(CBS) – This could be the pivotal week in talks to resolve the tricky issue of tax cuts.
We have learned from key local lawmakers that talks are underway between the Obama White House and Republican leaders about extending Bush tax cuts to the middle class permanently and to wealthier taxpayers for another two years.
The Democratic leadership is publicly insisting that they will not go for an extension to higher wage earners but time is running out for Democrats in this session as the House goes Republican and their Senate majority is cut come next year.
The White House has been hinting it wants a deal with the Republicans but the real bottom
line to any deal is how the deficit would be cut. With that there’s only one way left, slashing spending dramatically.
Reported by: Larry Kane, KYW Newsradio
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1 Comment
do not know why there is any debate over extending tax cuts. the tax cuts put us into rising deficits. now that it is time to increase revenue, we should be looking at ways to achieve results without damaging a fragile economy. the fairest way to do this would be to collect from those with the greatest ability to pay. continuing lower taxes on those earning more than $500,000.00 does not make sense.
November 30, 2010 at 4:39 pm