President Obama asks for extension on Bush-era tax cuts
Opponents say tax cuts should be extended for everyone - including the rich
While there were at opposite ends ideologically, U.S. President Barack
Obama will ask for an extension for tax cuts that were first initiated
by former president George W. Bush. The tax cut will affect families
earning less than $250,000 a year. The president's opponents say they
aren't impressed, saying it's a ploy by Obama to win support from the
middle class, and the tax cuts should be enjoyed by everyone, including
The president stood in front of a riser filled with U.S. citizens who Obama said would be affected if their tax cuts were not extended.
Republicans insist that allowing taxes to rise for wealthier Americans would hurt small business owners who are helping to create jobs in a tough economy. Obama countered this claim by saying that 97 percent of all U.S. small business owners would fall under the $250,000-a-year income threshold.
"This isn't about taxing job creators, this is about helping job creators," Obama said.
The Democratic incumbent's will achieve several political goals. The action renders the current campaign conversation from last week's weak jobs report and Obama's handling of the economy to "tax fairness" and inequality in America.
It also enhances Obama's message of being the candidate who backs the middle class while Republicans, suggesting that presumptive presidential nominee Mitt Romney favors chiefly the wealthy.
The tax cuts enacted by Republican President George W. Bush will expire with the New Year without congressional action, part of a so-called fiscal cliff that could hit the U.S. economy alongside deep automatic spending cuts.
Romney has suggested that Congress wait until January -- when he hopes to take office.
His campaign said on Monday Obama's move would amount to a "massive tax increase" on families, job creators and small businesses.
"It just proves again that the president doesn't have a clue how to get America working again and help the middle class," Romney spokeswoman Andrea Saul said.
Obama's move may potentially alienate his democratic allies, who are divided about how to address the issue.
House of Representatives Democratic leader Nancy Pelosi has suggested that the income threshold for extending tax cuts be set at $1 million a year rather than the $250,000 limit Obama wants.
© 2012, Catholic Online. Distributed by NEWS CONSORTIUM.
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Pope Benedict XVI's Prayer Intentions for January 2013
General Intention: The Faith of Christians. That in this Year of Faith Christians may deepen their knowledge of the mystery of Christ and witness joyfully to the gift of faith in him.
Missionary Intention: Middle Eastern Christians. That the Christian communities of the Middle East, often discriminated against, may receive from the Holy Spirit the strength of fidelity and perseverance.
Keywords: President Obama, tax cuts, George W. Bush, extension
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