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Politics : Foreign Affairs Discussion Group
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To: Bearcatbob who wrote (257402)2/23/2008 9:43:14 PM
From: Ruffian  Read Replies (1) of 281500
 
Extending the tax cuts

One of the main challenges facing the next president involves whether to extend a series of tax cuts set to expire in three years.

The leading candidates of both parties want to preserve the tax cuts to some extent. The Republicans want to extend all the cuts. According to the Tax Policy Center, that would reduce federal revenue by $2 trillion over 10 years.

The Democrats want to preserve them only for lower- and middle-income households. Obama and Hillary Clinton say they would let them expire for couples who make more than $250,000, a move they say will help pay for their new proposals. The Tax Policy Center says, however, that could reduce revenue by $783 billion compared to the CBO baseline, which assumes that all the tax cuts expire.
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