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Obama's plan is to cut income taxes overall, which he states would reduce revenues to below the levels that prevailed under Ronald Reagan (less than 18.2 percent of GDP). Obama argues that his plan is a net tax cut, and that his tax relief for middle-class families is larger than the revenue raised by his tax changes for families over $250,000.
The top marginal tax rate on income of 39.6%, provided for under the expiration of the 2001 portion of the Bush tax cuts, was retained. This was an increase from the 2003–2012 rate of 35%. [3] The top marginal tax rate on long-term capital gains of 20%, provided for under the expiration of the 2003 portion of the Bush tax cuts, was retained.
At the "Slurpee Summit" of November 30, 2010, President Obama appointed Treasury Secretary Tim Geithner and Office of Management and Budget chief Jack Lew to help Republicans and Democrats hammer out an agreement on extending the Bush tax cuts. [14] President Obama wanted to extend the tax cuts for taxpayers making less than $250,000 a year.
On Monday, President Obama suggested a tax break that will benefit America's wealthiest citizens -- as well as some of its poorest. He proposed that the Bush-era tax cuts, which are set to expire ...
President Barack Obama, who has disagreed with Republican Congress members on whether to extend George W. Bush-era tax cuts for wealthier Americans beyond this year, said Tuesday that he will work ...
Just after the bill was enacted, Krugman wrote that the stimulus was too small to deal with the problem, adding, "And it's widely believed that political considerations led to a plan that was weaker and contains more tax cuts than it should have – that Mr. Obama compromised in advance in the hope of gaining broad bipartisan support."
Senate Republicans will likely block President Barack Obama's plan to effectively increase taxes for the wealthiest U.S. citizens by allowing a tax cut enacted by George W. Bush's administration ...
This new plan would cut deficits by $4 trillion over 12 years through a combination of broad spending cuts and tax increases, including the expiration of the Bush tax cuts for incomes over $200,000 and proposed a cap on increases in Medicare and Medicaid spending, to be paid for by individuals. Obama criticized the Republican plan for enriching ...