, the anti-tax guru for the Republicans, said on CNN today “we’ve [Republicans] got some people discussing impure thoughts on television.” It wouldn’t be the first time if by “impure thoughts” he was alluding to burdening the middle class with the bulk of the tax burden and letting the rich and corporations continue down their road to prosperity on the backs of the average American.
Today is “Cyber Monday,” which is another busy day for shoppers who prefer to shop online rather than risking their lives in the parking lot of their local malls or being trampled at the entrance of a retail store. What do Cyber Monday and tax cuts have in common?
The White House released a report today from the National Economic Council and Council of Economic Advisers called "The Middle-Class Tax Cuts’ Impact on Consumer Spending and Retailers." This report provides a new analysis on the impact to retailers and consumer spending if Congress fails to act to avoid taxes going up on 98 percent of Americans at the end of the year.
The link to the full report can be found here.
Democrats and Republicans need to work together to renew the middle-class tax cuts so families and businesses know they will be secure in the new year. If Congress acts, every American will get a tax break on their first $250,000 of income, and income taxes won’t go up for 98 percent of American families and 97 percent of small businesses. The president believes we must take a balanced approach to reduce our deficit, that’s why he has laid out a $4 trillion deficit reduction plan that asks the wealthy to pay a little more and preserves the investments we need to grow the economy, according the White House report.
What about the “fiscal cliff?”
A balanced approach to reduce the deficit has been signed by The president for $1.1 trillion in spending cuts “in order to lay the groundwork for an economy that will support a healthy middle class, restore, economic certainty, and lead to long-term job growth.”
The administration reports that if Congress doesn't act, middle-class families will see their income taxes go up on Jan. 1. The typical middle-class family will see their taxes go up by $2,200 next year, negatively impacting businesses and retailers across the nation. The president has called on Congress to take action and stop holding the middle class and our economy hostage over a disagreement on tax cuts for households with incomes of more than $250,000 per year.
This administration is committed to growing our economy from the middle out by ensuring a strong, secure, and thriving middle-class. That’s why the president’s top priority is promoting jobs and growth while reducing our deficit in a balanced and responsible way.