Temporary Tax Cuts for All

Republicans and Democrats met Wednesday to begin renegotiating Bush-era tax cuts, a conversation that many believe will result in their extension, at least temporarily, for all income groups. Congress has to act before Dec. 31, or the tax cuts initiated by President George W. Bush will expire. The sticking point has been whether to extend the cuts for families earning more than $250,000, which the GOP has lobbied for. Congressional aides told The Wall Street Journal that the most likely outcome is an extension of the Bush tax cuts for all individuals for one to three years and a two-year extension for businesses. Democrats are hoping that extension unemployment benefits will be added through negotiations.