Administration can't get its story straight on taxes

President Obama says he will raise taxes on "the rich" at year's end - even though his vice president contradicted him during the debate. Reuters: The Obama administration said on Friday it has not changed its stance on letting tax rates rise at year-end for high-income Americans, despite comments from Vice President Joe Biden in Thursday night's debate that seemed to suggest a shift. "Our position on the Bush tax cuts has not changed," White House spokesman Jay Carney told reporters on Friday, referring to the expiration in 2013 of tax cuts enacted a decade ago under Republican President George W. Bush. President Barack Obama, a Democrat, favors letting the Bush-era rates expire for families making $250,000 or more. For these taxpayers, income above that level would be taxed at 36 percent and then, if their income reaches another threshold, at 39.6 percent under the Obama plan. That income is now taxed at 33 percent and 35 percent under the Bush-era rates. Biden said in...(Read Full Post)