Tags: Obama | Compromise | Tax | Cuts

Obama Set to Compromise on Tax Cuts for Rich

Thursday, 11 Nov 2010 10:01 AM

President Barack Obama is now willing to approve a temporary extension of the Bush-era tax cuts for the wealthy. Obama’s top political adviser David Axelrod signaled the shift in an interview with the Huffington Post, Politico reports.

obama, tax, cuts, compromiseUntil the GOP slaughtered Democrats in elections last week, Obama insisted that the cuts be continued only for those with an annual income of less than $200,000. But the election results made that position untenable.

The White House has to deal with “the world of what it takes to get this done,” Axelrod says. “We have to deal with the world as we find it.”

Republicans have insisted all along that the tax cuts be extended for all Americans. They are scheduled to expire for everyone if Congress doesn’t act before Jan. 1.

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