President Obama made it the centerpiece of his re-election campaign to promise the middle class tax breaks while sticking it to the rich and powerful.
So what did he do? Rather than negotiating with a new and more compliant Congress, he allowed the 2 percent payroll tax cut to expire, something that negatively impacts 77 percent of all households by curbing their spending power and thereby dampening the anemic recovery.
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At the same time, for his Wall Street pals he very accommodatingly made the Bush-era tax cuts permanent for couples making less than $450,000. The top tax bracket jumped a measly 4.6 percent, mere pocket change for the superrich, and he also allowed the estate tax exemption to rise to $5 million dollars. Of course, there were no cuts in defense spending.
Could Mitt Romney have done better?
Thanks, Mr. President! What a way to support the middle class!