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Obama team: Millions face tax hikes if all Bush rates expire

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Obama wants to extend the Bush tax cuts for middle-class Americans, but end them for Americans making more than $250,000. "So far, the only reason the middle-class tax cuts have not been extended is that Republicans in Congress continue to insist on cutting taxes once again for the wealthiest few," says the White House report. Republicans say ending the Bush tax cuts on the wealthy would amount to a tax hike on job creators in a bad economy.

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