He has done this by extending Bush tax cuts, and by reducing taxes on inherited wealth by reducing the estate tax. That poor Paris Hilton just could not cope. He also proposes to reduce revenues by 250 billion more by giving the rich a payroll tax. Lets not forget the trillions he outright handed to them with the bailouts and through the fed. He now wants to cut medicaid and medicare.
In addition, the deal extended a variety of business tax cuts and incentives, which reduced revenues by some $150 billion, and it cut the estate tax—a tax paid by only a very few super-wealthy, massive estates—by $65 billion. The December tax bill also cut the payroll tax paid by employees by 2 percentage points, delivering more than $110 billion in tax cuts to working Americans.
Put it all together, and in one fell swoop, President Obama cut taxes by $654 billion in 2011 and 2012 alone. In other words, with this bill President Obama cut taxes by more, in raw dollar amounts, in just half of his term than George W. Bush did over his full first term.
With the huge Recovery Act tax cuts and the enormous December 2010 tax cuts combined, President Obama has already signed into law tax cuts amounting to more than $900 billion from 2009 through 2012. Even after accounting for legislation that the president signed that increased revenue during that period, President Obama has cut taxes by more than $850 billion in his first term, or approximately 1.5 percent of GDP.
Just recently, President Obama proposed another $250 billion in tax cuts designed to spur job creation, mostly in the form of...
http://www.americanprogress.org/issues/2011/09/obama_bush_taxes.html
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