![]() ![]() Read more about the progress under President Obama in making the tax code fairer. Learn more about the Administration’s accomplishments on deficit reduction. The highest-income 0.1 percent of people in the United States saw their average tax rates increase by more than 6 percentage points in 2013 to 28 percent, implying that they paid more than $50 billion more in taxes than they would have under the older rules.Įnding wasteful tax breaks for those at the very top has contributed significantly to the progress we have made reducing the budget deficit. The highest-income 400 people in the United States – who earned more than $264 million each on average in 2013 – saw their average tax rate rise by more than a third in 2013, from 17 percent to 23 percent, implying they paid about $6.5 billion more in taxes than they would have under the older rules. After the President successfully fought to reverse tax cuts for the highest-income Americans beginning in 2013: Relative to the tax code in place before the Administration, in 2016 the after-tax income of families in the lowest fifth of the income distribution has increased by more than 6 percent on average - a more than $850 boost - due to the policies enacted since 2009.Īt the same time, high-income earners are paying significantly more of their fair share. ![]() Learn more about the American Taxpayer Relief Act of 2012.Īs a result, middle-class taxes are at historically low levels, with the typical middle-income family paying lower federal income taxes than in almost any other period in the last 60 years. The American Opportunity Tax Credit (AOTC), first enacted under President Obama in 2009 and recently made permanent, provides families and students paying for college with up to $10,000 of tuition tax credits over four years.īipartisan legislation permanently kept income tax rates low for 98 percent of Americans, while asking the wealthiest households to pay more to help reduce the deficit, including by restoring top tax rates to their levels under President Clinton, and restoring limits on deductions for high-income taxpayers. Learn more about the bipartisan agreement making these important expansions permanent. Improvements to the Earned Income Tax Credit (EITC) and Child Tax Credit (CTC), enacted in 2009 under President Obama and recently made permanent, provide roughly 16 million working families a year with a tax cut of about $900 on average to help make ends meet. Under President Obama:Ī typical family making $50,000 a year received tax cuts totaling $3,600 in President Obama’s first term - more if they were putting a child through college. Under President Obama’s leadership, we have made substantial progress in making the tax code fairer for working families. The President's plan would make paychecks go further in covering the costs of child care, college, and a secure retirement, and would create and improve tax credits that support and reward work. ![]() The President has proposed to simplify our tax code, make it fairer by eliminating large, unfair tax loopholes, and reinvest the savings in measures that will grow the economy and expand opportunity. But despite this progress, the tax code is still too complicated and full of inefficient loopholes and tax breaks that mostly benefit the wealthy. President Obama has passed wide-ranging tax relief for working families and small businesses - the drivers of economic growth - while also ending tax cuts for the top 2 percent highest-income Americans. ![]()
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