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Tipsheet

Obama Administration Misleads the Country on Tax "Cuts"

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 cut but will keep the rates they currently pay.

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The President said there's one thing we can do right now to provide a foundation for a solution that helps the economy and gives middle-class families more certainty in the coming weeks. And it's something that everyone agrees on: pass a law that would prevent any tax hike whatsoever on the first $250,000 of everybody’s income.

"That means every American, including the wealthiest Americans, get a tax cut," he said. "It means that 98 percent of all Americans, and 97 percent of all small businesses won’t see their taxes go up a single dime."
 

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President Obama isn't giving a tax cut to anyone, but instead wants tax hikes for those making more than $250,000 per year.

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