President Barack Obama wants the Bush tax cuts of 2001 and 2003 extended at the end of this year for only those making under $250,000, and not for small business owners and two-income families—sorry, “the filthy, stinking rich.”
Republicans, including House Minority Leader John Boehner, want all of the tax cuts renewed.
Last June, Obama’s former economic advisor Christina Rohmer published an empirical paper demonstrating that tax cuts stimulate economic growth.
In July, Obama’s Federal Reserve Chairman Ben Bernanke observed that continuing all of the Bush tax cuts past 2010 would be a wise idea.
Recently, moderate Democrats and Independents in Congress including Senators Kent Conrad, Evan Bayh, Ben Nelson, Jim Webb, and Joe Lieberman, and a dozen Representatives, have stated that they are open to extending all of the Bush tax cuts.
Last week, Peter Orszag, Obama’s former Director of the Office of Management and Budget, wrote an editorial in the New York Times supporting both sets of tax cuts as preferable to neither.