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Obama seeks extension of some Bush-era tax cuts
 
Obama wants to let the Bush tax cuts expire for the wealthiest Americans, and reduce health care waste, to help cut the projected deficit by $4 trillion over the next 12 years.
Obama wants to let the Bush tax cuts expire for the wealthiest Americans, and reduce health care waste, to help cut the projected deficit by $4 trillion over the next 12 years.
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In an address from the Rose Garden on Monday, President Obama will call for a one-year extension of the Bush-era tax cuts for those making less than $250,000 a year, according to senior administration officials. House Republicans are set to vote later this month to permanently extend all of the Bush-era tax cuts, not just those for the middle class. Obama is seeking to emphasize the contrast between himself and Mitt Romney; last week, he said his challenger for the presidency would "give $5 trillion of new tax cuts on top of the Bush tax cuts, most of them going to the wealthiest Americans." The proposal also puts Obama in conflict with fellow Democrats; Rep. Nancy Pelosi (D-Calif.) and Sen. Charles E. Schumer (D-N.Y.) are in favor of extending the tax cuts for those earning up to $1 million.

 

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