Obama, McCain: ‘We’re Not Going To Lose’ on ‘Facts, Facts, Facts’
The United States is on track to produce $1 trillion in new wealth this year, according to a new National Review article.
President Barack Obama said Tuesday that “it is not possible to produce as much wealth as we did in the last three years without a major tax increase,” according to the article.
“And we know that in the next six months, we are going to be facing a tax increase.”
The new growth is “on track to add $1.4 trillion in wealth to the economy, and $1,100 in annual tax revenues to the Treasury,” the article reads.
The article continues: “That is enough to put more than a million Americans to work, and more than $1 billion in new income into the pockets of hardworking Americans every single day.”
The president said the United States “is on track” to produce “enough to pay for $1trillion in new tax revenues.”
“It is not a question of whether we can produce more.
It is a question, instead, of how much,” he said.
“We’re not going to lose.”
Obama made the comments during an appearance on the “The O’Reilly Factor” to discuss the president’s new economic plan.
The president also noted that “the last time we had this much wealth, we had a recession, we were hit hard by the 2008 financial crisis.
We are going into a recession in 2020.”
In his appearance, Obama also criticized Republican Mitt Romney’s economic plan as not being conservative enough.
“Romney has proposed a $3.4trillion tax cut.
That’s what you get when you take away people’s deductions, when you eliminate taxes for families and small businesses,” Obama said.
According to the New York Times, Romney’s plan is $1 more in taxes than the president has proposed.
The Times also said the president will propose another $1 in taxes in 2019.
The new growth comes despite Obama’s claims to the contrary.
On Tuesday, the president announced that he has increased taxes on corporations and wealthy individuals, but also proposed a tax cut for middle-class families.
Obama said the tax increase would raise $1-trillion a year and would add more than 1 million jobs.
The New York Post reported the president proposed an $800-billion tax cut and an increase in the standard deduction.