These are the tax cuts for some of the folks who’ve been hit hardest by this recession, and it would be simply unacceptable if their taxes went up while everybody else’s stayed the same. - President Obama
Over the past couple of days, we've been told that the tax cut deal that President Obama hatched with the Republican Party would benefit almost all Americans. And it's true. The winners include:
... the wealthiest 1 percent of the population ... good news for hedge fund managers and private equity investors ... families with an income near the median of $55,000 ... A two-income couple earning $146,000 ... an individual earning $110,000 ...
You get the idea. So, who are the losers?
In fact, the only groups likely to face a tax increase are those near the bottom of the income scale — individuals who make less than $20,000 and families with earnings below $40,000.
Which is apparently acceptable.