By Padmini Arhant
President Barack Obama this morning addressed the press corps on a variety of issues ranging from the economy to international affairs.
The President elaborated on the Congressional Democrats and the White House achievements thus far.
President Obama also laid out the economic progressive tax structure with permanent tax cuts for the middle class and those earning up to $250,000 income.
On the previous administration’s tax cuts expiration for the top 2% wealthy individuals earning above $250,000 - the economic strategy would benefit the higher income groups and not hurt them as claimed by the critics.
As the President explained - the first $250,000 earnings would qualify for the permanent tax cuts and only the remaining income would be subject to the applicable tax. Essentially 98% taxpayers might qualify for the permanent tax cut creating a vast middle income that would expedite economic recovery.
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Thank you.
Padmini Arhant
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