middle class tax cuts

SHOWDOWN ON TAX CUTS, UNEMPLOYMENT EXTENSIONS LOOMS IN CONGRESS


Local representatives weigh in with their views

 

By Miriam Raftery

December 6, 2010 (Washington D.C.) – Congress is under fire to take action before Bush-era tax cuts expire at year’s end. Republicans want to see all tax extended, but have opposed extending unemployment benefits, which also expire this month. Democrats wanted to extend tax cuts for the middle class but eliminate tax cuts for the wealthy in order to reduce the deficit, and also extend benefits for the unemployed.  But Democrats could not pass their plan due to opposition from Republicans, who contend the wealthy need tax cuts to create jobs.

 

Now, President Barack Obama is pushing a compromise measure that would include a mix of new tax cuts, including a payroll tax cut and individual tax breaks, while also restoring some estate tax revenues.