Eleven Facts to Know about the Tax Debate

1) Nearly $1 trillion would be added to our deficit over 10 years under the Republicans’ proposal to continue tax cuts exclusively to households making more than $250,000 a year and to the wealthiest estates.

2) Only 2% of American households will benefit from the Republicans proposal to extend tax cuts for those with incomes higher than $250,000 a year.
3)Under the President’s proposal, only the wealthiest 3 in 1,000 estates would owe any estate tax.
4) Over the past 4 years, a typical family making $50,000 a year has received tax cuts totaling $3,600-more if they are putting a child through college.
5) 5 million families would no longer be eligible for the child tax credit under the Republicans tax proposal.
6) Because Republican proposals cut the Earned Income Tax Credit, nearly 6 million working families with children would see their taxes increase averaging $500 apiece.
7) The President’s plan includes almost $700 billion in tax credits to help middle class families pay for health insurance over the next 10 years through the Affordable Care Act.
8) The top 2 percent of households, with an average income of $800,000, would see additional tax cuts under the Republican plan.
9) Under the President’s plan, income tax rates for high income households would return to the same tax rates as in the 90’s. During that period, the United States created 23 million jobs and ran a budget surplus.
10) The President’s plan would continue the 10 percent tax bracket, which allows everyone to pay a 10 percent tax rate on their first $8,900 in income (or $17,800 for married couples)
11) The Republican plan eliminates the American Opportunity Tax Credit, meaning 11 million families and students paying for college would see an average tax increase of $1,000 each.

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