Make more than $200,000? The tax man cometh!
President Obama said many times during the campaign that he would pay for his agenda by getting more taxes from people who make $200,000 or more a year and couples who make more than $250,000.
Technically speaking, Obama is not going to need to actively raise taxes. Right now, the law says the Bush tax cuts will expire in 2011, and Obama plans to let that happen. Obama intends to renew the tax cuts for lower incomes, as well as other various tax cuts aimed at the middle class and low-income workers.
We looked at three specific items concerning higher-income tax payers, measures that were included in budget documents that Obama's Office of Management and Budget released today.
- No. 38: Repeal the Bush tax cuts for higher incomes .
- No. 1: Increase capital gains and dividends taxes for higher-income tax payers .
- No. 39: Phase out exemptions and deductions for high earners .
We moved all three items from No Action to In the Works.
The budget documents formally propose many other things that Obama promised on the campaign trail, which will keep our Obameter jumping in the days ahead.