By one analysis of the deal on extending the Bush tax cuts, Obama got more than the Republicans did. The measures he sought cost three times more than those the GOP sought. But can that help him change the minds of Democrats on Capitol Hill?
Unemployment benefits and tax cuts will help middle class Americans, argued President Obama. True, but the plan helps everyone else, too – except the ballooning deficit.
Some Democrats are in revolt now that President Obama has backed a deal to extend all the Bush tax cuts – even to the rich. Economists differ on the value of tax cuts for the rich.
The tax-cut accord forged this week by President Obama and congressional leaders would give Americans a substantial income boost, whatever tax bracket they're in. Critics say it would push up the national debt and includes an unnecessary giveaway to the rich. Supporters say the cuts are much-needed fuel for the economy. It's a broad package that, if approved by Congress, would include much more than just a two-year extension of the Bush tax cuts. Here's a look at who gets what:
Estate tax provision would exempt first $5 million and charge only 35 percent on the rest of wealthy estates.
The Tax Policy Center offers a tool to allow people to see how the proposed changes to federal tax policy would affect YOU.
Let's agree on the facts, regardless of the politics: the Bowles-Simpson plan and Rivlin-Domenici plan will raise taxes on the rich. Not marginal tax rates, but average tax rates.
How will a proposed budget affect your taxes? It depends entirely on how you define now. 'Current law' and 'current policy' turn out to be very different baselines.