In announcing his plan to extend for an additional 365 days the Bush tax rates for those earning under $250,000 per year, President Barack Obama said one of his goals is to give small businesses “a sense of permanence.”
The Bush tax cuts, which reduced income tax rates for all Americans in all income brackets, expire under current law at the end of this year.
Obama wants them to expire for small businesses and individuals earning more than $250,000, and he wants to extend them for just another 12 months for small businesses and individuals earning less than $250,000.
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