With tax cuts for middle-class families set to expire soon, Republicans in Congress have proposed legislation known as “Plan B” that not only raises taxes on 25 million middle-class families, but cuts taxes for households making more than $1 million each year.
We've put together a graphic to help explain what's in the proposed legislation. Check it out:
President Obama has put forward a proposal that addresses both taxes and spending and is good for American families, the economy, and for our nation’s future. He believes that if Republicans are willing to ask the wealthy to do their fair share to reduce the deficit, then a significant, balanced deal should be within reach.
For more information:
- Check out this fact sheet that explains the harmful effects of "Plan B"
- Learn more about President Obama's plan to cut taxes for middle-class families
- Speak out: What would a tax increase mean for your family?