DHAAK: President Barack Obama has called for a one-year extension of tax cuts for families earning less than $250,000 a year, seeking to put Republicans on the defensive ahead of the November presidential election.
Obama’s proposal, which attempts to reinforce his campaign mantra of being a middle-class champion, is unlikely to sway his opponents in Congress, who have argued consistently that the tax cuts passed by Obama’s Republican predecessor should stay in place for everyone, including wealthy Americans.
White House spokesman Jay Carney told reporters after Obama’s remarks that the president would veto any bill that extended the tax cuts across the board, reports Al Jazeera.
‘Let’s not hold the vast majority of Americans and our entire economy hostage while we debate the merits of another tax cut for the wealthy,’ Obama said at the White House, standing in front of a riser filled with people who he said would be hurt if their tax cuts were not extended.
Republicans charge that allowing taxes to rise for higher-earning Americans would hurt small business owners who are helping to create jobs in a tough economy, but Obama argued that 97 per cent of all small business owners would fall under the $250,000-a-year income threshold.
BDST: 1529 HRS, JUL 10, 2012
Edited by Robab Rosan, Cultural Affairs Editor
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