President announces agreement on expiring tax cuts - KWWL - Eastern Iowa Breaking News, Weather, Closings

President announces agreement on expiring tax cuts

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WASHINGTON, D.C. (KWWL, AP)--   President Barack Obama is trying to spread some holiday cheer for millions of middle-class taxpayers.

Monday night, the President announced a bipartisan compromise to extend tax cuts and extend unemployment benefits.

The proposal contains elements he personally opposes, such as tax breaks for the wealthy, but says an agreement was better than a stalemate that would have resulted in higher income taxes at all income levels in January.  He acknowledges opposition in his own party. Democrats have repeatedly raised objections to including the upper-income in any plan to extend tax cuts. This plan would extend them for two years.

The unemployment benefits are set to expire at the end of December for two million people.

The agreement also calls for the renewal of jobless benefits for the long-term unemployed and would grant a one-year reduction in Social Security taxes for millions.

 

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