US President Barack Obama speaks about urging the US Congress to act on extending tax cuts for middle class families alongside individuals who will benefit from the extension of the tax cuts, in the East Room of the White House in Washington, DC on July 9, 2012.
President Obama renewed his call for higher taxes on people making more than $250,000 per year, yesterday. But not everyone in his party is on board. Some Congressional Democrats want to keep more of the Bush tax cuts in place. Senate candidate Tim Kaine of Virginia would like to see taxes go up for those making $500,000. New York Senator Chuck Schumer favors a millionaire’s tax, but has signed on to the President’s plan.
What do the different tax plans mean for the budget? And are people making a quarter, a half or even a million dollars a year in the middle class?
David Mark, senior editor for POLITICO
Scott Winship, fellow in Economic Studies at the Brookings Institution