President Obama, in attempting to gain traction just ahead of the midterm election, has homed in his message on taxes – and most especially, on “tax cut for the wealth.” Here is how Obama is framing his argument:
Ninety-seven percent of Americans make less than $250,000 a year — $250,000 a year or less. And I’m saying we can give those families — 97 percent permanent tax relief. And by the way, for those who make more than $250,000, they’d still get tax relief on the first $250,000; they just wouldn’t get it for income above that. Now, that seems like a common-sense thing to do. And what I’ve got is the Republicans holding middle-class tax relief hostage because they’re insisting we’ve got to give tax relief to millionaires and billionaires to the tune of about $100,000 per millionaire, which would cost over the course of 10 years, $700 billion, and that economists say is probably the worst way to stimulate the economy. That doesn’t make sense, and that’s an example of what this election is all about.
Let’s examine what the president said, starting with this observation: