WASHINGTON – President Barack Obama calls his tax and spending plan "middle-class economics," but most middle-income families would see little change in their tax bills.
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Obama is proposing a total of $1.5 trillion in new taxes over the next decade, mostly on corporations and high-income households. He would use nearly $280 billion to pay for targeted tax breaks for low- and middle-income families.
Obama's proposals would benefit households with two wage earners, families with young children in child care, and those with older children in college. One would help low-wage workers who don't have children. Another would make it easier for workers to enroll in individual retirement accounts.
But an independent analysis shows that middle-income families that don't fit these categories will see few if any changes in their taxes.