White House, Bush Tax Cuts | featured news

A standoff with Congress that results in the January expiration of wide-ranging tax cuts would mean 114 million families would see average tax increases of $1,600 next year, the White House says... "So far, the only reason the middle-class tax cuts have not been extended is that Republicans in Congress continue to insist on cutting taxes once again for the wealthiest few," the report said.

Obama's compromise with GOP on extending Bush-era tax rates has potential to worsen divide between White House and the "professional left."

Democratic activists Thursday sharply criticized White House officials after a published report indicated that President Obama is likely to back a temporary extension of tax cuts for households with income over $250,000 a year.