WATCH LIVE: Obama announces middle-class tax cut extension plan

By Kay Steiger
Monday, July 9, 2012 11:46 EDT
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Screenshot of Obama announcing middle-class tax cut extension plan
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President Barack Obama called on Congress Monday to extend the tax cuts on the middle class implemented under former President George W. Bush. The plan calls for Bush tax cuts for those making less than $250,000 a year to be extended for another year, and comes as Congress returns from recess.

The administration told the New York Times that this proposal would cost the federal government $150 billion in revenue over the next year, however, letting the tax cuts for those making more than $250,000 a year would generate an estimated $850 billion over the next 10 years.

Watch live, broadcast on MSNBC on July 9.

Visit msnbc.com for breaking news, world news, and news about the economy

Kay Steiger
Kay Steiger
Kay Steiger is the managing editor of Raw Story. Her contributions have appeared in The American Prospect, The Atlantic, Campus Progress, The Guardian, In These Times, Jezebel, Religion Dispatches, RH Reality Check, and others. You can follow her on Twitter @kaysteiger.
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