Right now, President Obama is making a speech about how to deal with the debt and deficit problems.
He emphasised that tax cuts have to be on the table in order to curb debt, in addition to spending cuts.
I’m not asking for middle class Americans to pay higher taxes, Obama said. He is simply asking that tax breaks no longer be extended to millionaires and billionaires, he added.
Obama then singled out hedge fund managers in that group of “millionaires and billionaires,” who should not be getting tax breaks; not bankers, just hedge fund managers.
“I don’t think it’s real radical” to ask corporate jet owners and millionaires to pay higher taxes, Obama said. “No-one wants to see the U.S default.”
During question time, Obama continued to emphasise that wealthy hedge fund managers should not be the recipients of tax breaks.
“You can’t reduce debt levels without… increasing revenue in some way,” Obama said. “That revenue is coming out of folks who are doing extraordinarily well, and enjoying the lowest tax rates since before I was born. If you are a wealthy CEO or hedge fund manager in America right now, your taxes are lower than they have ever been.”
Perhaps we missed it, but we did not here the word “banker” once. It seems like a deliberate attempt to leave banks out of the attack, and instead hone in on asset managers.
Hedge fund managers who previously supported Obama, have already made the switch to the GOP for the 2012 election. These remarks, we imagine, will send others their way.
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