April 13, 2009 02:27 PM | Permalink |
Part 1: President’s Obama’s Budget, Taxes, and the Economy
1. Question: Does President Obama plan on raising our taxes? Answer: President Obama proposed tax cuts for more than 95 percent of Americans in his budget proposal. He would allow the Bush tax cuts for the richest 2.5 percent of taxpayers to expire as they are scheduled to at the end of 2010.1
This means that the very richest few will pay taxes at rates in place during the Clinton years while everyone gets to keep the tax cuts enacted by President Bush as well as additional tax cuts for low- and middle-income families enacted as part of the economic recovery legislation.