Cutting Taxes for the Middle Class
Dec 31, 2012Tweet
Cutting Taxes for the Middle Class While Asking Millionaires and Billionaires to Pay Their Fair Share
The American Taxpayer Relief Act averted the so-called "fiscal cliff" by preventing a tax increase of $2,200 on average for a typical middle-class family of four, and asking the wealthiest Americans to pay a fair share for deficit reduction. The plan cut taxes for over 98% of families and 97% of small businesses and included a permanent fix to the Alternative Minimum Tax that would have ensnared 28 million taxpayers with an end-of-year tax hike. The bill also protected and preserved important tax credits for middle class families raising kids and families with kids in college.
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