Tax The Rich? LA Residents Mixed On Expiring Cuts

Congress to weigh in on tax breaks

LOS ANGELES (CBS) — When it comes to tax cuts, do you give them to the rich or the middle class?

It’s a looming national debate that eventually Congress will have to settle. But some Los Angeles residents say regardless of what lawmakers have to say, the rich are rich enough.

KNX 1070’s Jon Baird Reports

If Congress fails to extend the tax cuts already in place, Americans across all income brackets will pay higher tax rates as several breaks expire: the marriage penalty, credits for families, and even the capital gains and estate taxes.

(©2010 CBS Local Media, a division of CBS Radio Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. Wire services contributed to this report.)


More From CBS Los Angeles

Introducing Your New Podcast Network

Listen Live