WASHINGTON, Sept. 7 (UPI) -- U.S. President Barack Obama is set to reject any compromise on extending 2001 tax cuts that would apply to the wealthiest taxpayers, White House officials said.
Citing administration officials, The New York Times reported Tuesday the president will announce Wednesday he opposes extending tax cuts for top income groups enacted in 2001. The tax cuts are to expire at the end of this year.
Heading into the November election, many Democratic members of Congress have begun to express support for extending -- perhaps for a year or two -- the entire range of tax cuts enacted by a Republican Congress and signed into law by former President George W. Bush.
Party leaders say the president's expected statement will put a stop to speculation the White House is open to compromise on the issue and may serve as a signal to Democratic candidates as to how to deal with the issue between now and Nov. 2, the Times reported.
Obama is expected to announce his position on extending tax cuts during a speech in Cleveland Wednesday, when he will promote a package of about $180 billion in expanded tax cuts for businesses and infrastructure spending.
He will propose extending the 2001 tax cuts for 98 percent of households -- those with income below $250,000 for couples and $200,000 for individuals -- framing the issue as a choice between prosperity for the middle class or helping the wealthiest Americans, the Times said.
