Why Obama wants to keep Bush tax cuts for another year
President Obama will call for a one-year extension of Bush-era tax cuts for families earning less than $250,000 a year. Will House Republicans support this extension?
(AP Photo/Carolyn Kaster, File)
President Barack Obama will call on Monday for a one-year extension of Bush-era tax cuts for families earning less than $250,000 a year, according to a White House official, seeking to spare the economy the impact of taxes going up on Jan. 1.
Obama, a Democrat, will make the request in a 11:50 a.m. EST statement at the White House.
Republicans in Congress are unlikely to be swayed, as they have consistently argued that the Bush tax cuts should be extended for everyone, including higher earners.