“President Barack Obama is launching a push to extend tax cuts for the middle class, as he seeks to shift the election-year economic debate away from the dismal jobs market and toward the issue of tax fairness.
Obama, in an address from the White House Monday, will call on Congress to pass a one-year extension of tax cuts for households making less than $250,000 a year, said senior campaign aide Robert Gibbs.
The president’s appeal to middle-class voters is aimed at drawing a contrast with Republican rival Mitt Romney and congressional Republicans. The House GOP is expected to make its own push this month for an extension of all the Bush-era tax cuts due to expire at the end of the year, including reductions on wealthier income earners. Obama opposes extending the tax cuts for higher income earners….
The Bush-era tax cuts are due to expire at the end of the year unless Congress votes to extend them. Economists worry that across-the-board tax increases, along with automatic spending cuts also scheduled to take hold at year’s end, could be a blow to the shaky U.S. economy.” - Julie Pace