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Fate Of Bush-era Tax Cuts Will Test Compromising Abilities Of Political Parties

November 16, 2010 by  

Fate of Bush-era tax cuts will test compromising abilities of political partiesLess than two months away from gaining control of the House of Representatives, GOP leaders are offering a hard-line stance against President Barack Obama's agenda.

Since their sweeping victory in the Nov. 2 midterm elections, top Republican legislators have publicly expressed their plans to overhaul the healthcare reform, lower taxes for the wealthiest Americans and curb abundant government spending.

Representative Eric Cantor (R-Va.), who is expected to become the next House majority leader in January, told Fox News that compromises between Democrats and Republicans will depend on how much the President and his administration are willing to listen to the voters' resounding message on election day.

The two parties' willingness to compromise will be tested in the upcoming lame-duck session on Capitol Hill, as the nation's Bush-era tax breaks are set to expire on Dec. 31. Most Republicans and some Democrats believe the cuts should be extended for all Americans, while the President and most liberal legislators want the breaks to be extended for only families earning less than $250,000 per year.

According to The Wall Street Journal, two top Senate Democrats recently proposed an idea of extending the tax breaks for all Americans, but for a limited time only. Senators Kent Conrad (D-N.D.) and Evan Bayh (D-Ind.) each suggested extensions to the current breaks that would be followed by an overhaul of the tax code to reduce government deficit.

The news provider reports that Republican lawmakers expressed cautious interest in the Democrats' proposal because the approval of a tax overhaul bill may limit the GOP's ability to block future tax increases.

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