Monday, July 9, 2012
The White House says if Congress sends him a bill to extend tax cuts for everyone -- even households making more than $250,000 a year -- President Barack Obama wouldn't sign it.
Obama today urged lawmakers to extend the cuts for those making less than that amount, instead of holding them "hostage," as he put it, to the continuing debate over extending tax cuts for wealthier Americans. As he spoke at the White House, he was flanked by a dozen people the White House said would benefit from the extension of the cut for middle-class Americans.
Republicans are rejecting his call for a partial extension. Senate GOP leader Mitch McConnell says, "No one should see an income tax hike next year."
Mitt Romney also supports extending the cuts for all income earners. A spokeswoman for Romney's campaign says Obama's plan to let the cuts expire for the highest earners amounts to a "massive tax increase."
Democrats see the tax debate as part of a larger coordinated attack on Romney -- including calls for him to explain offshore bank accounts and release several years of tax returns.
Romney's people say the Democratic attacks on Romney's wealth are an "unfounded character assault."
Monday, July 9, 2012
President Barack Obama is arguing that the expiration of middle-class tax cuts would be a "big blow" to working families and serve as a "drag on the economy."
Obama said at the White House he wants Congress to extend tax cuts for middle class families earning under $250,000 for one year, saying that it would provide certainty to the economy.
Obama said the November election could determine the fate of tax cuts for higher-earning Americans. He says his Republican rival, Mitt Romney, "will fight to keep them in place. I will fight to end them."
Obama's appeal to middle-class voters aims to draw a contrast with Romney and congressional Republicans. The House is expected to push for an extension of all the Bush-era tax cuts due to expire at the end of the year, including the cuts for wealthier Americans.