White House: Obama Won't Back Permanent Tax Cuts for Wealthy

Tax cuts are a permanent issue of conflict for both politicians and economists. People argue against tax cuts and for tax cuts when deciding how to help improve the state of the economy. In recent news, President Obama has taken the stance that tax cuts on the middle class should be extended while tax cuts for wealthier Americans should not. The Bush tax cuts are set to expire at the end of next year, and most Republicans are seeking to extend them for all Americans. A lot of the problem lies within the definition of "middle class" or "wealthy," and what the exact income bracket thresholds imply. And as the newly Republican-controlled congress battles with a Democratic majority in the senate, the interactions between all three branches of government should prove interesting when deciding how to help stimulate the American economy.