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White House Considering New Tax Cut Plan, Washington Post Says

The Obama administration is considering a plan that would preserve tax breaks for both the wealthy and the middle class as it faces likely Democratic losses in the Nov. 2 midterm elections, the Washington Post reported.

Administration officials are discussing “decoupling” the Bush-era tax cuts to allow permanent extension for families making less than $250,000 a year and temporary extension of cuts for those making more, the newspaper said, citing people familiar with talks at the White House and among senior congressional Democrats. The Republicans would then be under pressure to defend extending the cuts for the wealthy as they expired in a year or two.