U.S. Sen. Dick Durbin (D-Ill.) is backing an extension of federal income tax cuts but only for income under $250,000 per year. Durbin says he backs the president’s plan. “I want to make sure that I join the president in protecting those with family incomes under $250,000 from any tax increase,” Durbin said. “Middle-income and working-class families across America have been struggling and they don’t need a tax increase at this point.”
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Republicans are against the $250,000 plan. They are pushing for the tax cuts to be extended for all income. There has also been concern that small businesses would be affected by the $250,000 plan, but Durbin says proper legislation would safeguard mom-and-pop operations. He says though that there should be a distinction between true small business and those that aren’t. “I think we need to make sure that the law accurately reflects small business protection but doesn’t go beyond that,” Durbin said. The tax cuts, which were put into place during the Bush administration, expire at the end of the year if Congress does not act.