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.”
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.