t 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
- Who are the real gay marriage bigots?
- What would a U.S.-Russia war look like?
- Sorry Belle Knox, porn still oppresses women
- Watch The Daily Show mock Fox News' confused man-crush on Vladimir Putin
- Religious liberty should be a liberal value, too
- 7 ways to be the most interesting person in any room
- What the collapse of the Ming Dynasty can tell us about American decline
- Colorado’s new ‘drive high, get a DUI’ commercials are actually pretty clever
- Why is American internet so slow?
- Why states should stop limiting the alcohol content in your beer
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