Extending Middle-Class Tax Cuts
- 7Sep 11, '12 by Joe V AdminUnless the House of Representatives takes action before January 1, 2013, taxes will go up on 114 million middle-class families. Nearly everyone in Washington agrees thatís a bad idea. Thatís why President Obama is calling for -- and the Senate has already passed -- legislation that will keep the middle class from paying thousands of extra dollars next year.
Republicans in the House of Representatives, however, are refusing to extend middle-class tax cuts without also giving massive tax cuts to the wealthiest 2 percent of Americans. In fact, House Republicans have proposed their own tax plan that would actually raise taxes on 25 million families making less than $250,000, while giving families making more than $1 million an average tax cut of $160,000 next year.
Weíve put together an infographic to help you understand some of the details behind the tax cut extension President Obama is asking Congress to pass, and how it differs with the House Republican proposal. Check it out, and if you agree with President Obama that extending middle-class tax cuts is the right thing to do, share it on your social networks and pass it on to your friends and family.
- 2Sep 11, '12 by azhiker96The House did vote to extend the tax cuts for middle class Americans. It just did not exclude the upper income bracket where the President would raise taxes. Of course the Senate and President rejected the House measure.
It's interesting that the White House estimates extending the cuts for the wealthy will add $1.16 trillion to deficits over 10 years but neglects to mention the $3.3 trillion added by the portion of the Bush tax cuts he favors.
As a middle class American who has children and grandchildren I favor allowing all the Bush tax cuts to expire and return to the tax structure under Clinton. An even better and fairer option would be to pass the FairTax but I doubt that will happen.
Bloomberg put together a graphic that separates out the exact proposals. I find that's clearer than the White House graphic.
http://images.businessweek.com/mz/10...ics+%2B+policyLast edit by azhiker96 on Sep 11, '12
- 3Sep 14, '12 by TweetyI really must be poverty stricken....(notice the "to be fair caveat)
.As the Wall Street Journal's What Percent Are You calculator reveals, $200K puts you in the 94th percentile of tax-filing households, and $250K puts you in the 96th percentile. So to the extent that Romney believes that being middle class in 21st century America means being in the top 4-6 percent, he's going to deserve the ridicule he has manage once again to self-inflict. Of course, Romney did say $200-250K "or less," so presumably he doesn't put the middle-class household wage floor at $200K. Even he's not that dim.
To be fair, some will point out that Barack Obama's pledge to avoid raising taxes on the middle class, coupled with policy proposals that preserve tax cuts for those earning less than $250K, means that Obama also defines the middle class all the way up into the mid-200Ks. I'm not aware that Obama has been clumsy enough to make that upper bound explicit as a definitional matter in the way that Romney just did today.