President Barack Obama has cut taxes
for 95 percent of all working families
The linchpin here is Obama's tax credit for workers, which is intended to offset payroll taxes. Single people can qualify for a $500 credit; married people filing together could get $1,000.
Obama also wants to eliminate the Bush tax cuts for people who make $200,000 or more, if single, and $250,000 or more, as a married couple. His tax credits would phase out as they approach these incomes.
Most people, though, don't make more than $200,000. In fact, according to Internal Revenue Service statistics, about
97 percent of all filers made less than that.
Read the entire article at:
http://www.politifact.com/truth-o-meter/statements/2008/sep/18/barack-obama/a-credit-for-workers-cuts-taxes-for-middle-class/
for 95 percent of all working families
The linchpin here is Obama's tax credit for workers, which is intended to offset payroll taxes. Single people can qualify for a $500 credit; married people filing together could get $1,000.
Obama also wants to eliminate the Bush tax cuts for people who make $200,000 or more, if single, and $250,000 or more, as a married couple. His tax credits would phase out as they approach these incomes.
Most people, though, don't make more than $200,000. In fact, according to Internal Revenue Service statistics, about
97 percent of all filers made less than that.
Read the entire article at:
http://www.politifact.com/truth-o-meter/statements/2008/sep/18/barack-obama/a-credit-for-workers-cuts-taxes-for-middle-class/
