President Obama praised his tax cut bill yesterday saying it saved "middle class families" from "a massive tax hike come January 1st".
The full video and transcript are here.
Since Obama didn't go into any details, can someone here explain by what measure or definition letting the Bush Tax Cuts expire would have a "massive" effect on the middle class? The summaries I've seen say it will have so little effect, except on the very wealthy, that each middle class family could create one job -- if that employee earns $700 a year. Help me with the math.
For a family that might be earning $70,000, is it honest to describe 1% change as a "massive tax hike"? Is it appropriate, smart, or honest for Obama to spin the planned return to Clinton's proven, sustainable tax revenue system as "massive tax hike"? Does the "middle class" Obama is saving refer to families lucky to earn $40,000? It makes you wonder how much less tax the Obamas will pay - that may be more massive.
Six years ago I would have expected that spin from the Weekly Standard. Now we get it from Barack Obama.
