Dec 08 2010
Obama Cuts Deal with Republicans On Tax Cuts
After pledging to let the Bush tax cuts expire for wealthy Americans, President Obama this week cut a deal with Republicans to extend tax cuts for all income levels in exchange for extending unemployment benefits. But the President is facing opposition from his own party. House Majority leader Nancy Pelosi has continued her opposition saying that extending tax cuts for the rich will worsen the economy and increase the deficit. The New York Times is reporting that most Democrats are relying on the White House to sell the deal to Congress on its own and that Republicans would be expected to deliver most of the votes needed to pass the package. Part of the proposal includes an estate tax that is lower than what it was in 2009 with a $5 million exemption at the rate of 35%. For example, under this plan, a married couple with $10 million in assets would pay no Federal estate taxes. There is currently no estate tax for this year. According to the Times, the only group whose taxes would increase are individuals making less than $20,000 and families making less than $40,000. In its bid to sell the deal the White House is touting the tax cut extension as a creator of over 2 million jobs.
GUEST: Michael Linden, Center for American Progress
Find out more at www.americanprogress.org.
6 Responses to “Obama Cuts Deal with Republicans On Tax Cuts”
Free lunch for everyone, check your wallet if your on Social Security, Medicare or Veterans benefits early next year you wont get your checks or they will be 40% smaller. The rich will get their reduced taxes and the elected members of Congress from the(TEA PARTY)is going to vote against the debit ceiling being increased. Obama the jellyfish will swing in the wind!
[…] Obama Cuts Deal with Republicans On Tax Cuts – uprisingradio.org […]
[…] all 576 blogs. Source from : Top Stories – Google Blog Search stLight.options({ publisher:’wp.e82a159a-cc89-4934-a06f-e4aa4fa0ffda’ }); […]
I’m not saying anything I think this article tells u that nothing much in our world has changed, hasit
[…] Obama Cuts Deal with Republicans On Tax Cuts – uprisingradio.org […]
I am as disappointed by this compromise as anyone. But the House Democrats have to recognize that an extension of unemployment insurance is vital at this point. Because of the Senate’s rules, Republicans will always have the ability to hold America hostage in pursuit of benefits for the wealthy. If you don’t like it, take it up with the fools who voted them into office.