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RIP: The Bush Tax Cuts. Hello: The Obama Tax Cuts
Thanks to last night’s Fiscal Cliff deal, we an now put to bed the term “The Bush Tax Cuts.”
As of now, they’re the Obama Tax Cuts.
It should be noted, that income taxes are lower for everyone today than they would have been if the American Taxpayer Relief Act hadn’t gone into effect. While top marginal rates are rising for those making over $ 400K, those earners still get a cut on their income up to $ 400K.
The difference between the Obama Tax Cuts and the Bush Tax Cuts? Obama’s are permanent*.
*Technically nothing is permanent, but they don’t have an expiry date.