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Chen Lin

Bush tax cuts get all the attention as US lawmakers reconvene - CSMonitor.com - 0 views

  • 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.
  • 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.
  • 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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  • Moreover, five senators who caucus with Democrats have already announced that they oppose a bill that does not reduce taxes for all income levels. The five are Sen. Joseph Lieberman (I) of Connecticut and Democratic Sens. Evan Bayh of Indiana, Kent Conrad of North Dakota, Ben Nelson of Nebraska, and Jim Webb of Virginia.
Chen Lin

Republicans decline to compromise on tax cuts - latimes.com - 0 views

  • President Obama is pushing for a permanent middle-class tax cut, but only if Bush-era cuts for top earners are eliminated. Republicans, in turn, want permanent tax relief for all income levels. The divide is rapidly becoming the marquee issue of the midterm election.
  • Given the lackluster recovery — with crucial housing and job markets still ailing — an expiration of tax cuts worth about $300 billion a year would be a huge hit to the economy, equivalent to 2% of the nation's total output. The potential economic fallout is far less clear if tax rates rose only for high earners.
  • The chances are small that Congress might address the issue before the November election. But there are ample opportunities for both parties to use their economic messages during the campaign.
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  • But Democrats have a card to play as well. Should Congress fail to act, the reductions will expire for everyone, opening Republicans up to charges that they killed a tax cut because it didn't benefit the wealthiest Americans.
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