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On December 23, 2011, the House and Senate passed H.R. 3765, also called the Temporary Payroll Tax Cut Continuation Act of 2011, and President Obama signed it the same day. The bill's effect was to extend lower payroll tax rates past December 31, 2011, when they would have expired. [7]
Obama has proposed a tax plan which includes tax credits to lower the amount of taxes paid. It is argued that the typical middle-class family would receive over $1,000 in tax relief, with tax payments that are 20% lower than they faced under President Ronald Reagan. According to the Tax Policy Center, the Obama plan provides three times as much ...
This was done by increasing the exemption amount and making other targeted changes. The negative revenue impact of this measure was estimated at $136 billion. [7] The above three measures are intended to provide relief to more than 100 million middle-class families and prevent an annual tax increase of over $2,000 for the typical family. [8]
High-income residents of New York City and Hawaii would have the highest marginal tax rates in the U.S. if Congress adopts the president's proposal to increase taxes for top earners, according to ...
Remember how President Obama vowed during the presidential campaign not to raise taxes on the middle class? That promise has been coming under intense scrutiny lately. In remarks to the White ...
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The bill, the Middle Class Tax Relief and Job Creation Act of 2011, was passed by the House and signed by the President later that day. [ 35 ] [ 36 ] [ 37 ] The tax cut extension for the remainder of the year was passed as the Middle Class Tax Relief and Job Creation Act of 2012 on February 17, 2012, by a vote of 293–132 in the House and 60 ...
The top marginal tax rate on income of 39.6%, provided for under the expiration of the 2001 portion of the Bush tax cuts, was retained. This was an increase from the 2003–2012 rate of 35%. [3] The top marginal tax rate on long-term capital gains of 20%, provided for under the expiration of the 2003 portion of the Bush tax cuts, was retained.