Fact check: Obama on the ‘fiscal cliff’ deal

Fact check: Obama on the ‘fiscal cliff’ deal

In a Web video, President Obama leaves out some key facts about the fiscal cliff deal, possibly leaving the wrong impression about its impact on taxpayers and the deficit:

  •  Obama boasts that “middle-class families” will not have to “pay upwards of $2,000 more in taxes this year.” That’s accurate for income taxes, but Obama doesn’t mention that the deal allowed a payroll tax cut to expire. About 77% of taxpayers will pay more in taxes this year — nearly $1,200 more for those earning between $75,000 and $100,000, a group that fits squarely in Obama’s broad definition of middle class.
  • Obama says the agreement “will reduce the deficit.” In fact, the deficit will increase by about $4 trillion over the next 10 years because of the extension of the Bush tax cuts for all but those in the top 1% of taxpayers. The deal will “reduce the deficit” only compared with what it would have been if the Bush tax cuts had been extended for everyone.

Continue reading.

Comments

For your convenience, you may leave commments below using Disqus. If Disqus is not appearing for you, please disable AdBlock to leave a comment.