Bush tax cuts get all the attention as US lawmakers reconvene - CSMonitor.com - 0 views
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But for now, the top issue is whether to permanently extend the 2001 and 2003 Bush tax cuts, set to expire on Dec. 31. In fact, the two parties are not far apart. Both Republicans and Democrats back extending tax cuts for some 97 percent of taxpayers. The catch is the last 3 percent, representing individuals earning more than $200,000 a year and families earning more than $250,000.
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But for now, the top issue is whether to permanently extend the 2001 and 2003 Bush tax cuts, set to expire on Dec. 31. In fact, the two parties are not far apart. Both Republicans and Democrats back extending tax cuts for some 97 percent of taxpayers. The catch is the last 3 percent, representing individuals earning more than $200,000 a year and families earning more than $250,000.The cost of extending tax cuts to this top income group would be $700 billion over the next 10 years.
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House Republican leader John Boehner said on Sunday that he is open, if necessary, to renewing the Bush tax cuts for the 97 percent, even if it means not extending those cuts to the top 3 percent. But so far, no GOP leader has joined him.
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