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U.S. President Barack Obama delivers a statement in the East Room of the White House July 9, 2012 in Washington, DC. Obama urged the Congress to extend the Bush era tax cuts for middle class families, but let the tax rates n those making $250,000 rise.
President Obama announced today that he will call on Congress to pass a one-year extension of the Bush tax cuts, but only for families making less than $250,000. Above that threshold, rates would increase to 1990s levels. Republicans, on the other hand, want an extension on all of the Bush tax cuts, regardless of income level. What does that mean for you? Call in and ask how you’d fare under either plan as Patt parses the proposals with KPCC business reporter Matt DeBord.