Cuts

  Another purely political move by Obama designed to erode the credibility of the GOP as a party that is concerned about the working and middle class. The present GOP Congress and Senate would never ever ever pass such a measure and if it were to pass, it would be watered down and blurred of the original intent yet the name of the bill would sound fantastic - 'The American Tax Freedom Act' for example. In reality the GOP version of the bill would tax the middle class even more and lower the taxes of the ultra-rich even more.

Guardian UK: Obama to propose $325bn plan to provide tax cuts for the middle class - President seeks to provide middle-class tax breaks by levying higher fees on banks, closing loopholes for trust funds, and raising the capital gains threshold