Taxes, Barrack Obama | featured news

Bill Clinton said Thursday that he's "very sorry" for comments he made days earlier that appeared to undermine President Obama's position on extending certain tax rates, chalking it up to a misunderstanding over when lawmakers needed to act ahead of a looming "fiscal cliff."

An Obama spokesperson pointed out 98 percent of taxpayers earn less than $250,000, and letting the tax cuts expire for the wealthiest Americans would impact less than 3 percent of all small businesses. Obama has cut taxes for small businesses 18 times, including eliminating capital gains taxes on the sale of some small-business stock, the re-election campaign said.