December 7th, 2010
12:20 PM ET

White House seeks Democrats' backing for tax deal

The White House was fighting Tuesday to persuade Democrats to support a compromise on taxes that President Barack Obama and Republican leaders have reached.

The overall compromise will cost between $600 and $800 billion over two years, according to CNN estimates.

At the heart of the deal: an extension of the Bush-era tax cuts for two more years, which would keep income tax rates at their current levels for everyone, as Republicans have advocated. Obama and other Democrats had argued that tax rates should stay the same for most people but rise for people earning more than $200,000 a year and families making $250,000 or more a year.

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Filed under: Barack Obama • Politics • Taxes • U.S.
soundoff (15 Responses)
  1. Rakesh

    President Obama needs to stand for something. He is bending al over under united republicans pressure.

    December 7, 2010 at 12:41 pm | Report abuse |
  2. Frank

    People of the United States;
    Hope and Change is just around the corner,This is the best thing that could happen,people need more money in their pockets to spend and start the economic engine up again.
    The more money the more products they buy which creates demand which in turn creates jobs.

    December 7, 2010 at 1:04 pm | Report abuse |
  3. haters

    Why is it that the first thing ppl do is blame Obama? You all fail to realize that this was a messed up situation, before he took office.He has tried hard over theses pass 2 yrs to change a much as possible...I voted an would vote for him again.If everyone would have voted then we wouldn't be here. I work hard for my money, I need every brake possible, just like the next. Pointing fingers isn't going to solve what lies ahead for the working class ppl like myself. I voted, did u?

    December 7, 2010 at 1:16 pm | Report abuse |
  4. duke

    Now that Obama has sold out the people in favor of the rich,
    IS it now called the Obama tax-cuts??

    December 7, 2010 at 1:30 pm | Report abuse |
  5. duke

    I work for a living,and I voted(for obama and this past november),
    I understand the 14dollars extra in my check like obama promised,
    I also understand the extra 150dollars a year for my health insurance,
    But what I can't understand is,if these same system draining tax cuts were in place during the "recession",and these same tax breaks were in place when those same companies that were laying off/firing the people were doing just that,
    How does this change the minds of those same greedy ceo's who ship jobs overseas to maximize their tax breaks??
    Where is the sacrifice of the wealthy??
    We are all doomed because some of you won't get off yours knees just because there's a dollar in the air.

    December 7, 2010 at 1:47 pm | Report abuse |
    • Frank

      Duke,
      I understand
      where your coming from.
      But unless the Federal Government is going to send you 1000.00 dollar check every month for the rest of your life from taxing the wealthy,life is not going to get much better for the underclass because all that money will just go down the rat hole of social programs.It would be better if it all went to a Social Security Lock Box Fund.

      December 7, 2010 at 2:51 pm | Report abuse |
  6. Name*janice

    We didn't vote 4 compromise, we voted 4 change. Haven't seen any in 2 yrs. I'm 53 yrs.old; on social security disability due to failed back surgeries; get $950.00 a month, my rent is $800.00 a month; little left to live on. Up until this Oct. have been able to work 15-20 hrs. a week. Diner closed in Oct. No jobs in northeast. Don't know what I'm going to do. No Christmas for me & my children this yr. No raise in social security in 2 yrs.

    December 7, 2010 at 1:48 pm | Report abuse |
  7. Emmy

    I am a federal employee and I am enraged over all the talk about tax cuts, pay freezes, and now the lower percentage rate taken from my check for Social Security. i will willingly have my pay frozen, I will willingly put into Social Security funding, I do not willingly allow the shift of my money while those in the highest tax brackets continue to keep their money. I work hard for the little amount that I get, don't allow the Social Security funds to deplete any further than they already are...that's what the future is going to depend on and the government sees Social Security funds as not a necessary social program. Thats a disgrace to the programs mission.

    December 7, 2010 at 2:51 pm | Report abuse |
    • Frank

      Emmy,
      You sound like an intelligent women,Let me be the devils advocate;why should someone like Bill Gates who never graduted college and started Microsoft in a garage be ordered to pay more taxes percentage wise than everyone else.He earned every billion he made with his parterners.The point is it is his money no one elses he earned it.The man gives extremely generously to charity.What happened to everyone being equal under the law.He was smart enough to earn his money and no one should be allowed to create a special tax catagory to take it away from him.;Just an example of an argument that could be made.

      December 7, 2010 at 3:47 pm | Report abuse |
    • Frank

      PS;
      If I was as rich as Bill Gates and the Government told me I had to pay 60% of my income to it,the world would never see another charitable contribution from me ever again.

      December 7, 2010 at 4:13 pm | Report abuse |
  8. whatchange

    Pres Obama talked about change but I have not seen any changes. I did not vote for a president to cave in to the other side!

    December 7, 2010 at 3:12 pm | Report abuse |
  9. texas

    Do any of you work or worked for a poor person. There is no tax cut there is no tax change. If these tax hikes had gone into effect the following would have happened. Earned income credit would drop from 6500 to 5000, child tax credit down from a total of 2000 per child to 1000 per child. Alternative minimum tax bracket for single would begin at 44,000, MFJ would go 87,500. So I am glad the tax rates will stay the same.

    December 7, 2010 at 4:48 pm | Report abuse |
  10. texas

    Do any of you work for poor company. What about SSN recipients. According to the dems no cost os living increase, however, my mothers medicare is increasing, her check is going tobe 30 a monthe less than the person whose unemployment will not change. Also if the tax rates had not been extended earned income credit and the child tax credits would have been lowered.

    December 7, 2010 at 5:19 pm | Report abuse |
  11. Emmy

    Frank, Thank you for the gracious compliment. However, Bill Gates has recently stated that he does not want the tax rates to continue. As you will recall, Bill Gates did not earn his money, his idea for Microsoft was stolen from the Apple corporation back in the '80's. Aside from that point, do you recall the massive donation that Bill Gates gave back to his school in Washington? That alone makes want to believe in the good nature of millionaires, they can't all be selfish money hoardes. I believe in humanity and the ability of us all to suppoort the social programs that at some point in our lives we may have to use or have already used to get us where we are today. I know how hard we work as a nation to support each other, why shouldn't we expect assistance from our government too? Especially now in the worst recession since the great depression.

    December 7, 2010 at 10:41 pm | Report abuse |
  12. Emmy

    SSN recipients? If you are a legal resident of the U.S. you are a SSN recipient! You must mean a Social Security recipient...Social Security recipient or Supplemental Security Income recipient, to which do you refer?

    December 7, 2010 at 10:49 pm | Report abuse |
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