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President Obama Wants To End Bush Tax Cuts For The Wealthy This Year
Let’s be clear that this is the upper-income cuts.
Obama wants to extend the Bush tax cuts only for middle-class taxpayers, and end them for individuals making more than $200,000 a year and couples making more than $250,000 annually. He says the wealthy should contribute more to reduce the federal debt.
The president and congressional Republicans agreed in 2010 to a two-year extension of all the Bush tax rates, the deal that ends this year.