"In December, I agreed to extend the tax cuts for the wealthiest Americans because it was the only way I could prevent a tax hike on middle-class Americans. But we cannot afford $1 trillion worth of tax cuts for every millionaire and billionaire in our society. We can't afford it. And I refuse to renew them again"
About this Quote
Then comes the pivot from tactical to ethical. The repeated “we cannot afford” is less about bookkeeping than legitimacy. In a country still reeling from recession-era inequality, “$1 trillion” isn’t just a number; it’s a symbol meant to re-scale the argument from abstract tax policy to an outrage you can visualize. “Every millionaire and billionaire” is deliberately expansive, a rhetorical net that catches not just the ultra-rich but the whole idea of upward protection as default governance.
The subtext is coalition management. He’s courting middle-class voters with the assurance that their taxes are the priority while rebranding the fight as one between shared sacrifice and gilded exemption. It’s also a warning shot to Republicans: if you want to hold the middle class hostage to protect the wealthy, he’s ready to say so plainly.
Context matters: post-2008 recovery, ballooning deficits, and the politics of austerity. Obama is trying to own the terrain where Democrats are often caricatured as spenders and Republicans as savers. He flips it: the indulgence is on top, and he “refuse[s]” to keep paying for it. The hard edge of that final sentence is the point; it’s a deadline, and a dare.
Quote Details
| Topic | Wealth |
|---|---|
| Source | Help us find the source |
| Cite |
Citation Formats
APA Style (7th ed.)
Obama, Barack. (2026, January 17). In December, I agreed to extend the tax cuts for the wealthiest Americans because it was the only way I could prevent a tax hike on middle-class Americans. But we cannot afford $1 trillion worth of tax cuts for every millionaire and billionaire in our society. We can't afford it. And I refuse to renew them again. FixQuotes. https://fixquotes.com/quotes/in-december-i-agreed-to-extend-the-tax-cuts-for-33121/
Chicago Style
Obama, Barack. "In December, I agreed to extend the tax cuts for the wealthiest Americans because it was the only way I could prevent a tax hike on middle-class Americans. But we cannot afford $1 trillion worth of tax cuts for every millionaire and billionaire in our society. We can't afford it. And I refuse to renew them again." FixQuotes. January 17, 2026. https://fixquotes.com/quotes/in-december-i-agreed-to-extend-the-tax-cuts-for-33121/.
MLA Style (9th ed.)
"In December, I agreed to extend the tax cuts for the wealthiest Americans because it was the only way I could prevent a tax hike on middle-class Americans. But we cannot afford $1 trillion worth of tax cuts for every millionaire and billionaire in our society. We can't afford it. And I refuse to renew them again." FixQuotes, 17 Jan. 2026, https://fixquotes.com/quotes/in-december-i-agreed-to-extend-the-tax-cuts-for-33121/. Accessed 11 Feb. 2026.




