Just in from Washington

Obama Proposes Extending Tax Cuts for Some, Not All

Washington--President Obama today called for a one-year extension of Bush-era tax cuts for those who earn less than $250,000 per year. The tax cuts expire at the end of this year. Those who make more than $250,000 a year would see their taxes go up under the president’s proposal. The president repeatedly has set $250,000 as the income dividing line on the issue of tax cuts.

Most Republicans in Congress and Republican presidential candidate Mitt Romney support extension of the tax cuts for all income levels (as does AFBF).

Designed to appeal to middle-income voters and put Republicans in the position of voting against middle-income tax relief during an election year, the president’s proposal faces opposition in Congress. The House is expected to vote this month on extending the tax cuts for all income levels. Economic analysts have said that at least a temporary extension of the tax cuts is needed to keep the U.S. economy from slipping back into a recession.

New York Times article