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The Middle Class Tax Relief and Job Creation Act of 2012 (Pub. L. 112–96 (text), H.R. 3630, 126 Stat. 156, enacted February 22, 2012), also known as the "payroll tax cut", was an Act of the United States Congress.
The Middle Class Tax Relief Act of 2010 originated in the Democratic caucus within the House in early December 2010, and proposed to extend the Bush tax cuts for "middle incomes", meaning those earning under $250,000 for joint filers (and for singles, those earning under $200,000).
Obama's plan is to cut income taxes overall, which he states would reduce revenues to below the levels that prevailed under Ronald Reagan (less than 18.2 percent of GDP). Obama argues that his plan is a net tax cut, and that his tax relief for middle-class families is larger than the revenue raised by his tax changes for families over $250,000.
On Monday, President Obama suggested a tax break that will benefit America's wealthiest citizens -- as well as some of its poorest. He proposed that the Bush-era tax cuts, which are set to expire ...
President Barack Obama unveiled his compromise to extend the Bush-era tax cuts and renew unemployment benefits Monday evening, calling it an "essential step on the road to recovery." But he's ...
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 ...
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.
President Barack Obama, who has disagreed with Republican Congress members on whether to extend George W. Bush-era tax cuts for wealthier Americans beyond this year, said Tuesday that he will work ...