New Tax Cuts Proposed by President Obama for people making Less than $250,000

Well the news is out. The Bush tax cuts that were enacted in 2001 nd 2003 by prior President Bush are set to expire by the end of the year. President Obama has now come out with a plan in his extended tax cuts plan to benefit everyone making less than $250,000 per year. If you make more than $250,000 a year, than your rates will be restored to higher levels in place that were in play before the Bush tax cuts were enacted. President Obama could solve the deficit problem in the medium term if the tax cuts were ended all together. But at this time, with the economy and jobs situation, most people cannot afford a tax hike, adding to their struggle to stay afloat. As with all bills introduced into Congress, there are Republicans opposed to this plan, but there are also Democrats that are opposed to the plan also. Since there happens to be a weak economy, taxing the wealthy people more would deter economic growth because of lower investments and spending by the wealthest Americans and small businesses. The major Republican concensus is that the tax cuts should be for all Americans, even for those making ove $250,000.
Many Republicans were accusing the President of just allowing the tax cuts to expire. Nevertheless, the President has a plan for tax cuts, even though he doesn't ever seem to be in favor of tax cuts for the richest Americans. The bill will take up opposition in the Congress, but it is almost a sure thing that the bill will get passed. Some of the tax cuts that will be re-enacted are better than no tax cuts at all.