Democrats and Republicans have retreated to their partisan views on taxes, after a meeting between White House officials and congressmen of both parties ended in acrimony Wednesday. Experts
agree the upshot is that Democrats will ultimately give in to Republican demands to continue all the Bush-era tax cuts temporarily, Politico reports.
President Barack Obama has urged Congress to agree on a plan before the tax cuts expire on Dec. 31. Republicans want the cuts to be continued for everyone. But Democrats seek to exclude the wealthy, with some seeking to put the threshold at annual family income of $250,000.
“It is really just a question of when it [a temporary continuation for everyone] is going to happen,” says Sen. John Cornyn, R-Texas. “Is it going to happen next week? Is it going to happen Christmas Eve? Is it going to happen in January? To me, it is pretty much a foregone conclusion.”
© 2015 Newsmax. All rights reserved.