President urges Congress to pass Bush tax cuts
Yes, that’s correct. President Barack Obama wants Congress to pass the George W. Bush tax cuts before they sunset on Dec. 31, 2012. There is one exception, however. The president wants to raise taxes on those persons making more than $250,000. If Congress and the president fail to come to an agreement and the tax structure for all Americans returns to the taxes of the Clinton era, “The tax cliff is a growth killer,” according to the Wall Street Journal.
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