Obama pushes for extension of middle class tax cuts but not to rich

TALK RADIO NEWS SERVICE

WASHINGTON - President Obama is calling for Congress to extend the Bush era tax cuts solely for Americans making under $250,000 for another year.

With congressional Republicans adamantly insisting that the cuts should apply to all, including the very wealthy, the election-year announcement is being interpreted as a way to appeal to the middle class by drawing a clear contrast between the president and the Republican party, particularly Mitt Romney.

The president laid out his request during noontime remarks in the White House’s East Room.

“We don’t need more top down economics,” the president said, claiming that the current economic woes are the result of Bush administration policies of giving tax cuts to the wealthy.

“I might feel differently if we were still in surplus,” he said.

“The money that we are spending on tax cuts for the wealthy,” cost the nation “trillions of dollars over the next decade.”

“We can’t afford to keep that up,” Obama said.

The American people, the president said, agree, according to the polls.

The proposal would return the tax rate for those making over $250,000 to that during the Clinton administration when the nation enjoyed a surplus.

The decision to push for an extension solely for middle class Americans mirrors the White House’s stance in 2010?s stand-off over the future of the Bush cuts. While Democrats initially refused to extend the cuts for wealthier Americans, Republicans ultimately held out until an agreement to provide the cuts but along with a break in payroll taxes was reached.

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Posted by Gary on Jul 9 2012. Filed under Breaking News, Economy/Business/Labor, Politics, Top stories, US. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.