Obama says he has cut taxes by $3,600. But he makes it sound like it is one big tax cut.
The $3,600 figure is over four years — $800 in each of 2009 and 2010 due to the Making Work Pay tax credit and $1,000 in each of 2011 and 2012 due to a Social Security payroll tax cut.
Obama makes it sounds as though workers got a $3,600 cut every year. But the Making Work Pay tax credit has expired and Obama has not promised to extend the payroll tax cut, meaning that people’s taxes will go up next year even if he succeeds in his effort to extend Bush-era tax cuts for those earning less than $250,000 a year.