Sunday, December 5, 2010

GOP kills legislation to revoke tax cuts for rich

Senate Republicans killed legislation to extend expiring tax cuts for all except the very rich on Saturday according to the Associated Press.

President Obama is now expected to forge a compromise with the GOP. He has little choice but to let the Republicans have their way on tax cuts for those making over $250,000 a year, but will probably insist that other tax cuts be included for lower- and middle- class wage earners, even if they don't make enough to pay taxes to the government, and for college students and companies that hire the unemployed.

Democrats accused Republicans of siding with the rich and of extending the recession through their irresponsible actions. Polls show that most Americans oppose extending the tax cuts for the very rich.

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