop reductions in Afghanistan and Iraq and calls for $250 billion dollars in cuts to other mandatory programs.
Obama says he will veto any changes to Medicare without asking the wealthiest Americans and biggest corporations to pay their fair share.
"Middle class families shouldnít pay higher taxes than millionaires and billionaires. Thatís pretty straight-forward. Itís hard to argue against that," Obama said.