Local Law Firms Home > Taxation Law News > President Obama Reveals Temporary Tax Cut Bill Burton, leader of Priorities USA, informed “The Early Show,” a CBS show, that Democrats plot to contrast their situation with Republicans. In the ad, the narrator, displayed as a fictional TV news anchor, states that Republicans backing the idea of taxing the middle class as opposed to the wealthy, but one Republican does not agree, particularly former President Ronald Reagan. "We're going to close the unproductive tax loopholes that have allowed some of the truly wealthy to avoid paying their fair share. They sometimes made it possible for millionaires to pay nothing, while a bus driver was paying 10 percent of his salary - and that's crazy. Do you think the millionaire ought to pay more in taxes than the bus driver?" Is the specific quote that the ad utilizes from President Reagan. The ad comes as Republicans and Democrats on Capitol Hill are discussing prolonging the payroll tax cut past this year. Democrats want to compensate for that tax cut with a tax on the richest individuals, while Republicans are against any tax increases. "We use Ronald Reagan's own words to talk about fairness in the tax policy. All we are going to do is have very serious direct truthful factual contrasts with Republicans. We don't have to lie in order to make our points," Burton informed CBS. Asked about news that Mr. Obama is having difficulties with raising funds from large donors, Burton expressed assurance the Democrats would reach their financial goals. "We always thought that most of the money would come next year and not this year. Secondly, we aren't surprised that Republicans are doing better at raising money from their huge contributors," according to Burton. "You look at the tax policies they are promoting, they are designed to attract the kind of million dollar checks that their wealthy donors are giving to them," he said. Did you know? If you have questions or need additional information regarding taxation law and how it affects your current situation, our taxation law attorneys can help. Contact a local taxation lawyer today for more information about how we can help you!
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