Extending Tax Cuts

Republicans in Congress reached agreement Tuesday on a $70 billion measure to extend tax breaks for investors and prevent more middle-income families from being hit by a tax aimed at the wealthy.

The measure would keep 15 million families from being hit this year with the alternative minimum tax, which was designed to make sure the wealthy paid taxes but is ensnaring more and more middle-income families because it is not indexed for inflation.

Critics, including many Democrats, have attacked the tax rate reductions on dividends and corporate profits as being largely tilted to the wealthy and have argued that the provisions should not be extended at a time of large budget deficits and massive spending for the war in Iraq. Read more.

Do YOU support the Republicans' bill to extend tax cuts?

E-mail us at speakout@foxnews.com and jump into the debate!

Here's what people in the news are saying:

"A tax increase would be disastrous for business, disastrous for families and disastrous for this economy. If the people have their way who want this tax relief to expire, the American people will be hit with $2.4 trillion in higher taxes over the next decade." — President George W. Bush

"This is a responsible bill that protects families and small business owners from tax increases, while also providing investors with a bigger window of certainty — critical to continued economic growth." — Ways and Means Committee Chairman Bill Thomas (R-CA)

"The predictable result is a Republican agreement that benefits millionaires at the expense of working families." — Rep. Pete Stark (D-CA)

Check out what FOX Fans are saying:

"Taxes should be cut more than proposed. 60 percent of our tax money is wasted every year. The ridiculous pork barrel projects, disproportionate funding to the worthless United Nations, ridiculous budgets for congressmen’s salaries, retirement, and medical benefits, and to maintain congressmen’s offices are just a few of the thousands of examples of wasted revenue." — John (Spring, TX)

"Yes. Anytime we can take money away from those thieves in Washington, the better. They waste so much of our hard earned money, and we keep letting them get away with it." — Joyce

"I support any tax cuts. I also support the Fair Tax." — Angie

"Why extend tax cuts at a time of record-breaking deficits in the U.S.? This is Economics 101: you don't spend more than you earn! Our country is in the biggest financial hole it's ever been in. The tax cuts should be eliminated and fiscal sanity restored." — S.O. (Kansas City, MO)

"Absolutely! We need to make tax cuts permanent. They have kept the economy humming despite all of the recent disasters. They help everyone, even non-rich people like us." — B.J. and Roland (Tulsa, OK)

"I absolutely support the tax cut extensions. I’d like to see them made permanent so businesses and people are encouraged — not penalized — for creating opportunity. And now let’s permanently fix, or eliminate, the AMT!" — Keith (Hudson, OH)

"Excuse me, Rep. Stark, but I am part of one of the middle class working families to which you are referring. I don't know if you realize who it is that pays the majority of the taxes in this country. Why don't you just be honest and tell the middle class what you really mean. With the Dems in power, the middle class will be hit with the largest tax increases." — David (Ft. Worth, TX)

"Yes, I do. However, even though I have voted Republican since Barry Goldwater, I am not sure I have a party anymore. Excessive spending, no control on the border, bigger government and a president that cares nothing about conservatives — he and the Republican Party may pay a price for their indifference to conservative views in November! " — Jim (Clarkesville, GA)

"Cut the taxes and reduce the pork and there will be still plenty of money to go around. The economy is red hot from the last tax reduction, why spoil it." — Tom (CA)

"Yes, I support the bill to extend tax cuts. It will help middle income families. There are too many people loosing their homes. With interest rates rising, maybe this will save some of them, by keeping more money in their pockets until the economy settles out." — Elaine (Reidsville, NC)

"What a question! Is this not the U.S.A., the land of opportunity? Should we allow people to keep the money they earn? If anyone is paying attention, the economy is growing at an unbelievable rate, which should bring huge revenue into Washington. Do we still not understand that tax cuts actually spur the economy and create more revenue? If we are concerned about deficits, then why would we consider raising taxes and slowing down the economic expansion that is taking place?" — Tom (Sioux Falls, SD)

"If cutting taxes is so wonderful, why not just eliminate them? That would be the logical conclusion of many of the arguments made for extending the tax cuts. Oh, because we have to pay enough in taxes to pay for the government. The only problem with extending the tax cuts is that we are outspending our taxes. The only two solutions are to restrict government spending or to raise taxes. Given the choice, and the fact that the tax cuts favor wealthier Americans, I would eliminate the tax cuts instead of extending them. Also, I would fix the alternative minimum tax. There really should not be anything in the tax code that is not indexed to inflation." — Charles (Minneapolis, MN)

"Yes, but they don't go far enough. Eliminate the capital gain and AMT taxes forever. Also, eliminate any taxes on Social Security. What a travesty. Congress, and both parties, are only interested in being elected, and they have a wishbone where their backbone ought to be." — Larry

"The less I am taxed, the more I invest and spend. The less a company is taxed, the more it can operate at a profit, expand its services and hire more people who also spend and invest. Why can't the Democrats get this basic economic axiom of capitalism? " — Doug

"I absolutely support the GOP for extending our tax cuts. It has been a huge success, and the stock market rally and economic growth for most families in the U.S.A. are the results. The GOP needs to do this and push it through at full speed to once again bring conservatives back to the GOP fold. When this happens, we will see Democrats being even more arrogant in their outrage against these wise tax cuts." — Pastor Glenn (Long Beach, CA)

"No I don't support these tax cuts. The wealthiest gain the most, while the middle class are bearing the burden for the whole country. This is not equal." — Anne (San Diego)

"Absolutely. It is not a tax cut. The 'rich' are paying a disproportionate amount of taxes as it is!" — Kelly

"Yes, I support extending the tax cuts. If the government could, they would take all of our money. We must stop them." — Vera

"I worked on Capitol Hill for 15 years and I know that the general public does NOT know enough about the bill to make a decision regarding its worth. We need more information as to the total package and if there are any 'attachment bills' that other members of Congress want ponied to it." — Sandy

"Make the tax cut permanent. Any one who might think that the tax cut is only for the rich is a little off in the brain pan. 'If you are rich you must be a Republican' — is that what the Democrats really believe? How can the wealth of the Democratic members of the House and the Senate be explained then?" — George

"My family has been benefitting from these cuts over the last two years because we have had enough capital gains from real estate speculation and the markets to finally lift us out of AMT. Despite being the beneficiary of these policies, I would prefer to pay the same rate on capital gains and dividends that I do on wages. There is something inherently immoral about requiring those laboring to build our society to contribute a greater share of their income to taxes than those clipping coupons." — Mike

"We should definitely keep the tax cuts, but Bush needs to go all the way and repeal the Income Tax and the IRS. Through an Income Tax, the government is dictating how we live our lives. If we were truly free, we would have the right to our person and be able to choose to work and keep the fruits of our labor. So I agree to keep the tax cuts and to go even further and eliminate the Income Tax altogether and institute the Fair Tax." — Justin

"I am in wholehearted agreement with the Republicans on this one. Now all we need to do is get Congress to stop spending so much, and have them stop giving themselves raises! I sure wish I could vote myself a raise. This needs to be stopped. The people of 'Con'-gress are exactly what the former implies — they are all a bunch of 'con' men (and women)." — Leonard (Los Angeles, CA)

"Yes, this is one tax relief for the middle class." — Barbara

"I do NOT support the tax cuts. They are mainly for the ultra rich while hurting the middle class (which this administration wants to eliminate). Tax cuts have never been done during a time of war at any time in history. This administration is putting corporations and their rich friends ahead of America...and that is beginning to show badly." — Gail (Georgia)

"I sure do support the tax plan to extend the breaks. Let’s keep the market moving upward." — Kathy (Highland, MI)

"The federal government is much too big and requires much too much of our money to run. Any tax cut is a step in the right direction. We need to follow up by forcing our elected officials to curtail spending on unnecessary programs and services." — Bryan

"Exactly where do the Democrats think this booming economy is coming from? Even a poor school teacher like me can see that giving people (wealthy or otherwise) more of their own money by cutting taxes has spurred record economic growth. Now if we can just keep the Congress from spending too much of it, we might actually pay down the deficit too!" — Julie

"How often do we need to go down this path? Tax cuts have regularly been shown to help everyone and the outcry by the Democrats that this only helps the rich is their warn out effort to have people making less hate rich people. If the Democrats want to find more money for programs, Congress should look to all the waste in the budget and programs that do not deliver their intended results. If anyone in the private sector ran a budget the way agencies in Washington do, they would not have a job long." — Ray (Sherwood, WI)

"I consider myself far from wealthy, but I support the extension of the tax cut. I only wish the long term capital gains rate was reduced to zero." — Dave (Cupertino, CA)

"We already pay enough taxes!" — Ronald

"No, this is another attempt by Bush and his followers to keep making the rich (his pals) richer and the poor poorer!" — Karen (Mobile, AL)

"Absolutely! What bonehead wants to pay more taxes? Now congress needs to hurry up and get rid of the death tax forever." — Gail

"The tax cut should be permanent. Taxes should always be on a equal bases. What would be the bases to try to exceed or expand on personal wealth if you’re just going to knock down? As a small business owner, my company would not continue to grow with out the tax cuts in place." — Ed (Winters, CA)