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Obama calls for middle class tax cuts

Obama calls for middle class tax cuts

10 July 2012 08:14 (UTC +04:00)

Baku â€“ APA-Economics. President Barack Obama sought on Monday (local time) to change the campaign debate with Republican challenger Mitt Romney, trying to shift the discussion from high unemployment and a tepid economic growth to extending tax cuts middle class Americans, APA reports citing Associated Press.

At the same time, Obama called for allowing a rise in taxes for what he said were the 2 per cent of Americans earning more than $250,000 (NZD$313,000) a year.

As he tries to diminish voter anxiety over stagnant unemployment numbers now standing at 8.2 per cent and limp economic recovery, Obama spoke at the White House in an opening of his new campaign pitch to the middle class.

He said continuing tax cuts for high-income earners were a major driver of the skyrocketing US federal budget deficit.

But extending the tax cuts for the middle class, the president said, "would be an incredible drag on the economy."

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