President Obama has endorsed a tax deal that would give individuals up to $400,000 an extension of the Bush tax cuts. The plan would also reportedly allow the rich to keep a lower estate tax than is currently planned for 2013 (55% for estates worth more than $1 million). This is a tax cut for many rich Americans.
Because the payroll tax cut is expiring and the Make Work Pay tax cut is not coming back, most working Americans will also see a tax increase. The most galling thing is that 98 percent of Americans will actually see a larger tax increase than some of the richest Americans. Working with our friends at the Center for Economic and Policy Research, we compiled the following chart to demonstrate this:
Our polling of swing states shows that a large majority of voters want to see taxes raised on incomes above $250,000.
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speak truth says:
It would have been better to go over the fiscal cliff than to have signed this lame bill. Fiscal cliff was created by both parties, it is and was a myth. If anyone thinks democrats wont cave on increasing the SS age to 67, or cutting medicare by CPI chained thereby delivering less money and services the older you get~think this DEAl was a win for democrats, think again. We have all been had by the two corporate owned parties. If you want your democracy back then we must ALL move to a 3rd party. This two headed corporate snake has proven that none of them are worthy of reelection. Throw em all out, its the only way.
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Doug says:
FYI this chart is WRONG. There is also a new 0.9% payroll tax increase for those making over 250,000. This chart just ignores that entirely.
Such misleading information.
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Alyce Doss says:
Why are you saying Obama did this when it was Republicans/Congress that fought him all the way and ended up winning?
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