During his campaign, President Obama promised to not raise taxes on Americans with less than $250,000 of taxable income. Going into the 2010 midterms, he repeated that promise. But the Republican message in the midterms was that the existing tax structure should be maintained for all taxpayers, not just those under $250,000.
Given the results of the 2010 midterms, a clash was inevitable. Yesterday, David Axelrod, White House Senior Advisor, told the Huffington Post that the White House was open to negotiations on extending the existing tax laws for all taxpayers. The White House is looking at a temporary extension as the less than perfect alternative to a permanent extension of the entire package.
For more details, go to: http://www.huffingtonpost.com/2010/11/10/white-house-gives-in-on-bush-tax-cuts_n_781992.html