Obama Opposed to Permanent Top Tax-Rate Extension
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President Barack Obama’s top adviser said the administration hasn’t given into Republican demands for a permanent extension of Bush-era tax cuts for high-income Americans while leaving the door open to a temporary continuation.
“We believe that it is imperative to extend tax cuts for the middle class,” David Axelrod, a senior White House adviser, said in an e-mailed statement. “We don’t believe that we can afford to borrow another $700 billion in the next decade” to keep tax cuts for top earners.