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Obama tax cuts won't extend to those earning over $250,000 a year. Watch live-stream of announcement.
WASHINGTON DC - President Obama will propose to extend George W Bush's taxcuts to families earning $250,000 or less for a year, in what is likely a effort to drum up more middle-class support for the president's re-election campaign.
The president is set to announce the one-year extension of the tax cuts at 11:50 AM in the East Room of the White House, according to the New York Times, where he will be surrounded by the very middle-class American families set to benefit from the move.
The president's address from Ohio Saturday spoke directly to the middle class, as he discussed a plan to re-direct military spending to infrastructure projects, and expand financial aid for students.
Tax cuts will expire for families earning over $250,000 a year, ending benefits granted during the Bush years.
The new tax hikes on high-earning families prompted some charges of "class warfare" on Twitter and elsewhere on the Internet today, as opponents countered that the hikes will penalize job-creators and harm the middle class.
The tax-cuts will handily differentiate Obama from his opponent, Mitt Romney, who is regularly accused of catering to the whims of the rich by the incumbent's re-election campaign.
Obama campaign advisor Robert Gibbs spoke out against prolonging existing tax-cuts for the rich last week on CNN's "State of the Union" program.
"We have tried these different philosophies before; we know what tax breaks and tax cuts for the wealthy and [taking] financial regulations off of Wall Street mean. They mean economic calamity, they mean what we are dealing with now, versus a vision where we add jobs and build out the middle-class."