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.
THE WEEK'S AUDIOPHILE PODCASTS: LISTEN SMARTER
- China's leader is telling the People's Liberation Army to prepare for war
- How to save money: 12 great personal finance tips
- How I lost all my money
- The religious right isn't retreating — it's reforming
- Why Pakistan won't hunt down the terrorists within its borders
- How academia's liberal bias is killing social science
- How to be the most productive person in your office — and still get home by 5:30 p.m.
- Diagnosing the Home Alone burglars' injuries: A professional weighs in
- 10 things you need to know today: December 22, 2014
- A brief history of the Christmas present
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