Obama Calls for Extension of Middle Class Bush Tax Cuts

Republican leaders have already rejected the proposal for new revenue

President Barack Obama on Monday called for an extension of the Bush-era tax cuts for people making less than $250,000.

Already the president has drawn a line in the sand with Republicans, who oppose any tax hike on the nation’s highest earners.

“Our core mission has to be rebuilding an economy where work pays off,” Obama said. “It’s not a lack of plans…it’s a stalemate in this town” that hampers the economic recovery.

“We need policies that grow and strengthen the middle class. That why I believe it’s time for the tax cuts for the wealthiest Americans – folks like myself – to expire,” Obama said.

“I might feel differently if we were still in surplus,” Obama added. “It’s not like I like to pay taxes.”

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Obama made the announcement at the White House, before an audience of invited middle class families. He hopes to put pressure on Republicans in Congress, who plan to vote soon on an extension of all the Bush tax cuts, the New York Times reports.

Before the president address, Republican presidential candidate Mitt Romney’s campaign released a statement on his tax plan:

“President Obama’s response to even more bad economic news is a massive tax increase,” said campaign spokesperson Andrea Saul. “It just proves again that the President doesn't have a clue how to get America working again and help the middle class.”

To read the full statement, click here.

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