Obama Tax Cuts – President Barack Obama urges Republicans to extend and expand the payroll tax cuts.
With the clock ticking toward the new year deadline the President today accused Republicans of hypocrisy for protecting the interests of the wealthy over the needs of the middle class.
Obama made a public plea for Congress to extend and expand the payroll tax cuts before the holiday recess and said failure to do so would cost middle-class families $1,000 next year.
“My message to Congress is this: Now’s not the time to slam on the brakes. Now is the time to step on the gas,” Obama stated. “Now’s the time to make a real difference in the lives of the people who sent us here. So let’s get to work.”
While some Republicans in Congress have come out in support of the extension, the parties remain divided over how to pay for it with Republicans opposing Democratic plans to impose the surcharge on millionaires.
“Over the last decade they didn’t feel the need to pay for massive tax cuts for the wealthiest Americans, which is one of the reasons that we face such large deficits,” he said.