In Cleveland, Ohio Wednesday, President Obama argued against extending the Bush-era income tax cuts for the nation's wealthiest families. According to White House officials the President's message was aimed at wavering Democrats who have been swayed by arguments that the economy is too weak to raise anyone's taxes. At the same time, the President says he will not threaten to veto any compromise which extends the upper-bracket cuts. Also, the President supports permanently extending tax cuts for the middle class, those making $250,000 or less.
Also, the President unveiled more than $180 billion in fresh spending and business tax breaks. Economists, business groups and tax lobbyists say they are not enthusiastic about the job-creating potential of expanding an existing tax credit for domestic research and permitting firms to write off 100% of spending on new plants and equipment in 2011.
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