White House Releases New Report on the Impact of Middle-Class Tax Cuts on Retailers and Consumer Spending
Report Details Consequences if Congress Fails to Extend Middle-Class Tax Cuts The White House released a report from the National Economic Council and the Council of Economic Advisers called The Middle-Class Tax Cuts’ Impact on Consumer Spending and Retailers . This report provides new analysis on the impact to retailers and consumer spending if Congress fails to act to avoid taxes going up on 98 percent of Americans at the end of the year. The President believes Democrats and Republicans should come together to renew middle-class tax cuts so families and businesses have more certainty at this critical time for our economy. If Congress acts, every American will get a tax break on their first $250,000 of income, and income taxes won’t go up for 98 percent of American families and 97 percent of small businesses. The President believes we must take a balanced approach to reduce our deficit, that’s why he has laid out a $4 trillion deficit reduction plan that asks the wealthy to pay ...