May 22, 2013
Clinton Backs Bush Tax Cuts in the Short Term (Video)
Posted on Jun 5, 2012
While President Obama says he would like to extend tax cuts only for the middle class, former President Bill Clinton is advocating a full extension of cuts, including those benefiting the wealthy, for political and economic reasons.
The current rates are supposed to expire at the end of the calendar year.
Clinton, speaking on CNBC, suggested that higher taxes on the wealthy could be bad for the economy, and he said Republicans would try to force a permanent extension of the cuts, “which I think is an error,” he said.
The former president said it was important to consider a program of deficit reduction “two years from now, three years from now, five years from now,” but in the near-term, lawmakers should be worried about contraction. He cited European unemployment statistics to support the claim that things could be even worse in the United States.
—Posted by Peter Z. Scheer
Previous item: Wisconsin Election Results: Scott Walker Survives
New and Improved Comments