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View Diary: White House report takes aim at Republicans' War on Christmas, middle class hostage-taking (23 comments)

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    denig

    Under the President’s proposal, the 98 percent of American families with incomes of less than $250,000 per year would continue to benefit in full from the income tax cuts expiring at the  end of 2012, including:

    - The doubling of the Child Tax Credit to $1,000 per child, and the extension of the credit to millions of working families that previously could not benefit from it.

    - The 10 percent tax bracket, which will provide middle-class couples with a tax cut of up to $890 next year.

    - Marriage penalty relief, which reduces or eliminates marriage penalties for nearly 38 million couples.

    - Lower tax rates on up to $250,000 of income ($200,000 for single filers).

    - Under the President’s plan, the income tax rates for high-income households would return to what they were under President Clinton, when the economy created nearly 23 million new jobs, we went from deficit to surplus, and businesses and investors did very
    well.

    -You want to change the system, run for office.

    by Deep Texan on Mon Nov 26, 2012 at 01:07:09 PM PST

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      denig

      The President’s proposal and legislation introduced by Congressional Democrats would provide certainty for the 114 million middle-class families whose taxes will go up on January 1 if Congress does not act.  Without Congressional action:

      - 114 million  middle-class families will see their federal income taxes increase by an average of $1,600.  

      - A typical middle-class family of four will see their taxes rise by about $2,200 as a result of losing the combination of the expanded child credit, marriage penalty relief, and the 10 percent bracket.

      - Over 35 million families will receive a smaller Child Tax Credit, and millions of low- and moderate-income working families with children will lose access to the Child Tax Credit altogether.  

      - 11 million middle-class families will no longer get help paying for college from the American Opportunity Tax Credit.

      - Small businesses will be able to claim immediate tax deductions for only $25,000, rather than $250,000, of new investment.

      -You want to change the system, run for office.

      by Deep Texan on Mon Nov 26, 2012 at 01:14:05 PM PST

      [ Parent ]

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