Tags: Tax | Cuts | Conflict | New-Congress

Tax Cuts May Be First Conflict of New Congress

Monday, 01 Nov 2010 11:26 AM

The Bush-era tax cuts may provide the first issue of dispute between Republicans and Democrats in the new Congress. Many experts say the lame-duck session of Congress is unlikely to deal with the tax issue,
The Hill reports.

tax, cuts, new, congress, issue"I don't think they're going to do them in the lame duck," says John Cannally, an economist for LPL Financial.

President Barack Obama wants the cuts, implemented in 2001 and 2003, continued only for those with an annual income of less than $200,000. Republicans want them extended for everyone.

Assuming a Republican-controlled House and a more evenly divided Senate, experts predict either all of the tax reductions will be extended for at least a year, or nothing will happen, which would mean a tax increase for everyone.



© 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
 
Email:
Country
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

FBI Probes Powdery Substance Mailed to Franklin Graham Charity

Friday, 30 Jan 2015 22:56 PM

The FBI Friday said it was investigating a letter containing a white powdery substance that was mailed to the headquarte . . .

Report: FBI Had Secret Cold War Plan for Martial Law

Friday, 30 Jan 2015 22:45 PM

The FBI reportedly came up with a top-secret, though short-lived, plan for preserving national security in case of a nuc . . .

Americans Love Lower Gas Prices, but They're Pocketing Savings

Friday, 30 Jan 2015 22:26 PM

Americans are saving about $60 a month from lower gas prices - but they're not spending much of it. The Wall Street Jour . . .

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.

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