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Obama to GOP: Let's extend middle-class tax cuts

By (Breaking Legal News)

President Barack Obama is appealing to victorious Republicans to go along with his plan to extend tax cuts for the middle class, saying the election is over and it's time to down to business.

But it's not fair, he says, to make permanent the Bush-era cuts for the wealthiest because that would require the U.S. to borrow $700 billion more to pay for it.

"The campaign season is over," the president said Saturday in his weekly radio and online address. "And it's time to focus on our shared responsibilities and work together."

Obama's long-standing position has been that individuals with incomes less than $200,000 a year and couples making less than $250,000 should continue to enjoy the tax cuts enacted during George W. Bush's presidency but that those making more should return to the higher rates before Bush took office. The cuts, enacted in 2001 and 2003, are due to expire Dec. 31.

"We'd be digging ourselves into an even deeper fiscal hole and passing the burden onto our children," he said, referring to permanent extension of the tax cuts for wealthier Americans.

Republicans said this week they strongly favor renewing all the Bush tax cuts, given the struggling economy.

The White House said this past week after stinging midterm elections for Democrats that Obama is willing to consider a compromise for a one- or two-year extension of all the tax cuts, even for families earning more than $250,000 a year.

Full post as published by Breaking Legal News on November 09, 2010 (boomark / email).