Lawmakers on Capitol Hill are debating this week on how to handle the Bush-era tax cuts. There are two competing plans with one major difference:
* Democrats support a version that extends the tax cuts for individuals up to their first $200,000 in yearly income, which narrowly passed the Senate last week.
* Republicans want the cuts extended for all Americans.
Rep. Joseph Crowley (D-NY) sits on the House Ways and Means Committee. He will introduce the House version of the Senate's Bill this week. He explains what Congress needs to do is to reach a compromise.
"I believe that right now what we're looking for is compromise," Rep. Crowley says. "We're hoping our Republican colleagues will come in. Right now if we passed the bill, if you are a sergeant in the military serving overseas in Afghanistan, you have a wife and children back stateside, you will see a $400 increase in your taxes if the Republican Bill would become law. That's unacceptable for the middle class and working Americans. We need to pass a bill that makes sense for America, not just for the wealthiest 2% of this country."
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