Conservatives fought back, seeking to clarify what they oppose in the tax rate debate. The Heritage Foundation, a conservative think tank, paid to promote a response on the #My2k hashtag that calls out billionaire Warren Buffett on his support of Obama's call to raise tax rates on the wealthiest Americans. House Speaker John Boehner (R-Ohio) also reminded the White House that House Republicans are not opposed to extending current tax rates for the middle class.
The sticking point between Democrats and Republicans in the tax rate debate is the GOP’s push to extend all current tax rates and Obama’s plan to extend all but the rates that apply to family incomes of more than $250,000 a year. Those families would see their tax rates go up. Republicans say that would particularly hurt small businesses; Democrats say that increased revenue is necessary.
The George W. Bush-era rates are scheduled to expire at the end of the year. Negotiating the decision to extend all or part of the current rates will be part of the upcoming fiscal cliff negotiations.