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Before President Obama delivered remarks at Kirkwood Community College in Cedar Rapids, he visited the home of Jason and Ali McLaughlin to discuss the need for Congress to extend the middle-class tax cuts that would prevent a tax hike on all families earning less than $250,000.
As a result of the tax cuts President Obama has already signed into law, the McLaughlin's have received a total of about $4,900 in tax relief over the President's first term. President Obama has committed to extend the middle class tax cuts that expire at the end of this year--if these tax cuts expired, the McLaughlins could face a tax increase of about $2,000.
In his speech, President Obama outlined his plan to build an economy from the middle out, not the top down, by ensuring hard work pays off and responsibility is rewarded, making critical investments in education and clean energy, and by reforming our tax system to restore middle class security and pay down our deficits in a balanced way.
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