- In an attempt to lower the unemployment rate, the Obama administration seeks approval for the Small Business Jobs Act which means that there would be tax breaks and a $30 billion lending fund available for small businesses.
- Republicans are convinced that once the tax cut expires, it would mean that small businesses would be affected.
- Tax breaks would not be given to families earning over $250,000 a year and individuals earning over $200,000 a year.
- Democrats are advocating a plan to permanently extend tax cuts which would benefit the middle class while renewing the Bush Tax Cut until the end of 2011.
- According to an estimate by the Congressional Budget Office, if the tax cuts are to be extended, it would cause an additional $3.9 trillion to the national debt over the next decade.
Facts Surrounding the Tax Cut Issue
Posted by the ingenious entrepreneur at 27.8.10