…by proposing to extend the rates for the 98 percent of households with income below $250,000 for couples and $200,000 for individuals — and insisting that federal income tax rates in 2011 go back to their pre-2001 levels for income above those cutoffs — he intends to cast the issue as a choice between supporting the middle class or giving breaks to the wealthy. – from The NY Times.
President is taking a stand by not extending the Bush tax cuts for the wealthy. What’s the play? The GOP attacks this angle, the Dems get to take the stand “We’re for the middle class. You’re for the wealthy.”
We’ll see how it plays out. While I’m happy to see the President take a principled stand, it’s probably too little too late to seriously impact the mid-terms.