Obama Gashes Republicans For Trying to Give 4,000 Millionaires A $4 Million Tax Cut

obama protect middle class weekly address

President Obama exposed the Republican agenda by calling out the morally repugnant GOP budget plan to give 4,000 of the wealthiest Americans a $4 million tax cut while passing the bill on to every other citizen.


In his weekly address, the President said:

Five years ago, after the worst financial crisis in decades, we passed historic Wall Street reform to end the era of bailouts and too big to fail.

As part that reform, we created an independent Consumer Financial Protection Bureau with one mission: to protect American consumers from some of the worst practices of the financial industry.

They’ve already put $5 billion back in the pockets of more than 15 million families. And this week, they took an important first step towards cracking down on some of the most abusive practices involving payday loans.

Millions of Americans take out these loans every year. In Alabama, where I visited this week, there are four times as many payday lending stores as there are McDonald’s. But while payday loans might seem like easy money, folks often end up trapped in a cycle of debt. If you take out a $500 loan, it’s easy to wind up paying more than $1,000 in interest and fees.

The step the Consumer Financial Protection Bureau announced this week is designed to change that. The idea is pretty common sense: if you’re a payday lender preparing to give a loan, you should make sure that the borrower can afford to pay it back first.

As Americans, we believe there’s nothing wrong with making a profit. But there is something wrong with making that profit by trapping hard-working men and women in a vicious cycle of debt.

Protecting working Americans’ paychecks shouldn’t be a partisan issue. But the budget Republicans unveiled last week would make it harder, not easier, to crack down on financial fraud and abuse. And this week, when Republicans rolled out their next economic idea, it had nothing to do with the middle class. It was a new, more-than-$250 billion tax cut for the top one-tenth of the top one percent of Americans. That would mean handing out an average tax cut of $4 million a year to just 4,000 Americans per year, and leaving the rest of the country to pay for it.

I don’t think our top economic priority should be helping a tiny number of Americans who are already doing extraordinarily well, and asking everybody else to foot the bill. I think our top priority should be helping everybody who works hard get ahead. This country does best when everyone gets their fair shot, everyone does their fair share, and everyone plays by the same set of rules.

That’s what middle-class economics is all about, and as long as I’m your President, that’s what I’ll keep on fighting to do.

The reason the budget process is always a bad time for Republicans is because it is the one moment where the true GOP agenda gets exposed. Republicans want to cut taxes for the super wealthy while passing the bill on to the non-rich. The Republican budget isn’t just bad economics. It’s morally wrong. Since 2011, President Obama and his fellow Democrats have repeatedly stung Republicans on their agenda to shift all wealth upwards to the top.

It could be argued that President Obama won reelection in 2012 based on his middle-class economics campaign. What Republicans are trying to do with their budget is a form ideological illness that refuses to see reality. The nation tried the tax cuts for the wealthy grow the economy approach under George W. Bush, and the result was a historic failure.

The role of government should never be to make the rich richer and life more difficult for everyone else. The budgets paint a clear picture of the contrast in priorities between the two parties. Democrats have got your back while Republicans are trying to pick your pocket.

31 Replies to “Obama Gashes Republicans For Trying to Give 4,000 Millionaires A $4 Million Tax Cut”

  1. Republicans must think most Americans are stupid or at the very least can’t read. If you read their budget proposal, it is so obvious that all of these politicians are being paid to destroy democracy by Koch Brother types. After all why would you laser focus on giving the rich $4 million tax cut when that money could be used for a massive infrastructure project that would create jobs, improve our infrastructure in all 50 states and build up our safety nets instead of making millionaires billionaires on the backs of really hard working Americans.

    Why would anyone vote for grifters who continually lie and steal from the middle-class, poor, vets, disabled, children, women, seniors — well everyone who isn’t a millionaire?

  2. Some of the voters are braindead when it comes to their wellbeing. They tend to vote for trashy folks that are braindead just like themselves.

  3. “Why would anyone vote for grifters who continually lie and steal from the middle-class, poor, vets, disabled, children, women, seniors — well everyone who isn’t a millionaire?”

    There are several reasons why they do. I’ll go over some of them.

    1) Gerrymandering. Red states are gerrymandered so even if democratic candidates win more votes the republican still wins the election.

    2) Voter suppression. Voter ID laws are a form of voter suppression to prevent democrats from voting, and in some states they are trying to implement poll taxes.

    3) Corporate run mainstream media. We no longer have a free press. Almost all of the mainstream media is owned by 6 corporations who have a right wing agenda. Instead of being the constitutionally mandated check and balance of the government it has become a right wing mouthpiece with the intent of deceiving voters, and keeping them ignorant of the real issues.

    4) Democratic voter apathy. If Democrats actually voted the GOP would be …

  4. Thank you for your very articulate message. It’s hard to believe anyone but the very, very rich would vote for any Republican.

  5. Don’t forget diehard racists, White Supremacists, and Christofascists. They make up the base of non-millionaire voters for the Neo-Confederate (formerly known as the Republican) Party because they’re neo-confederates themselves, and it’s become more public ever since that Black man won the White House – twice.

  6. John, #3 on your list. You are so right.

    Corporate run mainstream media.

    Last night while watching cable television, there were 3 KOCH commercials within 1 hour. I was livid. Their commercials say they are job creators!

    Is there anything in this country Koch has not tainted? I may not watch that channel again. They are vile.

  7. your wrong about that I believe the bush tax cut should be extened for everyone middle poor or rich peroid Why does this blog get this all mixed up it semms to me this is dotcom meaning this blog is bull shit I am not against helping the poor people What I Think the rich should do is offer them affordable healthcare plans lift them out of poverty and into the middle class then lift them out to be the top earner and they will have a nice house and a car because they will be working together to help each other with thier needs I’m Against nubers anyway they do not make sense people you can build a house you can get food with a garden you dont need all of this other stuff I can live without money to me people are greedy numbers do not make sense you can all be rich without money I understand that some people cant build houses but should we learn how from the very rich people that build them why do you need a two store house and a pool in the backyard why do we have water payments

  8. we never had water payments or electric bills back then but people are greedy thats why they charge its all about money Just like how they want to put in a per mile tax and charge you for every website you go on
    For example they should not be able to slow you down well your driving just like they should not be allowed to slow your internet traffic and charge you per page you visit or per mile you drive when are people gonna wake up and relize big government is the problem no privacy anymore online people are greedy charging you by the mile you drive or every website you visit thats greed people thats illegal to slow down your web page or slow down your car What if you have a doctors appointment and they shut your car off thats horrible and greedy corporations wanting to make money like the epa

  9. I saw those same commercials last night. Hope we’re in the same media market. If not that is truly frightening.

    Koch motto: if you can’t beat ’em, buy ’em.
    I guess it’s starting already.

  10. we need to stand up america these communist are trying to squeeze are pockets and charge us each time we use something that we own

  11. in order to pay for the road lets charge more for non food items and lets not do a per mile tax so instead of 200 dollars lets charge 30 extra dollars for appliances and stuff like that and that way we can help them make enviromently friendly choices when they by lets star items would be exempt the more power they use we would charge more for the appliances they buy the less power they use we would charge less money

  12. Then please explain how infrastructure, defense, fire protection, law enforcement, and everything else that is required for a nation to be sovereign and solvent is to be paid for. Please provide a detailed analysis with vetted verified links from independent source to back it up.

  13. The people own the government. Your libertarian position is a perfect recipe for a third world failed state. Move to Somalia if that is the way you want to live.

  14. Huh……? There are so many places to start with how you don’t have a clue about some of the things your talking about. Even if the average person had a river close by, and yes it would be free, but would you drink it? The EPA makes sure there are certain safeguards in place reguarding the water you drink or bath in. There are salaries to be paid to people who work for utilities. Roads are not free. Someones government built them, and they have to be maintained. Hence a gas tax. This generally fluctuates with the price of gas. You pay for gas so….., everyone who uses the roads pay their fair share. I could go on and on. Your arguments are nonsensical. We live in the 21st century.

  15. Guy, I watched that video in the recent past. There is no mistaking what Koch stands for, and it is not freedom.

    I think the Dems should show that video at their Democratic Convention for 2016 on television while everyone is watching.

  16. Bebe, the problem is..it ends up being US who has to serve the kockroaches, not the ones like Boehner and Walker, and Ryan who are monetarily benefiting from the jerks.

    WE ill end up serving the basards..as we will be servants.

  17. Fascinating.

    And not one word from the Re-Thug-acans about how they’re going to ‘pay for it’. That same concern they have whenever Obama wants to enact something.

    Rhetorical- they expect those who actually work for a living to pay for it.

  18. In the GOPT/Koch Utopia, all infrastructure, public services, i.e., firemen, police officers, etc., would be free! We, the slaves, would work for our crumbs to eat and they would be the masters. We would not receive any paycheck, we would merely be rationed food to survive in order to work for them.

  19. And not Just you!, Stephen! As a fellow user of the road, I don’t want to pay for your accidents or the torn road! You Nazis need to go home!

  20. And while I am at it, you don’t own the damn Internet! And don’t be trying to tax everything else so you can ride around free! Let the EPA regulate my water, you are free to drink out of the toilet is you wish! Remember, you share the roads with Communists socialists, Progrossives, And Democrts ! You don’t want to pay for it, Walk! Wait, we paid for the sidewalk!

  21. Instead of paychecks on payday, we should line up at
    the grocery store/bank teller’s window where Alex
    Trebek asks us a question. If we answer correctly, he
    rewards us with groceries. Get it wrong and it’s come
    back next payday and try again. This system will even-
    tually rid our country of the tea baggers because all ig-
    norant bastards would starve to death. Bring it on!

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