Ending US tax breaks for wealthy a 2012 goal-Biden

* Compromise was needed to help middle class, unemployed

* Deficit, improving economy should help Obama’s case

WASHINGTON, Dec 19 (BestGrowthStock) – The Obama administration
will be better positioned to fight the extension of tax cuts
for the wealthiest Americans when they are set to expire in two
years, U.S. Vice President Joe Biden said on Sunday.

Appearing on NBC’s “Meet the Press,” Biden said the
administration will be able to make a better case ahead of the
2012 presidential election that continuing the benefit for high
earners “does not make sense.”

The provision benefiting the richest Americans was a
centerpiece of compromise legislation backed by the White House
and approved last week by Congress to extend Bush-era tax cuts
for two years.

The $858 billion package prevented an increase in tax
rates, eased taxes on wealthy estates, and held in place
certain deductions and the current tax rate on gifts, which are
usually paid by the wealthy.

Biden said he and President Barack Obama remain morally
opposed to certain tax breaks for the wealthy, but compromised
with Republicans this time to preserve benefits for businesses,
the middle class and low-wage earners. The bill also extends
benefits for the long-term unemployed.

“They’re for two years and we’re going back and going at it
again,” Biden said. “Life is a matter of really tough
choices.”

Biden said he believed priorities to reduce the federal
deficit that he expects to take shape in coming years as well
as an improving economy should help Obama argue effectively
that another extension of tax breaks for the wealthy should be
rejected.
(Reporting by John Crawley; Editing by Vicki Allen)

Ending US tax breaks for wealthy a 2012 goal-Biden