March 22, 2012 in Nation/World

Analyst: Obama ups taxes for 1 in 4, mostly rich

Associated Press

WASHINGTON — A nonpartisan research group estimates that President Barack Obama’s budget would raise taxes next year on 1 in 4 households, but have little impact on families earning under $200,000 a year.

The Tax Policy Center analysis also says about 1 in 8 households would get tax cuts.

The study says families earning less than $200,000 would experience tax cuts or increases averaging under $60 a year. The figures rise dramatically for better-off families, with those making over $1 million getting an average tax boost of $179,000.

A White House spokeswoman says Obama’s budget would not raise taxes on any families making under $250,000.

She attributes the discrepancy, in part, to the center’s decision to count Obama’s corporate tax increases because many families own shares of companies.

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