AAPI Community Impact: Finding a Balanced Approach to Reduce the Deficit
President Obama knows that the best way to keep our economy growing is by ensuring a strong, secure, and thriving middle-class. By the end of the year, the President and Congress must take action to avoid the so-called “fiscal cliff” and make long-term changes in how much money the federal government takes in and how much it spends. While the President is committed to working with Congress to reduce the budget deficit in a balanced and responsible way, there is no reason to hold the middle-class families hostage while we debate tax cuts for the highest income earners.
If Congress doesn’t act by the end of the year, a typical middle-class family will see its taxes go up by about $2,000.
President Obama is calling on Congress to pass a bill that would prevent a tax hike on the first $250,000 of everybody’s income. That means that 98 percent of Americans and 97 percent of small businesses wouldn’t see their income taxes go up at all. And even the wealthiest Americans would get a tax cut on the first $250,000 of their incomes.
The President is asking as many Americans as possible to add their voice to the debate by speaking out about what a $2,000 tax hike would mean to them. So share your story here or speak out on Twitter using the hashtag #my2k.
Here are some simple facts as to why Asian American and Pacific Islander (AAPI) families need to speak out about the importance of a balanced approach to reducing the deficit:
• A median-income AAPI family of four (earning around $82,000) could see its income taxes rise by $2,200.
• The 96 percent of AAPI families that make less than $250,000 a year would not see an income tax increase under the President’s plan.
Click here to learn more about how the middle class tax cuts will impact AAPI families.
Chris Lu is Assistant to the President and Cabinet Secretary. He also serves as the Co-Chair of the White House Initiative on Asian Americans and Pacific Islanders.
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