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Obama's plan is to cut income taxes overall, which he states would reduce revenues to below the levels that prevailed under Ronald Reagan (less than 18.2 percent of GDP). Obama argues that his plan is a net tax cut, and that his tax relief for middle-class families is larger than the revenue raised by his tax changes for families over $250,000.
29 wrz 2017 · The gain was 3.7 percent for just production and nonsupervisory employees. After-tax corporate profits also set records, as did stock prices. The S&P 500 index rose 166 percent.
President Obama will help vulnerable Americans through this crisis by making sure they have the resources they need to put food on the table and keep a roof over their heads, while also extending tax credits to low-wage workers.
Looking back at the history of poverty and the tax code in the last sev-eral decades reveals some important lessons for expanding opportunity and combating poverty going forward, including the value of having a pro-work, pro-family tax code.
26 wrz 2016 · The law created the Making Work Pay credit, expanded the Earned Income Tax Credit and Child Tax Credit, and created new tax credits, like the American Opportunity Tax Credit for college attendees.
29 sie 2023 · That is, in 2019, before accounting for government benefits, about 74 million people had pre-tax incomes below the poverty line. Counting benefits (including tax credits) and subtracting taxes lowers that number by 34 million people (or 46 percent).
President Obama’s new tax policies have increased the after-tax income of families in the lowest quintile of the income distribution by more than 6 percent on average – or more than $850 – thereby reducing the extent and severity of poverty for millions of working families and their children.
