Obama to allow Bush tax cuts to expire on schedule

WASHINGTON Sat Feb 21, 2009 6:06pm EST

U.S. President Barack Obama speaks about relief for Americans facing home foreclosure at Dobson High School in Mesa, Arizona February 18, 2009. REUTERS/Joshua Lott

U.S. President Barack Obama speaks about relief for Americans facing home foreclosure at Dobson High School in Mesa, Arizona February 18, 2009.

Credit: Reuters/Joshua Lott

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WASHINGTON (Reuters) - President Barack Obama will allow tax breaks given to wealthier Americans under his predecessor, George W. Bush, to expire as scheduled rather than eliminate them sooner, an administration official said on Saturday.

Obama, who promised during his White House campaign to roll back tax cuts on people earning more than $250,000, also plans to boost tax collections from about 16 percent of the economy this year to 19 percent in 2013, the official said, confirming a Washington Post report on Obama's budget proposals for the 2010 fiscal year.

(Reporting by Ross Colvin; Editing by Peter Cooney)

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