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New tax battle looms

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Posted 4:47 PM 7/9/2012 : New tax battle looms

(NBC) - President Obama says the debate over giving the wealthiest Americans a tax cut shouldn't hold up extending tax cuts for the middle class.

Mr. Obama is calling for a one year extension of the Bush-era tax cuts for families making less than $250,000 a year.

The president says doing so would help 97 percent of small businesses and 98 percent families in america.

"In many ways the fate of the cut for the wealthiest Americans will be decided by the outcome of the next election," he said Monday. "My opponent will fight to keep them in place, I will fight to end them. But that argument shouldn't threaten you. I shouldn't threaten the 98 percent of Americans who just want to know that their taxes won't go up next year."

Republicans say small businesses, taxed like individuals, would be hurt.

"It'll affect the ability of them to go out and hire more people and raise additional capital," argued RNC Communications Director Sean Spicer. "I just don't understand how you can see multiple job reports come in as bad as the last few and say as part of your solution, hey, let's raise taxes."

Republican lawmakers vowed to fight, however both parties agree tax rates on the middle class should not rise.

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