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EXTENDING MIDDLE-CLASS TAX CUTS
            IT’S THE RIGHT THING TO DO
                                         The President has called on Congress to act now to extend middle-class tax cuts and to not hold our economy
                                                and the middle class hostage over additional tax cuts for families making over $250,000 a year.

                                          P R E S I D E N T O B A MA’ S PRO POSAL TO EXT EN D M IDDL E-CL ASS TAX CUTS
          PROPOSED BY PRESIDENT OBAMA                                  PASSED BY THE SENATE                                               PASSED BY THE HOUSE                                       SIGNED BY THE PRESIDENT


    JULY 09, 2012                                                JULY 25, 2012                                                AWAITING VOTE                                                  AWAITING BILL




          CONTINUING TAX CUTS FOR 98 PERCENT OF AMERICAN FAMILIES
                             President Obama’s plan will make sure the 98 percent of American families with incomes of less than $250,000 continue
                                               to fully benefit from the income tax cuts that are set to expire at the end of 2012.



       LOWER TAX RATES ON THE
      FIRST $250,000 OF INCOME
                                                                                                                                                                                               AMERICAN OPPORTUNITY
                                         AFFECTING
                                                                                                                                                                                               TAX CREDIT
                                114 MILLION                                                                                                                                                    Families will continue getting
                    MIDDLE-CLASS FAMILIES                                                                                                                                                      help to pay for college
                                                                                                                                                                                               AFFECTING
                                                                                                                                                                                               11 MILLION
                                                                                                                                                                                               FAMILIES




                                          MARRIAGE                                                                                                                                             DOUBLED CHILD TAX CREDIT
              Couples will not be penalized with                                                                                                                                               Families will continue receiving a
            higher taxes because they file jointly                                                                                                                                              Child Tax Credit worth $1,000 per child
                                           AFFECTING                                                                                                                                           AFFECTING
                                         38 MILLION                                                                                                                                            35 MILLION
                                              COUPLES                                                                                                                                          FAMILIES WITH CHILDREN




                             Under the Republicans’ tax proposal, 25 million families that make less than $250,000
                           would see their taxes go up by an average of $1,000, while families making more than $1 million
                                                   would get tax cuts worth an average $160,000.
                                      ELIMINATES                                                       REDUCES                                                                                ELIMINATES
                             American Opportunity Tax Credit                               The Child Tax Credit available to low‐                                         The Earned Income Tax Credit increase for larger families
                             that helps families pay for college                           and moderate‐income working parents                                             and would reduces the credit for many married couples


                                                                                                                                                                              The 2 percent of families who would see
                                                                                                                                                                              additional tax cuts under the Republican plan
                                                                                                                                                                              have an average income of $800,000.




             CONTINUING TAX CUTS FOR 97 PERCENT OF SMALL BUSINESSES
                                            President Obama’s plan would continue tax benefits that benefit 97 percent of small business owners.
                                                         He’s also proposed two new tax credits to help businesses hire and grow.

                CONTINUE                                                                                                                                                     NEW


              EVERYONE, INCLUDING THOSE WITH INCOMES                                                                                                                       IMMEDIATE WRITE-OFFS FOR NEW INVESTMENT
              OVER $250,000, WILL ALSO BENEFIT FROM                                                                                                                        Lets firms continue to claim immediate tax write-offs for
                                                                                                                                                                           new investment through 2012, putting an additional $50
              Lower tax rates on the first
              $250,000 of income                                                                                                                                           billion in the hands of businesses in 2012 and 2013

              Marriage penalty relief
                                                                                                                                                                             NEW
              Tax deductions for up to
              $250,000 of new investment                                                                                                                                   A 10 PERCENT INCOME TAX CREDIT FOR
                                                                                                                                                                           FIRMS THAT HIRE MORE WORKERS OR
                                                                                                                                                                           INCREASE WAGES
                                                                                                                                                                           The credit is capped, which helps target its benefits to
                                                                                                                                                                           smaller businesses




                                                                                                                                    The 3 percent of ‘small business owners’ who would not get continued tax cuts on their
                                                                                                                                   income above $250,000 include high-income professionals and individuals who receive
                                                                                                                                                                         income from businesses that have no employees.
                           18 TAX                                                                                                                EXAMPLES

                           CUTS                                                   Wealthy individuals whose “small business” is renting out
                                                                                                    their vacation home or other property

                                                                                       Law firm partners, hedge fund managers and other
         Since taking office, the President has                                      highly compensated professionals who organize their
      signed into law 18 tax cuts that help small                                                            businesses as partnerships.
           businesses grow, hire, and invest



                                                            REDUCING THE FEDERAL DEFICIT
                                                               The President’s proposal will save almost $1.16 trillion over the next decade.

                                                                                 $191 BILLION                                                          $1.16 TRILLION IN SAVINGS
                                                    $119 BILLION             Interest savings
                                Reinstate the $7 million per-couple
                           estate tax exemption, which exempts all
                            but the wealthiest 3 in 1,000 decedents
                                                            from tax
                                                                                                                                                                                                       Making the high-
                                                                                                                                                                                                        income tax cuts
                                                    $849 BILLION                                                                                                                                     permanent would add
                                           Ending tax cuts on income                                                                                                                                 almost $1.16 trillion
                                                       over $250,000                                                                                                                                     to deficits over
                                                                                                                                                                                                       the next 10 years.

                                                                                                SURPLUS +
                                                                                                             $0
                                                                                                 DEBT -


Source: The President’s FY 2013 Budget




                                             NUMBER OF AMERICAN FAMILIES FACING A
                                              TAX INCREASE IF CONGRESS FAILS TO ACT
                                         On January 1, 2013, taxes are scheduled to go up for 114 million middle class families by an average of $1,600.

                                                                                                                                                                                 500K
                                                          2.5M
                                                                                                                                                                                 300K
                                                                                  400K                                                                                                       500K
                                                                                                            300K
                                                                                                                              2M
                                                        1.4M                                                                                                                                         2.5M
                                                                                                                                          2.2M
                                                                     500K                                    300K                                                                   7.3M
                                                                                    200K                                                                3.7M                                         400K

                                                                                                                               1.1M                                          4.9M
                                                               1M                                            700K                                                                                    1.4M
                                                                                                                                                     2.4M      4.3M
                                                                         900K                                                                4.8M
                                                                                         1.9M                                                                                                        3.4M
                                                                                                                                                                      600K
                                                                                                                  1M                                                          2.9M
                                                    13.2M                                                                                                   1.5M
                                                                                                                                   2.1M                                                              300K
                                                                                                                                                                              3.3M
                                                                                                                                                     2.3M
                                                                                                                                                                                                     2.2M
                                                                      2.1M           700K                              1.3M         1M
                                   500K                                                                                                                                   1.6M

                                                                                                                                                      1.7M         3.5M                              300K
                                                                                                                                              1M

                                                                                                             8.7M
                                                                                                                                      1.6M

                                                                                                                                                                                                              The average
                                                                                                                                                                            7.6M
                                                                                                                                                                                                              tax increase
                                                            300K                                                                                                                                               would be
                                                                                                                                                                                                                 $1600




  # M I D D L EC L A S S TA XC U TS                                         L E A R N M O R E AT W H I T E H O U S E.G OV/ TA X E S
                                                                                                            August 09, 2012

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Infographic: Extending Middle-Class Tax Cuts

  • 1. EXTENDING MIDDLE-CLASS TAX CUTS IT’S THE RIGHT THING TO DO The President has called on Congress to act now to extend middle-class tax cuts and to not hold our economy and the middle class hostage over additional tax cuts for families making over $250,000 a year. P R E S I D E N T O B A MA’ S PRO POSAL TO EXT EN D M IDDL E-CL ASS TAX CUTS PROPOSED BY PRESIDENT OBAMA PASSED BY THE SENATE PASSED BY THE HOUSE SIGNED BY THE PRESIDENT JULY 09, 2012 JULY 25, 2012 AWAITING VOTE AWAITING BILL CONTINUING TAX CUTS FOR 98 PERCENT OF AMERICAN FAMILIES President Obama’s plan will make sure the 98 percent of American families with incomes of less than $250,000 continue to fully benefit from the income tax cuts that are set to expire at the end of 2012. LOWER TAX RATES ON THE FIRST $250,000 OF INCOME AMERICAN OPPORTUNITY AFFECTING TAX CREDIT 114 MILLION Families will continue getting MIDDLE-CLASS FAMILIES help to pay for college AFFECTING 11 MILLION FAMILIES MARRIAGE DOUBLED CHILD TAX CREDIT Couples will not be penalized with Families will continue receiving a higher taxes because they file jointly Child Tax Credit worth $1,000 per child AFFECTING AFFECTING 38 MILLION 35 MILLION COUPLES FAMILIES WITH CHILDREN Under the Republicans’ tax proposal, 25 million families that make less than $250,000 would see their taxes go up by an average of $1,000, while families making more than $1 million would get tax cuts worth an average $160,000. ELIMINATES REDUCES ELIMINATES American Opportunity Tax Credit The Child Tax Credit available to low‐ The Earned Income Tax Credit increase for larger families that helps families pay for college and moderate‐income working parents and would reduces the credit for many married couples The 2 percent of families who would see additional tax cuts under the Republican plan have an average income of $800,000. CONTINUING TAX CUTS FOR 97 PERCENT OF SMALL BUSINESSES President Obama’s plan would continue tax benefits that benefit 97 percent of small business owners. He’s also proposed two new tax credits to help businesses hire and grow. CONTINUE NEW EVERYONE, INCLUDING THOSE WITH INCOMES IMMEDIATE WRITE-OFFS FOR NEW INVESTMENT OVER $250,000, WILL ALSO BENEFIT FROM Lets firms continue to claim immediate tax write-offs for new investment through 2012, putting an additional $50 Lower tax rates on the first $250,000 of income billion in the hands of businesses in 2012 and 2013 Marriage penalty relief NEW Tax deductions for up to $250,000 of new investment A 10 PERCENT INCOME TAX CREDIT FOR FIRMS THAT HIRE MORE WORKERS OR INCREASE WAGES The credit is capped, which helps target its benefits to smaller businesses The 3 percent of ‘small business owners’ who would not get continued tax cuts on their income above $250,000 include high-income professionals and individuals who receive income from businesses that have no employees. 18 TAX EXAMPLES CUTS Wealthy individuals whose “small business” is renting out their vacation home or other property Law firm partners, hedge fund managers and other Since taking office, the President has highly compensated professionals who organize their signed into law 18 tax cuts that help small businesses as partnerships. businesses grow, hire, and invest REDUCING THE FEDERAL DEFICIT The President’s proposal will save almost $1.16 trillion over the next decade. $191 BILLION $1.16 TRILLION IN SAVINGS $119 BILLION Interest savings Reinstate the $7 million per-couple estate tax exemption, which exempts all but the wealthiest 3 in 1,000 decedents from tax Making the high- income tax cuts $849 BILLION permanent would add Ending tax cuts on income almost $1.16 trillion over $250,000 to deficits over the next 10 years. SURPLUS + $0 DEBT - Source: The President’s FY 2013 Budget NUMBER OF AMERICAN FAMILIES FACING A TAX INCREASE IF CONGRESS FAILS TO ACT On January 1, 2013, taxes are scheduled to go up for 114 million middle class families by an average of $1,600. 500K 2.5M 300K 400K 500K 300K 2M 1.4M 2.5M 2.2M 500K 300K 7.3M 200K 3.7M 400K 1.1M 4.9M 1M 700K 1.4M 2.4M 4.3M 900K 4.8M 1.9M 3.4M 600K 1M 2.9M 13.2M 1.5M 2.1M 300K 3.3M 2.3M 2.2M 2.1M 700K 1.3M 1M 500K 1.6M 1.7M 3.5M 300K 1M 8.7M 1.6M The average 7.6M tax increase 300K would be $1600 # M I D D L EC L A S S TA XC U TS L E A R N M O R E AT W H I T E H O U S E.G OV/ TA X E S August 09, 2012