To tax or not to tax: U.S. Congress gearing up for major debate
A debate is revving up in Congress over whether to extend the tax cuts implemented by the previous administration, which are due to expire Dec. 31, 2010.
In its last session before the November elections, many expect Congress to vote on the issue -- and perhaps only this issue -- before what many predict will be a mid-term election that shifts the political landscape.
On one side are U.S. President Barack Obama and Democrats in Congress who favor extending the cuts for all but the nation's top earners -- those raking in 250,000 U.S. dollars or more yearly.
On the other side are GOP lawmakers who want to continue the cuts across the board, arguing that taxing higher income earners will hurt the segment of the population most likely to create jobs in this worst recession since the 1930s.
