Lower-income earners benefit more than wealthy taxpayers under Obama's proposals.
· Leave all tax cuts in place for everyone except couples making more than $250,000 and single filers making more than $200,000. Those high-income groups would see their top two income tax rates revert to 36% and 39.6% from 33% and 35% respectively.
· Provide $1,000 tax cut for working couples making less than $250,000.
· Introduce other tax breaks for lower and middle-income households.
"We shouldn't be distorting our tax code to benefit a few powerful interests -- we should be insisting that everyone pays their fair share, and when I'm president, they will." -- Obama*