On Friday, CNN took a closer look at President Obama’s proposals to raise taxes by hundreds of billions of dollars on working families and small businesses. CNN found the President’s proposal would affect far more than just “millionaires and billionaires” and that the “loopholes” that the President repeatedly mentioned would be a drop in the bucket in comparison to the trillions being discussed.
On The President’s Press Conference:
CNN’s Brianna Keilar: We are talking about $3 billion and this is getting a whole lot of attention but really it’s just a drop in the bucket when you’re talking about trillions of dollars in the course of the debt talks going on.
On the President’s “Hundred Thousand-Aire” Tax Increase
Keilar: ... but there’s another tax break the President would really like to see [end.] This is limiting deductions that wealthier Americans can take. You heard the President refer to this on Wednesday as a tax break that benefits millionaires and billionaires. The fact check on that is this: it actually would target Americans making $250,000 or more, arguably a lot of money, but a lot of those folks are not millionaires or billionaires.