Obama Calls for Extending Middle-Income Tax Rates
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President Barack Obama urged Congress to pass a one-year extension of Bush-era tax cuts for families making less than $250,000 a year while letting rates rise for higher earners, sharpening differences with congressional Republicans and their presidential candidate, Mitt Romney.
The country is being held back by the partisan deadlock in Washington, and “nowhere is that stalemate more pronounced than on the issue of taxes,” Obama said in remarks today at the White House. “It’s time to let the tax cuts for the wealthiest Americans -- folks like myself -- to expire.”