In its ongoing effort to extend the Bush tax cuts for (and only for) the bottom 98% of households, the White House today released a report calculating that the average family making less than $250,000 a year would see their taxes go up $1,600 if a deal isn't reached. "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 report said, according to the AP.
Of course, Republicans say it's the other side being stubborn. Last week Patty Murray indicated that Democrats would let all cuts expire if they had to, and Republicans pounced. "They're ready and willing to go right off the fiscal cliff if they don't get their way," Mitch McConnell said. Many families would pay even more than $1,600 if the cuts expire. A family of four making between $50,000 and $80,000 a year, for instance, would pay $2,200. (More Bush tax cuts stories.)
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