Evidently there's a meme going around that in the rollback of the Bush tax cuts taxes are going to go up across the board at all income levels. This
Bloomberg report says otherwise.
"The administration budget released yesterday would reinstate 10-year-old income tax rates of 36 percent and 39.6 percent for single Americans earning more than $200,000 and joint filers making more than $250,000 as part of a broad $1.9 trillion tax increase proposal. It proposes to eliminate preferences for oil and gas companies, life-insurance products, executives of investment partnerships and U.S.-based companies that operate overseas."
So not only are the Bush cuts remaining in place for middle and lower income folks, new cuts for them are in the budget.
Obama proposed $143.4 billion in new tax cuts for individuals who earn under $200,000. While the budget sets out $93.5 billion in gross tax reductions for businesses, overall they would face a net tax increase.
“The proposed budget’s $300 billion in tax relief over the next 10 years for individuals, families, and businesses is mostly targeted and limited, often to people who don’t have to pay any taxes,” said Senator Charles Grassley of Iowa, the ranking Republican on the tax-writing Senate Finance Committee. “The tax increases in the budget dwarf the tax relief.”
It's difficult to have a serious discussion about the budget when folks are reporting things that simply aren't true.
2 comments:
I didn't see the portion that said that he would keep any of the Bush tax cuts.
Please read the rest of the article. Further down there is this: "Obama asked Congress to extend all of Bush’s tax cuts that apply to Americans earning under $250,000. He also proposes almost doubling a tax credit that helps Americans pay for child care and increasing federal subsidies for Individual Retirement Accounts."
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