Obama Reacts: Middle Class Tax Breaks Blocked

By WISE Web News

December 5, 2010 Updated Dec 5, 2010 at 8:34 AM EST

WASHINGTON (Indiana’s NewsCenter) – President Obama criticized Senate Republicans today for blocking legislation that would have extended tax cuts for the middle class. Obama said he will work with congressional leaders on a tax deal before Jan. 1 when rates increase.

Senate Republicans blocked legislation to extend tax cuts for middle class taxpayers, but not for individuals making more than 200 thousand dollars per year or couples making more that 250 thousand dollars.

“We must not forget last week some two million Americans who lost their jobs also saw their unemployment insurance expire, right in the middle of the holiday season. That's not how we should do business here in America,” Obama said. “I believe it is simply wrong to even consider permanent tax breaks for the wealthiest Americans while denying relief to so many Americans who desperately need it."

Obama said both sides will have to compromise. Talks are expected to produce a bill to extend tax cuts at all income levels.




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