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Under Obama's plan, middle-class families would see their income taxes cut, with no family making less than $250,000 seeing an increase. In June 2008, Obama voted in favor of a budget that would raise the taxes on unmarried individuals with a taxable income of over $32,000 by pushing their tax bracket from 25% to 28%. [234]
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 bill's effect was to extend lower payroll tax rates past December 31, 2011, when they would have expired. [7] The Social Security tax rate would have increased from 4.2% to 6.2%, had the bill not passed. The rate would have applied to the first $110,100 in income.
President Obama's budget proposal for the federal government's 2015 fiscal year is more than 1,500 pages long, with $3.9 trillion in spending proposals. But even though most political experts have ...
And the share of aggregate U.S. household income held by the middle class has also fallen steadily since 1970, from 62% to 42% in 2020. Read: Trump-Era Tax Cuts Are Expiring — How Changes Will ...
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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]
For example, the law lowered the 15% tax rate to 12%, nearly doubled the standard deductions, simplified the filing process for many taxpayers, and potentially reduced taxable income for middle ...