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"Under his plan, Americans who make more than $250,000 a year — the top 2 percent of taxpayers — would see their tax rates go back up next year to the levels from the Clinton years, while those making less than $250,000 — the remaining 98 percent — would have their tax cuts extended through 2013."
'In calling for cooperation from Congress, Mr.
Obama said that the point is to "agree to do what we
agree on": extend the middle-class tax cuts. As a
matter of fairness and responsible policy making, he
said, the majority of Americans, and the broader
economy, should not be held hostage again to
another debate over the merits of tax cuts for the
wealthy.
'Unfortunately, it is not a message Congressional
Republicans want to hear, committed as they are to
preserving tax cuts for the rich at all costs. It is not
even what some Democratic leaders want to hear,
including Nancy Pelosi, the House minority leader
and Senator Charles Schumer of New York, both of
whom voiced support on Monday for Mr. Obama's
approach but have advocated in the past for
extending the tax cuts for households that e'arn up
to $1 million a year, a level that would please
wealthy campaign donors.
'... Million-dollar earners don't need a break.
Extending the tax cuts to those earning $1 million a
year would cost the government $366 billion in lost
revenue over 10 years, compared with extending the
tax cuts only to those making less than $250,000 a
year. That amount would have to be made up by
cutting federal spending in critical areas like
Medicare, Medicaid, education and food safety.'
Editorial
New York Times
July 10, 2012
http://tinyurl.com/88zqm78
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