Slideshow posted in Politics | Wednesday, October 17, 2012
6 of 11: OBAMA: "What I've also said is, for (those earning) above $250,000, we can go back to the tax rates we had when Bill Clinton was president."
THE FACTS: Not exactly. The Bush tax cuts set the top income rate at 35 percent. Under Obama's proposal to raise taxes on households earning more than $250,000, the president would return the top rate to the 39.6 percent set during the Clinton administration. But he neglected to mention that his health care law includes a new 0.9 percent Medicare surcharge on households earning over that amount - and that tax would be retained. The health care law also imposes a 3.8 percent tax on investment income for high earners. So tax rates would be higher for the wealthiest Americans than they were under Clinton. ( Photo)
