White House Now Believes Repealing Republican Tax Cuts Would Hurt Auto Sales

The White House says in a new report that failing to extend the Bush era tax cuts could consumer spending by $200 billion next year, including reducing auto and parts sales by $7 billion.

The Obama administration wants Congress to extend the tax cuts to 98 percent of Americans who make less than $250,000 a year and the 97 percent of small businesses that earn less than $250,000 a year.

The administration says a typical middle-class family of four would see its taxes rise by $2,200 without a tax-cut extension.

Overall, the higher taxes would cut consumer spending by $200 billion. Consumer spending accounts for 70 percent of U.S. economic activity. Americans spend about $5 trillion annually on goods and services.




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chewy - 11/26/2012 9:17:30 PM

+1 Boost

It's cool just tax the rich a little more and we'll be fine bro.

lexusrox123 - 11/27/2012 2:53:52 AM

+1 Boost

http://i3.kym-cdn.com/photos/images/original/000/210/119/+_2acc5a8841f8752904d37f90a8014829.png

thetruth01 - 11/27/2012 1:04:59 PM

+1 Boost

Typical BS 009 headline. The White House WANTS to extend the tax cuts for 98% of the folks. It is the Republitards in Congress who are holding up the extension because they want to extend them for the top 2% as well. Their fight as always been that if their rich friends don't get the tax cut extension, then no one will.