Quote:
Originally Posted by SassySue
Obama extended the Bush tax cuts for one year after he took office, which was very generous, but was a bad idea, considering it only added to the growing deficit Bush left.
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Obama did extend the Bush Tax cuts for one year when they were set to expire. The Bush Tax cuts for the 6 lowest tax brackets are still in effect. They became permanent 1/1/13. The tax percentage for the 7th bracket went from 36% back 39.6% (The same percentage that Clinton had it at). Obama had campaigned that he would not raise taxes on the middle class. By keeping the Bush Tax cuts for the 6 lowest brackets, he kept that promise.
From the link:
Before the tax cuts, the highest marginal income tax rate was 39.6 percent. After the cuts, the highest rate was 35 percent. Once the cuts were eliminated for high income levels (single people making $400,000+ per year and couples making $450,000+ per year), the top income tax rate returned to 39.6 percent.
https://en.wikipedia.org/wiki/Bush_tax_cuts