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Thu, 03/07/2024 - 11:20
Submitted by maithuy on Tue, 12/07/2010 - 09:49
President Barack Obama on December 6 unveiled a compromise deal to extend all Bush-era tax cuts for two years, giving ground to emboldened Republicans who won big in last month's congressional elections.

After meeting Democratic leaders, Mr Obama announced what he called a "framework" agreement with Republicans that would renew tax cuts not just for the middle class, as he had sought, but also for wealthier Americans, as Republicans wanted.

The tentative tax-cut deal, which is expected to extend breaks on dividends and capital gains as well, also calls for a 13-month extension of unemployment benefits, which could placate some Democrats.

But Mr Obama conceded to Republican demands on the estate tax, by proposing a 35 percent tax with a US$5 million individual exemption level.

He insisted that compromise was necessary before Congress adjourns later this month to avoid allowing the middle class to face higher taxes when all of the Bush-era cuts expire on December 31.

In a speech at a community college in North Carolina, Mr Obama had hinted at a possible agreement that would at least temporarily extend Bush-era tax cuts for wealthier Americans, as Republicans want, rather than strictly for families making less than US$250,000, as he and his Democrats preferred.

VOVNews/Reuters

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