It’s hard for me to believe that Obama would let the Bush tax cuts expire simply because the Bush tax cuts created a MORE progressive tax system than was in effect under the Clinton taxes. Yes, everyone got a tax break. BUT the biggest tax breaks (in terms of percentages) occurred for those at the bottom — that’s why we have about half the country paying nothing and a good portion of those even receive transfer payments under the “Earned Income Tax Credit,” i.e., they actually have a negative tax.
The Earned Income Tax Credit program was in effect before the Bush tax cut but I believe it was increased pretty heftily under the Bush tax cuts.
I think this is why Obama always just wanted to raise taxes on the so-called “rich” but caved when it came to letting the Bush tax cuts expire. He was unwilling to let the Bush tax cuts expire because it clearly would have been a tax increase on those he’d absolutely promised wouldn’t have their taxes increased. He doesn’t have the ability to veto a portion of a bill, so either all the tax cuts expire or he has to accept or reject the totality of a bill that would revise the taxes.
I agree 100%. See my Post #13.