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Telling the truth about Obama
By Robert Reich

TO HEAR THE media report it, President Obama is proposing a tax increase on wealthy Americans. That’s misleading at best. He’s proposing that everyone — including the rich — receive a continuation of the Bush tax cuts on the first $250,000 of their incomes. (If they’re filing singly, the first $200,000.) Any dollars they earn in excess of $250,000 will be taxed at the old Clinton-era rates.
Get it? Everyone is treated exactly the same. Everyone gets a one-year extension of the Bush tax cut on the first $250,000 of income. No “class warfare.”

Tuesday, July 24, 2012 2:19 PM
 

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