How ‘massive’ is Obama’s tax cut/tax increase?
In 2010, Obama extended all of the tax cuts for two years, and now they are due to expire at the end of the year. He now proposes to extend the rate reductions — but to restore the pre-Bush tax rates on income above $250,000 for families and $200,000 for individuals.
Even so, few people appear to realize that even the wealthy would continue to receive the benefit of the lower rates on income below $250,000, compared to the expiration of the law. In ...
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