JAKARTA: US President Barack Obama officially laid out the framework to extend the tax cuts policy to be expired on 31 December over the next two years.The decision was in a light of an effort to boost economic recovery as well as hinder the middle class society from a tax increase.I am not willing to let working families across this country become collateral damage for political warfare here in Washington. And I'm not willing to let our economy slip backwards just as we're pulling ourselves out of this devastating recession, said Obama as quoted from White Houses official website.The Democrat-president also encouraged the opponent party, Republic to work together in preventing a tax increase for American families. As previously acknowledged, Democrat party challenged the tax cut policy being imposed since Bush administration. Surprisingly, Obama is now encouraged his Democrat-peers to work together with the Republicans to tangibly implement such policy.The agreement secures vital tax relief and investments of the USs workers that will create jobs and accelerate economic growth. The plan particularly has three key accomplishments. First, working families will not lose a tax cut. Prior to the establishment of such policy, a typical working family faced a tax increase of over US$3,000 on January 1. That scenario shall not be happen under this framework agreement, and working families wont see their tax cuts go away next year.Second, this framework includes some particular measures to boost economic growth and to establish more job creation, including a full year of emergency unemployment insurance benefits, an about US$120 billion payroll tax cut for working families and a continuation of tax credits for working families.The last measures, the president reiterated that US will not worsen its medium and long term deficit as he also highlighted that his main priority is to grant the best treatment for its people."My number one priority is to do whats right for the American people, for jobs, and for economic growth," said President Obama during a press conference yesterday.As a matter of fact, such tax cut somehow granted negative impact to the US Markets as the Standard & Poors 500 dropped from its two-year high. (T02/NOM)
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