The president had been saying publicly that he only wanted the cuts extended permanently on income up to $250,000 for married couples and $200,000 for single filers. Under his proposal, the portion of the cuts that apply to income over $250,000 would expire after Dec. 31.
Republicans, meanwhile, have been pushing for a permanent extension of the cuts for everyone regardless of income.
Both parties have expressed concern that raising taxes on the majority of Americans would harm the economic recovery.
Read More:http://money.cnn.com/2010/11/03/news/economy/bush_tax_cuts_compromise/index.htm
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