At the White House this afternoon, President Obama called on Congress to extend Bush-era tax cuts for one year, but only for Americans who make less than $250,000. House Republicans want a permanent extension for all taxpayers, including the wealthiest people in the U.S. Obama argued that ending tax cuts for the richest Americans would help reduce the federal deficit, and generate funds to pay for improvements in education and infrastructure. Without congressional action, all the Bush-era tax cuts will expire at year's end — which could, Obama noted, stick middle-class Americans with a $2,200 tax hike unless the lower rates are extended, as he advocates. House Republicans plan to vote later this week on a permanent extension; the Democratic-run Senate is not expected to follow suit.
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