Axelrod Says Obama Insists on Middle-Class Tax Cuts

Publication: Bloomberg

Author: Roger Runningen and Julianna Goldman


09/08/2010 - President Barack Obama wants Congress to extend middle-income tax cuts and would reject Republican efforts to extend tax breaks for the wealthiest Americans, said David Axelrod, a White House senior adviser.

“Our position is clear: We believe that we should get a clean bill that extends the middle-class tax cuts, and that’s it,” Axelrod said in an interview on Bloomberg Television. “I don’t think the president will support anything that doesn’t do that.”

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Obama’s plan to extend the tax cuts only for individuals making less than $200,000 annually and families earning less than $250,000 -- about 98 percent of all taxpayers -- would cost the federal treasury $2.2 trillion in forgone revenue over the next decade, according to an analysis of government data released Sept. 2 by the Pew Economic Group. Extending all the tax rates would cost about $3.3 trillion, according to Pew.

Read the article Axelrod Says Obama Insists on Middle-Class Tax Cuts in its entirety on the Bloomberg Web site.

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