Since 2009, Obama has already increased the national debt by roughly $5.7 trillion to $16.4 trillion. That adds up to $55,000 of debt for every American, so far.
The White House describes Plan B’s increased taxes on the wealthy as giveaways to the wealthy. The plan raises “only about $300 billion from high-income households … [gives] those making over $1 million average tax cuts of $50,000,” according to the complaint.
The White House also describes Plan B’s proposal to raise taxes on investors and entrepreneurs earning more than $1 million — but not on those earning more than $250,000 — as a financial loss. “70 percent of the $400 billion [would be] lost by increasing the expiration threshold from $250,000 to $1 million goes to households making more than $1 million,” it said.
Meanwhile, it describe the GOP’s plan to prevent some — but not all — of the pending “fiscal cliff” tax-increases on middle-class families as a tax increase. It would increase “taxes by an average of $1,000 on 25 million working families with children and students” by not extending temporary tax cuts sent during Obama’s first term, it said.
The White House also complains that the GOP’s fallback plan doesn’t accomplish everything on its to-do list. “Plan B does nothing to address the other elements of the fiscal cliff, including the expiration of emergency unemployment insurance benefits … Medicare or the [Fiscal Cliff] sequester … does not do anything for jobs, certainty, or anything significant for deficit reduction,” said the White House’s complaint about the GOP plan.