Decision 2012

Jun 7, 2012 5:52 PM

Tax rates take center stage in the race for the White House

(NBC) - Tax rates are once again center stage in the race for the White House.

President Obama is pushing to raise taxes on millionaires while extending Bush-era tax cuts for the middle class, but Congress won't act because Republicans want all the brackets to stay the same for another year.

Federal Reserve Chairman Ben Bernanke warned Thursday if there's no deal by year's end, and everyone's taxes go up, the economy could go off a cliff.

"The potential expiration of the so-called Bush Tax Cuts, the 2001/2003 tax cuts, is the single biggest item in the fiscal cliff," Bernanke warned.

Meanwhile, the finances of the White House race took a turn as well.

Team Romney raised $76.8 million in May, surging ahead of Team Obama at $60.

President Obama's year-to-date total remains far higher, $510 to $400-million.

It will be more than $2 billion by November, with a lot of it to be spent in the fight over taxes.

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