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Biden: Tax cut issue 'simple economics'
WASHINGTON, Middle-class tax cuts enacted 10 years ago should not be permitted to expire as scheduled at the end of the year, U.S. Vice President Joe Biden said Wednesday.
Appearing in Washington at a Middle Class Task Force meeting, Biden said the issue will be a major point of contention when Congress returns to Washington from its summer break. He said the Obama administration will "fight like the devil" to extend middle-class tax cuts while allowing tax cuts for top income groups to expire as scheduled, The Hill reported.
"It's costly, but at a time of recession, you should not be raising taxes on people who need disposable income, or on small businesses, for that matter," Biden said.
He rejected Republican arguments in favor of allowing tax cuts for the wealthiest Americans to expire, saying the "super rich" already have disposable income and they're already "spending all they're going to spend anyway."
"There's nothing populist about this," he said. "It's just simple economics."
Biden also said the administration would push Congress to enact legislation to provide tax relief and access to capital for small businesses.
WASHINGTON, Middle-class tax cuts enacted 10 years ago should not be permitted to expire as scheduled at the end of the year, U.S. Vice President Joe Biden said Wednesday.
Appearing in Washington at a Middle Class Task Force meeting, Biden said the issue will be a major point of contention when Congress returns to Washington from its summer break. He said the Obama administration will "fight like the devil" to extend middle-class tax cuts while allowing tax cuts for top income groups to expire as scheduled, The Hill reported.
"It's costly, but at a time of recession, you should not be raising taxes on people who need disposable income, or on small businesses, for that matter," Biden said.
He rejected Republican arguments in favor of allowing tax cuts for the wealthiest Americans to expire, saying the "super rich" already have disposable income and they're already "spending all they're going to spend anyway."
"There's nothing populist about this," he said. "It's just simple economics."
Biden also said the administration would push Congress to enact legislation to provide tax relief and access to capital for small businesses.
