Tax Cuts May Be First Conflict of New Congress

Monday, 01 Nov 2010 11:26 AM

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
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.



© 2014 Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
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:
Retype 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

Joan Rivers 'Resting Comfortably' in Stable but Critical Condition

Friday, 29 Aug 2014 07:38 AM

Joan Rivers is "resting comfortably" at a New York hospital after the comedy legend stopped breathing during a routine m . . .

Jet Fuel Crunch Strikes New York Airports Before Holiday

Friday, 29 Aug 2014 06:51 AM

The lowest seasonal supply of jet fuel on record is pushing prices higher and leading to voluntary restrictions in the N . . .

Shelly Sterling: 'I Just Did What I Had To Do'

Friday, 29 Aug 2014 06:44 AM

When Shelly Sterling was approached by former Microsoft CEO Steve Ballmer about buying the Los Angeles Clippers, the wif . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

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