The White House is promoting the extension of the Bush Tax Cuts for the middle class (which should really be called the Obama-Bush Tax cuts, since Obama extended them in 2010) as exactly that, tax cuts. But the truth is, an extension of the tax cuts wouldn't be a cut at all, but would keep tax rates at the current rate. The Obama admnistration is implying on the official WhiteHouse.gov website that a tax cut is coming for the middle class when in reality if a deal is made by January 1, middle class families won't see a tax...
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Returning the tax rates to their "pre-Bush" levels for families making $250K+ and individuals making $200+ will only bring in $82 billion in revenue. That's not enough to pay for one month of the current $trillion plus deficits.
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