Obama should extend the Bush tax cuts to everyone – and, hey, he wants to(Read article summary)
President Obama's proposal does extend the tax cuts to everyone, despite reports to the contrary. The first $250,000 of everyone's income would be protected.
Charles Dharapak / AP
The President should propose that the Bush tax cuts be extended for EVERYONE — but only on their first $250,000 of income.
Hey, wait a minute. That’s exactly what he is proposing. EVERYONE gets a continuation of the Bush tax cuts on the first $250,000 of their incomes. If your income is $251,000, you’ll get the Bush tax cut on $250,000 of it. Only $1,000 would be taxed at the higher Clinton rate.
Call it another White House and Democratic communications failure.
The Christian Science Monitor has assembled a diverse group of the best economy-related bloggers out there. Our guest bloggers are not employed or directed by the Monitor and the views expressed are the bloggers' own, as is responsibility for the content of their blogs. To contact us about a blogger, click here. This post originally ran on www.robertreich.org.