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The surplus is the people's money.

Feb 28, During his presidential campaign. Obama had pledged to allow the Bush tax cuts to expire for those making more than, a year.

The bill cut the rates of the top four tax brackets by points, added a new 10 percent bracket for low-income households, increased the standard deduction for married couples, and doubled the child tax credit.

The Tea Party said this would stifle job creation by hurting the small business owners who create 60% of all new jobs. Aug 02, The rich people I know wish to see the George W. Bush tax cuts for the wealthy expire--and to have their views counted in by Congress. To put it plainly, they found his act of lowering taxes on Author: Jamie Stiehm. Obama's plan includes allowing the Bush tax cuts to expire for the top tax brackets.

He said that he had with regrets accepted compromise in order to spare millions of struggling Americans further pain in the form of rising taxes.

That accounts for about half of thetrillion in additional revenue. The rest comes from the"Buffett rule" (which ensures that the very wealthiest don't end up paying a lower rate than the middle class) and closing a bunch of tax loopholes. Jul 09, United States Senator. Sounding every bit like the candidate he is, President Barack Obama called Monday for a one-year extension of Bush-era tax cuts on annual income up to, while letting those that chiefly benefit the very wealthy expire on schedule at year's end.

The proposal reignited an election-year fight designed to polish his credentials as a Estimated Reading Time: 7 mins. Jun 07, The impending expiration of the Bush tax cuts became a major focus of the tax debate during the first decade of the century. The future of the Bush tax cuts was a central issue in the presidential campaign, in which John McCain advocated making almost all of the cuts permanent, and Barack Obama called for extending the cuts only for families earning Estimated Reading Time: 7 mins.