( 4UMF NEWS ) Obama Calls For Tax Cut Extension:
President Barack Obama on Monday gave another push to Congress to extend the Bush-era tax cuts only for people making less than $250,000 a year, an idea that top Republicans immediately shot down.
“Pass a bill extending the tax cuts for the middle class, I will sign it tomorrow,” Obama said during remarks at the White House. “Pass it next week, I’ll sign it next week.”
Flanked by about a dozen Americans who would benefit from the middle-class tax cut extension, Obama said the tax cuts for those making more than $250,000 are “a major contributor to our deficit,” costing $1 trillion over the next decade. They are also the least likely to create economic growth, he said.
“We can’t afford to keep that up, not right now,” Obama said. “I just believe that anybody making over $250,000 should go back to the income tax rates we were paying under Bill Clinton.”
All of the Bush tax cuts are set to expire at the end of the year in the absence of congressional action.
