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.
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.
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.
Why are you saying Obama did this when it was Republicans/Congress that fought him all the way and ended up winning?