President Obama will call for tax hikes later today at the White House. The New York Times reports:
With a torpid job market and a fragile economy threatening his re-election chances, President Obama is changing the subject to tax fairness, calling for a one-year extension of the Bush-era tax cuts for people making less than $250,000.
What this means, though, is that the president will call for taxes to increasse on those making more than $250,000 a year. On this detail, President Obama appears to have not much company. As Politico reports:
But even lading Congressional Democrats, including Sen. Chuck Schumer (D-N.Y.) and House minority leader Nancy Pelosi (D-Calif.), have diverged from what the president is now proposing. They prefer letting the tax cuts lapse only on incomes over $1 million — not $250,000, as the White House has proposed.