19: Taxes
Deliver broad-based tax relief to middle class families and cuts taxes for small businesses and companies that create jobs
in America, while restoring fairness to our tax code and returning to fiscal responsibility.
Other Information:
Barack Obama and Joe Biden’s tax plan delivers broad-based tax relief to middle class families and cuts taxes for small businesses
and companies that create jobs in America, while restoring fairness to our tax code and returning to fiscal responsibility.
Coupled with Obama and Biden's commitment to invest in key areas like health, clean energy, innovation, and education, their
tax plan will help restore bottom-up economic growth that creates good jobs in America and empowers all families to achieve
the American dream. Under the Obama-Biden Plan: Middle class families will see their taxes cut -- and no family making less
than $250,000 will see their taxes increase. The typical middle class family will receive well over $1,000 in tax relief under
the Obama-Biden plan, and will pay tax rates that are 20 percent lower than they faced under President Reagan. Families making
more than $250,000 will pay either the same or lower tax rates than they paid in the 1990s. Obama will ask the wealthiest
two percent of families to give back a portion of the tax cuts they have received over the past eight years to ensure we are
restoring fairness and returning to fiscal responsibility. But no family will pay higher tax rates than they would have paid
in the 1990s. The Obama-Biden plan will cut taxes overall, reducing revenues to below the levels that prevailed under Ronald
Reagan (less than 18.2 percent of GDP). The plan is a net tax cut -- his tax relief for middle class families is larger than
the revenue raised by his tax changes for families over $250,000. Coupled with his commitment to cut unnecessary spending,
Obama will pay for this tax relief while bringing down the budget deficit.
Objective(s):
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