Tags: Tax | Cuts | Wealthy | bush

Tax Cuts for Wealthy May Stay in Place for Now

Friday, 10 Sep 2010 12:12 PM

By Dan Weil

With Democrats in Congress afraid to raise any taxes before the midterm elections in November, the Bush tax cuts may well remain in place for everyone, including those with income of more than $200,000 a year, Politico reports. Democrats might wait until after the election to deal with the big tax decisions. President Obama has called for extending the tax cuts only for individuals whose income totals less than $200,000.

But he hasn’t gone as far as threatening to veto a compromise bill that would continue the tax cuts for everyone temporarily.

Peter Orszag, budget director, Obama, tax cutsHis former budget director, Peter Orszag, presented a compromise proposal this week to give a temporary extension of the tax cuts for high-income earners. Top Republicans have indicated they would support such a measure.

Writing in The New York Times, Orszag suggested: “Ideally, only the middle-class tax cuts would be continued for now. Getting a deal in Congress, though, may require keeping the high-income tax cuts, too. And that would still be worth it.”

© 2015 Newsmax. All rights reserved.

Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
Zip Code:
Privacy: We never share your email.
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Mali's Islamists Withdraw Cease-Fire Pledge

Friday, 04 Jan 2013 13:06 PM

Tens of thousands of Fatah supporters rallied in the Hamas stronghold of Gaza on Friday for the first time since they we . . .

Fmr. CIA Director Hayden: Iran Nuclear Crisis Gets 'Scarier'

Tuesday, 17 Jul 2012 18:11 PM

 . . .

Join Fmr. CIA Director for Special Iran Briefing, Assess the Danger

Friday, 13 Jul 2012 12:27 PM

 . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

America's News Page
©  Newsmax Media, Inc.
All Rights Reserved