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July 10th, 2012
03:56 PM ET

Dems break with Obama on Bush tax cuts; what's the magic number? $250K or $1M

Pres. Barack Obama announced Monday his proposal for Bush-era tax cuts for households making less than $250,000 a year. Some Democrats want the tax cut to apply to Americans making less than $1 million a year.

New Jersey Senator Robert Menedez is OutFront with his ideas on what the threshold should be when applying the Bush tax cuts to middle class.

We asked our OutFront Political Strike team about what dollar amount will benefit the President politically, $250k or $1m.

Tune to Erin Burnett OutFront at 7p ET for the results from our political strike team.

Here is tonight's OutFront poll:

Kaine breaks with Obama on tax cuts

Democratic Senate candidate Tim Kaine of Virginia, who once headed the Democratic National Committee, disagreed with President Barack Obama on the president's call to extend the Bush-era tax cuts for households making under $250,000 per year.

Kaine, a former Virginia governor, argued the threshold should be twice as high, at $500,000.

In a statement Monday, the Senate hopeful said raising the cut-off would protect tax cuts for the middle class and many small business owners, as well as ensure "flexibility to make critical investments" that would strengthen the economy.

"The cuts required to dig out of our fiscal hole will fall hardest on low and middle-income families," Kaine said. "Allowing the tax cuts to expire above $500,000 guarantees that all Americans have a stake in restoring fiscal responsibility and rebuilding our economy."

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Filed under: 2012 Election • Economy • News • Political Strike Team • Politics
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