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By the Numbers: 98 Percent

President Obama is calling on Congress to extend tax cuts for the 98 percent of Americans making less than $250,000 a year.

Yesterday, President Obama called on Congress to extend the middle-class tax cuts for the 98 percent of Americans making less than $250,000 for another year.  If lawmakers don’t act, a typical middle-class family of four will see its taxes go up by $2,200 on January 1.   

Our prosperity has always come from an economy built on a strong and growing middle class. That’s why the President has cut middle-class taxes every year– by $3,600 for the typical middle class family.

No one thinks raising taxes on the middle class is a good idea--it would be a big blow to working families, and it would drag down our entire economy. This should be one of those rare issues where everyone in Washington can agree. But so far, Congress hasn’t been able to extend middle class tax cuts because Republicans in Washington refuse to ask the wealthy and big corporations to pay their fair share.

Middle class families should have the certainty and security of knowing their taxes won’t go up in six months, and President Obama's message to Congress is clear: Pass a bill extending the tax cuts for the middle class and he’ll sign it tomorrow.