Weekly Checkup: The President’s Middle Class Tax Increase
Although conservatives are pushing for a full extension of all Bush-era tax cuts, the President emphasized he will only sign a bill that extends the tax break for individuals with incomes below $250,000 per year. The newest proposal is part of his continuing campaign claim that he will not raise taxes on the middle class. However, one needs to look no further than Obama’s signature legislation, the Affordable Care Act, to see that he has already enacted a bevy of new taxes that fall squarely on the middle class. The total cost of new taxes on the middle class is expected to reach $500 billion between 2013 and 2022; and the tax burden has only worsened since the law was passed in 2010.