Jul 12, 2012
The Bush Cut Battle Is About to Get Hot!
On July 9th, President Barack Obama is argued that the expiration of middle-class tax cuts would be a "big blow" to working families and serve as a "drag on the economy."
Obama said at the White House that he wants Congress to extend tax cuts for middle class families earning under $250,000 for one year, saying that it would provide certainty to the economy.
He said that his Republican rival, Mitt Romney, "will fight to keep them in place. I will fight to end them."
Obama's appeal to middle-class voters aims to draw a contrast with Romney and congressional Republicans. The House is expected to push for an extension of all the Bush-era tax cuts due to expire at the end of the year, including the cuts for wealthier Americans.
I hope the IRS is ready for all of these posible changes. I hope that we are all ready for the changes. By the way in New York City, a household making $250,000 is not wealthy. That amount can be two public school principals living together!
Posted by Jamaal Solomon, EA