Taxes and 2012 presidential election

10:11 AM, Jun 7, 2012   |    comments
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NBC - Stocks took a nosedive when May's weak jobs report came out Friday. Now, it looks like the market's bouncing back.

Asian stocks are up this morning - and Wednesday, Wall Street had its best day this year - on news that Europe may rescue Spain's troubled banks.

But what about our economy?

Federal Reserve Chair Ben Bernanke testifies before Congress Thursday. Three of his members are ready to take action, but lawmakers may be ready to act to prevent taxes from going up January first. "When you raise the marginal tax rate from 35 (percent) to 40 percent, it means that business will keep less capital and can hire fewer people. It'll kill jobs," said Mitt Romney, (R) Presidential Candidate.

President Obama is against more tax breaks for the rich. "It's not enough just to continue the Bush tax cuts; we've going to tack on another $5 trillion worth of tax cuts," said President Barack Obama.

But Republicans have found an unlikely ally - President Bill Clinton. He says the economy is so weak, for now, Congress should extend the Bush Tax Cuts for everyone - including the wealthy. "I don't have any problem with extending all of it now, including the current spending level," said Former President Bill Clinton.

"Obviously President Bill Clinton gets it, he knows in this economy you should not be raising taxes on anybody," said Rep. Jeb Hensarling, (R) Texas.

Your taxes - a key issue on the campaign trail.

NBC

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