Source Pravda.Ru

Obama runs into Democrats' resistance about income tax cuts

42616.jpegPresident Barack Obama ran into objections from congressional Democrats on Monday to an emerging year-end agreement with Republicans that extends income tax cuts to the wealthy as well as the middle class and grants additional relief to large estates.

Other elements of the possible agreement included a cut in workers' Social Security taxes and an extension of unemployment benefits for the long-term jobless, according to BusinessWeek.

Obama said he did not like some elements of the framework, but he had agreed to it to avoid having taxes increase for middle-class Americans at the end of the year. He said that in return for agreeing to Republican demands that income tax rates not go up on upper-income brackets, he had secured substantial assistance to lower- and middle-income workers as well as the unemployed.

"It's not perfect, but this compromise is an essential step on the road to recovery," Obama said. "It will stop middle-class taxes from going up. It will spur our private sector to create millions of new jobs and add momentum that our economy badly needs," Kansas City Star reports.

 

Comments
Russia sees Israel as enemy after Il-20 shootdown
Russia sees Israel as enemy after Il-20 shootdown
On the verge of war: NATO tries to take over former Soviet states
On the verge of war: NATO tries to take over former Soviet states
53 million Russians may lose their jobs within a few years
53 million Russians may lose their jobs within a few years
53 million Russians may lose their jobs within a few years
Russia blames Israel for Syria's move to shoot down Il-20 military aircraft above Mediterranean
Russia to abandon the US dollar at common people's expense
Russia blames Israel for Syria's move to shoot down Il-20 military aircraft above Mediterranean
Pussy Riot man Verzilov poisoned in Moscow
53 million Russians may lose their jobs within a few years
MiG-31 supersonic fighter jet crashes in Central Russia, pilots eject
Russia blames Israel for Syria's move to shoot down Il-20 military aircraft above Mediterranean
Kremlin reacts to Russian model poisoning in Salisbury
How Russia can respond to Israel following Ilyushin Il20 shootdown
How Russia can respond to Israel following Ilyushin Il20 shootdown
How Russia can respond to Israel following Ilyushin Il20 shootdown
Russia blames Israel for Syria's move to shoot down Il-20 military aircraft above Mediterranean
How Russia can respond to Israel following Ilyushin Il20 shootdown
How Russia can respond to Israel following Ilyushin Il20 shootdown