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Tax Cuts for Top Earners Depend on Democrats Blinking

Wealthier Americans stand to gain from an election-year fight over extending trillions of dollars in tax cuts enacted under former President George W. Bush.

While Democrats and Republicans alike want to keep the 2001 and 2003 tax reductions for families earning up to $250,000, President Barack Obama and congressional Democrats want to end the break for those who earn more. Republicans, contending a recovery from recession is no time to raise taxes, insist on continuing the Bush-era cuts for high-income people as well.