Progress
The American Recovery and Reinvestment Act included a broad range of tax cuts aimed at making the tax code more fair and supporting the middle class:
95% of all working families will receive a tax cut
70% of the tax benefits goes to the middle 60% of American workers
2 million families will be lifted out of poverty by the tax cuts in the Recovery Act
More than $150 billion in tax cuts will help low-income and vulnerable households during the economic recovery
About 1 Million jobs will be created or saved by these tax cuts alone
Guiding Principles
Restoring Fairness
For too long, the U.S. tax code has benefited the wealthy and well-connected at the expense of the vast majority of Americans. President Obama’s aims to restore fairness to the tax system by providing the Making Work Pay tax cut to 95 percent of working families while closing loopholes that prevent wealthy companies and individuals from paying a fair share.
Supporting the Middle Class
The President will also make it easier for more Americans to save for college education, homeownership, and retirement by expanding tax preferences that currently benefit only the wealthy.
Making Taxes Consistent and Simple
In addition, the President supports making refundable tax credits permanent and simplify confusing provisions in the tax code, encouraging saving and creating a tax system that works for all Americans.
The American Recovery and Reinvestment Act included a broad range of tax cuts aimed at making the tax code more fair and supporting the middle class:
95% of all working families will receive a tax cut
70% of the tax benefits goes to the middle 60% of American workers
2 million families will be lifted out of poverty by the tax cuts in the Recovery Act
More than $150 billion in tax cuts will help low-income and vulnerable households during the economic recovery
About 1 Million jobs will be created or saved by these tax cuts alone
Guiding Principles
Restoring Fairness
For too long, the U.S. tax code has benefited the wealthy and well-connected at the expense of the vast majority of Americans. President Obama’s aims to restore fairness to the tax system by providing the Making Work Pay tax cut to 95 percent of working families while closing loopholes that prevent wealthy companies and individuals from paying a fair share.
Supporting the Middle Class
The President will also make it easier for more Americans to save for college education, homeownership, and retirement by expanding tax preferences that currently benefit only the wealthy.
Making Taxes Consistent and Simple
In addition, the President supports making refundable tax credits permanent and simplify confusing provisions in the tax code, encouraging saving and creating a tax system that works for all Americans.