Obama Asks Congress to Extend Tax Cuts For A Year

By Daniela Salvador

July 9, 2012 Updated Jul 9, 2012 at 6:11 PM EDT

Undated (Indiana’s NewsCenter) - President Obama is calling on Congress to extend the Bush tax cuts for a year.

This would apply to people with annual salaries of less than $250,000.

The president still opposes extending those cuts for wealthier people.

"In many ways the fate of the cut for the wealthiest Americans will be decided by the outcome of the next election,” Obama said. “My opponent will fight to keep them in place; I will fight to end them. But that argument shouldn't threaten you. I shouldn't threaten the 98 percent of Americans who just want to know that their taxes won't go up next year."

Indiana Senator Dan Coats released a statement about this matter. “As i speak with owners of small businesses all across Indiana, they are unanimous in their belief that higher tax rates are a major disincentive to hiring new workers,” Coats said. “The president's plan will raise taxes on almost $1 million small businesses and do nothing to grow our economy. This is a desperate political move by an administration out-of-touch with the struggles faced by our nation's job creators.”

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