Media Conservatives Redefine Middle Class To Shield Wealthy Taxpayers From Slightly Higher Rates
Blog ››› ››› ALBERT KLEINE
Conservative media outlets have falsely suggested that President Obama's tax plan will negatively affect a broad range of taxpayers, while ignoring Obama's own statements that clearly indicate otherwise. In reality, only a small portion of earners would be affected by his proposed tax increases.
Fox Business host Gerri Willis reacted to President Obama's November 9 remarks on the economy by claiming that he plans to raise taxes on "lots and lots" of middle-income people. From Fox Business' Markets Now:
The speculation that Obama's tax plans will affect a large proportion of earners was also put forth in a National Review Online article, claiming that he "seemed especially intractable on tax hikes for the 'wealthy,' a rather broadly defined term."
However, Obama's statements do not suggest that a large number of earners would be affected by his tax plan. Here's what Obama actually said in his November 9 speech about asking the wealthiest Americans to pay slightly higher taxes on some of their income:
OBAMA: I am not going to ask students and seniors and middle class families to pay down the entire deficit, while people like me making over $250,000 aren't asked to pay a dime more in taxes.
According to most recent Census data, median household income in the U.S. is $50,054, well below the $250,000 threshold suggested by Obama, and only 2 percent of households earn more than $250,000 a year, leaving the vast majority of Americans unaffected by the proposed tax increases. Furthermore, Obama's tax aspirations have a negligible effect on the economy. According to a recent Congressional Budget Office report, allowing upper-income tax cuts to expire would have a modest effect on growth.