After US President Barack Obama failed to deliver on his 2008 campaign promise, Vice President Joe Biden says his camp will fight to end the "morally troubling" renewed tax cuts for rich Americans in the re-election year of 2012."The one target for us in two years is no longer extending the upper income tax credit for millionaires and billionaires," Biden said.
The recently renewed tax cuts for high-income Americans came as a compromise deal between Obama and the Republican camp who had threatened to block the extensions for all Americans if the high-end tax cuts were not extended.
Obama had originally proposed a tax plan which would extend the Bush-era tax breaks only for the lower- and middle-class families.
Biden said he was confident that Congress will allow the high-end tax cuts to expire in 2012, stating that he and president Obama will be running in the next presidential election.
"We will be able to make the case much more clearly that spending USD 700 billion over 10 years to extend tax cuts for people whose income averages well over a million dollars does not make sense," Biden said.
President Obama had announced that he would end Bush-ear tax cuts for high-income Americans during his 2008 presidential campaign but never followed through with the promise.
During a press conference in early December however, Obama said striking a deal with the Republicans was more important than allowing the tax cuts to expire on 1 January 2011 amid a political stalemate.