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Taxes for U.S. families could go up 1,600 dollars if tax cuts expire: White House report

07-25-2012 06:45 BJT

WASHINGTON, July 24 (Xinhua) -- Political gridlock in Capitol Hill that results in expiration of Bush-era tax cuts would mean 114 million U.S. middle class families would see their taxes go up by an average of 1,600 dollars next year, the White House said in a report on Tuesday.

The average tax increase is for families earning 250,000 dollars or less a year.

U.S. President Obama has called on Congress to pass a one-year extension of the tax cuts for families making less than 250,000 dollars a year, while allowing tax cuts to expire for the households earning more than this threshold. However, Republicans wanted to renew all the tax cuts, including those for top earners.

"So far, the only reason the middle class tax cuts have not been extended is that Republicans in Congress continue to insist on cutting taxes once again for the wealthiest few," the White House said.

Both Democrats and Republicans were blaming the other for putting the country in danger of the looming "fiscal cliff" caused by tax increases resultant from expiry of the tax cut policy and automatic spending cuts which would kick in next year. Their failure to act would hurt the faltering recovery and trigger a recession next year.

The partisan battle over taxes would intensify this week as the Senate will vote on Wednesday on a Democratic plan which will extend middle class tax cuts through 2013.

 

Editor:James |Source: Xinhua

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