September 15, 2010
Republicans and Democrats have kicked up so much rhetorical dust as they tussle over the economy, it's often hard to discern exactly they're fighting over. Such is the case with the soon-to-expire tax cuts enacted during President George W. Bush's first term. Some of the news coverage has implied that President Obama's plan would force some small businesses to pay half of their income in federal and state taxes. Meanwhile, the Democrats have made it sound as if ending the tax cuts for the wealthiest Americans is vital to closing the $1.3 trillion federal budget deficit.
December 17, 2010 |
President Obama on Friday signed the bill that extends the George W. Bush-era tax cuts, while Congress moved to wind up its lame-duck deliberations in a session marked by the changing nature of politics and power. Speaking at the signing ceremony, Obama again defended his compromise, worked out with Republicans. Minority Leader Mitch McConnell (R-Ky.) was prominent at the ceremony, as was Vice President Joe Biden, who bargained with the Republican leader "This is real money that is going to make a real difference in peoples' lives," Obama said.
July 11, 2012
The tax cuts signed into law by President George W. Bushare set to expire at the end of December, and the resulting increase in tax bills could be large enough to stall the already struggling economy. On Monday, President Obama called on Congress to renew the reductions for one year, but just for low- and middle-income Americans, not for individuals with taxable incomes above $200,000 or couples with incomes above $250,000. Given that there's virtually no chance of Congress acting on taxes before the November elections, Obama's announcement was a political gesture aimed at focusing the debate on the rates paid by the wealthy.
September 14, 2010 |
Republican leaders in Congress on Monday backed away from a possible compromise with the Obama administration over expiring George W. Bush-era tax cuts, committing both sides to an election-year battle with significant stakes for the economy. Senate Minority Leader Mitch McConnell (R-Ky.) and the party's conservative activists distanced themselves from comments by House Minority Leader John A. Boehner (R- Ohio) on Sunday that he may agree to let tax relief for wealthy Americans expire if that was politically necessary to save middle-class tax cuts.
June 5, 2012 |
Less than 24 hours after a very public show of Obama-Clinton unity , former President Clinton appeared to break from the White House strategy for dealing with the soon-to-expire Bush-era tax cuts. Speaking on CNBC on Tuesday, Clinton suggested that the tax cuts should be extended temporarily as the country struggles under the weak economy, which he described as a “recession.” “They will probably have to put everything off until early next year. That's probably the best thing to do right now,” Clinton said.
November 22, 2011 |
President Obama was in a holiday mood on Tuesday, urging members of Congress not to "be a Grinch" by refusing to continue tax cuts that mean $1,000 a year for the average family. The payroll tax cuts are set to expire at the end of the year, but Democrats plan to bring the president's proposal for another vote next week. "In the spirit of Thanksgiving, we are going to give them another chance," Obama told a crowd in Manchester, N.H. Lawmakers are heading home this week for the Thanksgiving break but Obama hit the campaign trail Tuesday, portraying the GOP refusal to extend the payroll tax cuts as the same as actively voting to raise taxes.