Permanent Tax Cuts for Wealthy Opposed by President Obama

After widespread success for Republicans in last week's national election, President Obama looks to compromise on tax cuts.

Obama is looking to extend tax cuts only to families making $250,000 a year or less according to an article published by Reuters. Republicans on the other hand want the tax cuts to be provided for all Americans.

During a news conference at the G20 summit in Seoul, Obama stated, "I continue to believe that extending permanently the upper-income tax cuts would be a mistake and that we can't afford it. And my hope is, is that somewhere in between there we can find some sort of solution.