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The top marginal tax rate on income of 39.6%, provided for under the expiration of the 2001 portion of the Bush tax cuts, was retained. This was an increase from the 2003–2012 rate of 35%. [3] The top marginal tax rate on long-term capital gains of 20%, provided for under the expiration of the 2003 portion of the Bush tax cuts, was retained.
The economic policy of the Barack Obama administration, or in its colloquial portmanteau form "Obamanomics", was characterized by moderate tax increases on higher income Americans designed to fund health care reform, reduce the federal budget deficit, and decrease income inequality. President Obama's first term (2009–2013) included measures ...
Various sources have estimated the impact on taxpayers from the tax increases that would have occurred if the Bush income tax cuts and the Obama payroll tax cut had been allowed to expire with the fiscal cliff. The table below shows the dollar and percentage increase in income taxes for the 2013 tax year, if the fiscal cliff had taken effect. [51]
Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. The American Recovery and Reinvestment Act of 2009 (ARRA) (Pub. L. 111–5 (text) (PDF)), nicknamed the Recovery Act, was a stimulus package enacted by the 111th U.S. Congress and signed into law by President Barack Obama in February 2009.
But extending the subsidies would be extremely expensive; according to the Congressional Budget Office, permanently extending ObamaCare’s tax credits would increase the deficit by $335 billion ...
The 15% tax rate was extended through 2010 as a result of the Tax Increase Prevention and Reconciliation Act of 2005, then through 2012. The American Taxpayer Relief Act of 2012 made qualified dividends a permanent part of the tax code but added a 20% rate on income in the new, highest tax bracket.
May 31, 2011: The House voted on a bill to raise the debt ceiling without any spending cuts tied to the increase. President Obama asked Congress to raise the debt ceiling in a 'clean' vote that included no other conditions. The bill, which would have raised the debt ceiling by $2.4 trillion, failed by a vote of 97–318.
Barack Obama 's tenure as the 44th president of the United States began with his first inauguration on January 20, 2009, and ended on January 20, 2017. Obama, a Democrat from Illinois, took office following his victory over Republican nominee John McCain in the 2008 presidential election. Four years later, in the 2012 presidential election, he ...