Wednesday, April 14, 2010

Taxes are Actually Lower

From Huffington Post:

WASHINGTON — You wouldn't know it by the Tax Day rhetoric, but Americans are paying lower taxes this year, even with increases passed by many states to balance their budgets. Congress cut individuals' federal taxes for this year by about $173 billion shortly after President Barack Obama took office, dwarfing the $28.6 billion in increases by states. And former President George W. Bush's tax cuts expire in January. Obama and the Democrats want to renew only some of them, thus raising taxes for individuals making more than $200,000 and couples making more than $250,000.

Bottom line:
President Obama's tax cuts: $173 billion;
States' increases: $28 billion.
Taxes will rise next year only for people making over $200,000 and couples making more than $250,000, as Obama stressed all through the campaign.

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