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Taxes

This agreement sets a precedent that will remain in place as long as the President in office: deficit reduction must be achieved in a balanced way. Everyone must pay their fair share because that’s how our economy works best.

Under this bipartisan deal:

The #My2K online movement to extend the middle class tax cuts is meant to make it easier for Americans to make their voices heard over the course of this debate. The Obama Administration will encourage Americans in every corner of the country to talk about the difference $2,000 makes in their lives – both on WH.gov/my2k and with the hashtag #My2K on Twitter, in addition to other social media outlets.

Mitt Romney said h would be “happy to go back and look” at his old tax returns to see if he ever paid a tax rate lower than the 13.9 percent he paid in 2010 – which is a lower rate than many middle-class families pay. If he’s “happy” to provide more information about his tax returns, he should come clean and release more of them.

New Report on The Romney Tax Hike: Nonpartisan experts at the Tax Policy Center released a report today concluding that if Mitt Romney were to pay for his $5 trillion tax plan skewed to the wealthiest, he would have to raise taxes on millions of middle-class families. Under Romney’s plan, families who have children and make less than $200,000 would see their taxes go up an average of more than $2,000.
Please see this new report from the Tax Policy Center.

Yesterday Mitt Romney said he would be “happy to go back and look” at his old tax returns to see if he ever paid a tax rate lower than the 13.9 percent he paid in 2010 – which is a lower rate than many middle-class families pay. If he’s “happy” to provide more information about his tax returns, he should come clean and release more of them.

Today’s analysis confirms that the House Republican tax plan would, like Mitt Romney’s tax plan, benefit the wealthiest and hurt the middle class. The House Republican tax plan would give millionaires a huge tax break while raising taxes on families making less than $200,000. An expert from the nonpartisan Tax Policy Center said it would shift “the burden of the tax code toward the middle class.”

On CBS’s “Face the Nation” Sunday, Romney again tried to link his own tax and fiscal plan with the recommendations of the President's Simpson-Bowles budget commission.

  • Vice President Biden spoke in New Hampshire yesterday on tax fairness and the Buffett Rule. It’s the fourth of a series of campaign speeches about issues that will be at the core of the general election and the choice America will make in November about the future we want for this country.
  • Today the campaign released a new digital calculator that individuals can use to see how their tax rate stacks up against Mitt Romney’s – and then see what the Buffett Rule would do to make the tax code fairer so that we can help reduce the deficit and grow the economy.

    Please see this new tax calculator that helps explain the Buffett Rule.

  • President Obama is speaking in Florida today about the Buffett Rule, which closes loopholes and special tax breaks that let the wealthiest pay a lower tax rate than many middle-class families. Vice President Biden will continue this discussion on Thursday in New Hampshire, where he’ll contrast his and the President’s record on tax fairness with the Republicans’.
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