Obama: No Bush Tax Cut Extension for Those Making $250,000 or More
The New York Times reports:
President Obama is changing the subject to tax fairness, calling for a one-year extension of the Bush-era tax cuts for people making less than $250,000.
Mr. Obama plans to make his announcement at the White House on Monday, senior administration officials said. The ceremony comes as Congress returns from its Independence Day recess, and as both parties and their presidential candidates head into the rest of the summer trying to seize the upper hand in a campaign that has been closely matched and stubbornly static.
The Romney campaign is already blasting Obama’s decision to only extend some of the tax cuts.
“President Obama’s response to even more bad economic news is a massive tax increase. It just proves again that the President doesn’t have a clue how to get America working again and help the middle class,” said Romney spokesperson Andrea Saul in a statement. “The President’s latest bad idea is to raise taxes on families, job creators, and small businesses. Almost half a million fewer Americans are working today than the day Barack Obama took office, and we’ve just come through the worst job creation quarter in two years. Unlike President Obama, Governor Romney understands that the last thing we need to do in this economy is raise taxes on anyone. He has a plan to permanently lower marginal rates, help middle-class Americans save and invest, and jumpstart economic growth and job creation.”