Guess whose taxes are getting raised?
The Republicans have informed us numerous times that letting a tax break expire is the same as raising taxes.
The recently announced (but not yet passed) deal would replace the Making Work Pay tax credit ($400 for individuals or $800 for families) with a 2% reduction in all payroll taxes. Simple algebra says that if you make less than $20,000 as an individual or $40,000 as a family, this reworking actually increases your taxes--- as several newspaper articles have mentioned.
So, if it's class warfare to raise taxes on those making more than $250,000 a year, what is it called when you raise taxes on those making less than $40,000 a year?
Also, least credible promise ever:
In a nod to the sentiments of his base, [Obama] said he would fight in two years to end the top-tier tax cuts when they would be set to expire under the deal.
Right. During the election year? Or after the election, then Obama can totally live up to campaign promises on DADT, civil liberties, tax cuts for the rich, Wall Street reform, climate change, etc. Honest. For real this time. No fake compromises.
The recently announced (but not yet passed) deal would replace the Making Work Pay tax credit ($400 for individuals or $800 for families) with a 2% reduction in all payroll taxes. Simple algebra says that if you make less than $20,000 as an individual or $40,000 as a family, this reworking actually increases your taxes--- as several newspaper articles have mentioned.
So, if it's class warfare to raise taxes on those making more than $250,000 a year, what is it called when you raise taxes on those making less than $40,000 a year?
Also, least credible promise ever:
In a nod to the sentiments of his base, [Obama] said he would fight in two years to end the top-tier tax cuts when they would be set to expire under the deal.
Right. During the election year? Or after the election, then Obama can totally live up to campaign promises on DADT, civil liberties, tax cuts for the rich, Wall Street reform, climate change, etc. Honest. For real this time. No fake compromises.