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Accession Number PB2013-102042
Title Middle-Class Tax Cuts' Impact on Consumer Spending and Retailers.
Publication Date Nov 2012
Media Count 15p
Personal Author N/A
Abstract President Obama is committed to growing our economy from the middle out by ensuring a strong, secure, and thriving middle-class. Thats why his top priority is promoting jobs and growth while reducing our deficit in a balanced and responsible way. Since taking office, President Obama has repeatedly cut taxes for middle-class families to make it easier for them to make ends meet. A typical family making $50,000 a year has received tax cuts totaling $3,600 over the past four years more if it was putting a child through college. Now we face a deadline that requires action on jobs, taxes and deficits by the end of the year. If Congress fails to act, every American familys taxes will automatically go up - including the 98 percent of Americans who make less than $250,000 a year and the 97 percent of small businesses that earn less than $250,000 a year. A typical middle-class family of four would see its taxes rise by $2,200. While the President is committed to working with Congress to reach compromises on areas of disagreement, there is no reason to delay acting where everyone agrees: extending tax cuts for the middle-class. There is no reason to hold the middle-class hostage while we debate tax cuts for the highest income earners.
Keywords Consumers
Deficits
Economic impacts
Economy
Employment
Middle-class
Retailers
Spending cuts
Taxes


 
Source Agency The White House Office
NTIS Subject Category 43A - Finance
91G - Urban Administration & Planning
96A - Domestic Commerce, Marketing, & Economics
70F - Public Administration & Government
Corporate Author National Economic Council, Washington, DC.
Document Type Technical report
Title Note N/A
NTIS Issue Number 1304
Contract Number N/A

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