President Obama want to keep tax cuts for people who earn less than $250,000 per year. He wants to get rid of the cuts for people making over that. And, for the most part, Americans are happy about that!The President's economic experts talked the idea up throughout the day today on the top news programs. The idea appears to be so popular that even some top Republicans are saying they may vote in support of it.
According to Obama's plan, at the end of the year the wealthiest Americans would see their tax rates increased to where they were before the Bush tax cuts were implemented in 2001 and then again in 2003.
Most economists and political experts agree that some form of tax increase is needed in order to raise revenue and begin balancing the national budget, which at this point it wildly out of control. Some even say that out huge national debt has become a major threat to the United States.
Taxing the rich and leaving the poor and middle class alone is obviously going to be a very popular way of digging ourselves out of this economic hole we're in!
Learn some mo': Obama's plan to extend some tax cuts may be gaining traction
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