House Minority Whip Steny Hoyer thinks President Obama has the right idea about what income level should be the cut-off for preserving the Bush tax cuts.
"I do support the President's level. But a million dollars will be I think a metaphor for Republicans who will not support increasing revenues on any persons in America, no matter how much they make," Hoyer told an audience at the liberal Center for American Progress. "But I think the President's correct -- $250,000. Clearly we want to make sure that working Americans, middle-income Americans, continue to have the ability to purchase goods."
Some Democratic leaders want to raise the threshold for $1 million. Hoyer suggests that idea serves a strong political purpose, but that economically -- and as a matter of fiscal policy -- Obama has the better argument.