Obama to seek one-year extension for some of Bush tax cuts

Townhall.Com -

WASHINGTON (Reuters) – President Barack Obama will call on Monday for a one-year extension of Bush-era tax cuts for families earning less than $250,000 a year, according to a White House official, seeking to spare the economy the impact of taxes going up on January 1.

Obama, a Democrat, will make the request in a statement at the White House, said the official, who spoke on condition of anonymity. Republicans in Congress, however, are unlikely to be swayed, as they have consistently argued that the Bush tax cuts should be extended for everyone.

Obama has made what he calls “tax fairness” a key feature of his campaign for re-election on November 6, repeatedly urging Congress to make the tax cuts permanent for families making less than $250,000 a year.      More