The White House is heading back to the drawing board to determine the fate of the Bush tax cuts, amid fears Congress will not approve a plan to hike taxes on the nation’s wealthiest families if Republicans take an expected House majority in next Tuesday’s election, The Washington Post reported Saturday.
The Obama administration is mulling a strategy that would break apart the Bush tax cuts, according to sources familiar with the matter. The plan would call for a permanent extension of cuts for families earning less than $250,000 a year, and a temporary extension of cuts on income above that level.
The proposed “decoupling” of tax provisions would delay a decision on cuts for the so-called “rich” until next year or the year after, the sources said.
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