Today at the White House, President Obama said he wants to extend the Bush Tax Cuts for the middle class, or as he said “those who need it most” and not anyone who earns more than $250,000 a year.
Does this sound familiar? The last time Congress battled over the Bush Tax Cuts was the Winter of 2010 which ended with the President conceding and extending the tax cuts for all Americans, no matter how much they make. Republicans want to replicate the 2010 decision, with a promise to eventually simplify the tax code and close loopholes.
The White House admits the one-year extension will add about $150 billion to the deficit but it would be offset by the $380 billion generated from letting the cuts expire for people above the $250 thousand threshold.
It’s a battle over the meaning of tax fairness. The president is daring Republicans to stand up for millionaires. The Republicans will argue this is a job-killer.
Any day now we can expect the Bush Tax cut fight to appear in the political ads, which is already nearing $200 million and we still have four months left! We have never seen political ads as negative as they are today- but the real question is do these ads really change anyone’s minds? Juana Summers, a national political reporter for Politico, joined the show to discuss the effectiveness of political ads.
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