President Obama has announced that he wants Congress to extend the Bush tax-cuts for middle-class Americans. In a speech given from the White House the president urged Congressional leaders to extend the tax cuts by one year for households making less than 250,000 dollars per year.
In his speech the president said, “We should not raise taxes on the middle class and small businesses at a time when the recovery is still fragile. That’s why I’m calling on Congress to extend the tax cuts for the 98 percent of Americans who make less than $250,000 for another year.”
If congress doesn’t extend the tax cuts then millions of American families risk seeing their taxes increased by $2,200 in 2013.
Obama’s address came shortly after the monthly job’s report was released and showed how the economic climate in America continues to look dismal.
Political analysts say that the economy will be the top priority amongst the electorate this year and the Republicans are on the attack behind the job’s report.
The president’s proposal would extend tax cuts for 97% of small businesses in America. Obama said, “This is about helping job creators.”
The Bush tax cuts are due to expire at the end of the year for all income levels unless Congress makes a decision about the extension. Economists worry that if Congress deosn’t act this expiration of the tax cuts could make an already shaky economy worse.
Republican presidential hopeful, Mitt Romney’s campaign said the president’s plan in an “massive increase” and that the president doesn’t have a clue on how to get America working again.