Obama to propose 1-year extension of tax cuts for “middle class” households

As was floated around yesterday on the Sunday news shows, President Obama plans to propose a one-year extension of the “Bush tax cuts” for families making $250,000 or less. Presumably, the extension would apply to up to $125,000 for married-filing-separate and something in-between for singles and heads of household.

My first blush reaction is that this is the Administration digging in for an election-year position, and that the proposal as-is doesn’t stand a serious chance at passage. Republicans will be pushing for a longer-term extension of the entire tax bracket, while Congressional Democrats are more in favor of an extension at $1,000,000 or less. At least it’s a starting point for discussions.

About jgrahamcpa

CPA. Record label owner (Two Sheds Music). Music/sports junkie. Lebanese food enthusiast. Unhinged Braves / Crimson Tide fan.
This entry was posted in Taxes. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s