President Obama asked Americans to share their personal stories about what a $2,000 tax hike would mean for their families
The #My2K online movement to extend the middle class tax cuts is meant to make it easier for Americans to make their voices heard over the course of this debate. The Obama Administration will encourage Americans in every corner of the country to talk about the difference $2,000 makes in their lives – both on WH.gov/my2k and with the hashtag #My2K on Twitter, in addition to other social media outlets. The Administration will bring attention to the #My2K stories it receives as a way to spotlight the negative effects of inaction by Congress.
One year ago, as part of another major battle to stand up for the middle class, tens of thousands of hardworking Americans made calls, wrote tweets, and sent emails to their Members of Congress urging them to do what’s right. That’s also what took place earlier this year, when college students from coast to coast took a stand and insisted that Congress act to keep student loan rates from rising. Things get done in our nation’s capital when everyday Americans make their voice heard – and we heard President Obama call on the American people to lend their voices to this effort one more time.
We are seeing promising signals that Washington Republicans are considering a solution that works for both parties. Republicans in Congress are clearly and openly leaving tax revenue on the table as a component of a balanced effort to reduce our nation’s deficit – something the GOP hasn’t done in over two decades. President Obama has continually shown his support for looking at both revenues and cuts to spending in order to bring down the deficit in a balanced fashion. So the President welcomes these recent developments, but now it is critical for the GOP to lay out specific details on what they will consider, as well as identify their own plan.
As we find ourselves in the holiday season, both parties should work together to pass a renewal of tax cuts for the middle class, so American families can have some added certainty at this crucial time for our nation’seconomy. If we take swift action, we can avoid a blow to consumer spending, which accounts for roughly 70% of the American economy.
Through an extension of middle class tax cuts, every single American will receive a tax break on the first $250,000 of their income. Moreover, income taxes will not increase at all for 98% of families across the country as well as 97% of small businesses. But if we don’t pass an extension, hardworking families will get hit with an income tax hike of $2,200 in a matter of only a couple weeks. We all are in agreement that taxes shouldn’t be increased on the middle class. The House has received a bill from the Senate to extend tax cuts on the middle class. There is no need for delay. Furthermore, one of the most significant actions we can take for our economic security is laying the foundation for middle-class job growth over the long term through a reduction in the deficit.
President Obama’s plan brings down the deficit by $4 trillion – taking a balanced approach that asks the wealthiest Americans to pay their fair share and continues making the investments needed for economic growth. Already, the President has signed $1 trillion in spending cuts, and he is eager to work with both parties on a balanced effort to continue reducing the deficit.
Though President Obama has already proposed a detailed plan to bring down the deficit, he is not married to every single piece of it. The President remains open to reaching a compromise, but throughout these discussions, his bottom line will be a balanced approach that’s best for middle-class families.
The problems we face are difficult, but they can be solved. President Obama has emphasized for months that he will work hard each and every day for America’s middle class – fighting to move our nation forward and build our economy not from the top down, but from the middle out.
President Obama’s agenda for the second term is producing more jobs and bringing back middle-class security through key investments in small businesses, American manufacturing, education, and clean energy. The President is ready and willing to get down to business – working with both Democrats and Republicans to move the middle class forward.