Obama has announced a batch of new ideas to jump start the economy.
http://www.msnbc.msn.com/id/38997222
and like I said, the tax we are discussing will only affect those earning over $250,000, not the middle class.
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INDIVIDUAL TAXES
Tax cuts for all individuals expire at year-end unless Congress takes action to extend them. Obama has stood firm on his pledge to extend the lower tax rates for what he calls the middle class -- individuals making less than $200,000 and couples earning $250,000 and under.
Obama and fellow Democrats say the wealthy are unlikely to spend the extra funds while Republicans say such individuals fuel consumption spending, investment and hiring.
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Some Democrats, however, are pushing for an extension of all Bush-era tax cuts at least for another year while the economy is still on the mend.
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