Obama Agrees to Extend Bush Tax Cuts for 2 Years
President Barack Obama said he’ll agree to a two-year extension of all Bush-era tax cuts in exchange for extending federal unemployment insurance. The plan also would cut the payroll tax by 2 percentage points.
Obama said he would accept a lower rate for the estate tax than Democrats wanted in order to break the stalemate.
Without the compromise, middle-income families would become “collateral damage for political warfare here in Washington,” Obama said. He said he still believes the nation can’t afford to permanently extend the top tax rates.
To contact the reporter on this story: Mike Dorning in Washington at mdorning@bloomberg.net
To contact the editor responsible for this story: Joe Sobczyk at jsobczyk@bloomberg.net
U.S. President Barack Obama
Leslie E. Kossoff/Pool via Bloomberg
U.S. President Barack Obama.
U.S. President Barack Obama. Photographer: Leslie E. Kossoff/Pool via Bloomberg
Dec. 6 (Bloomberg) -- Richard Sichel, who oversees $1.5 billion as chief investment officer at Philadelphia Trust Co., and Steve Quirk of TD Ameritrade discuss the outlook for an extension of Bush-era tax cuts, the U.S. stock market and Federal Reserve monetary policy. They speak with Carol Massar, Matt Miller and Julie Hyman on Bloomberg Television's "Street Smart." (Source: Bloomberg)
Dec. 6 (Bloomberg) -- Former U.S. Treasury Secretary Paul O'Neill speaks with Bloomberg's Margaret Brennan on Dec. 3 about working with former President George W. Bush on tax policies and the decision to invade Iraq. O'Neill disputes the claim made in Bush's book "Decision Points" that he never openly disagreed with planned tax cuts. (Source: Bloomberg)
Dec. 6 (Bloomberg) -- Andrew Laperriere, head of policy research at ISI Group, discusses the outlook for a compromise in Congress to extend Bush-era tax cuts. Laperriere, who speaks with Margaret Brennan on Bloomberg Television’s “InBusiness,” also talks about the European sovereign debt crisis. (Source: Bloomberg)
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