• December 19, 2014 at 11:34 AM

    Today, Dan Pfeiffer joined the popular blogging platform Medium, posting an op-ed that reflected on 2014 as a year of great progress for President Obama and the progressive agenda -- no matter what the critics have said.

    Lindsay Holst

    Today, Senior Advisor Dan Pfeiffer joined the new publishing platform Medium -- authoring a post that reflects on the incredible amount of progress made in 2014 despite some claims that the President had "the worst year in Washington." Moving forward, he will continue to post important highlights, insights, and reflections on the President's agenda.

    (For more posts from across the Administration, be sure to also follow President Obama and the White House on Medium, as well.)

    In today's post, he reflects on 2014 as a year of real and meaningful progress for President Obama and the progressive agenda -- no matter what the critics have said. He goes on to note a few meaningful progress points from the year:

    1. 2014 has been the strongest year of job growth since the 1990s.

    2. America's uninsured rate dropped to near-historic lows in 2014 -- In spite of the fact that this time a year ago, politicians and the press were predicting the demise of the Affordable Care Act.

    3. The President made historic progress across the board on the central global challenge of the next century: Climate change and environmental protection.

    4. President Obama's Executive Action to fix our immigration system is the most meaningful effort in decades to make the system fairer, more transparent, and more predictable.

    5. In his six years in office, the President has reshaped the federal judiciary to include more women, minorities, gays, and lesbians, so it might resemble more closely the nation it serves.

    Read the full post on Medium -- and then share it with anyone you know who might need a reminder of exactly how much got done in 2014.

    Higher Education, Jobs, College Affordability, Manufacturing, Reach Higher, Skills, Small Business, Economy, Housing, Education, Energy and Environment, Equal Pay, Foreign Policy, Health Care, Homeland Security, Immigration, Inside the White House, Middle Class Security, Taxes, Technology, Veterans, Women, Working Families
    lholst

    Today, Senior Advisor Dan Pfeiffer joined the new publishing platform Medium -- authoring a post that reflects on the incredible amount of progress made in 2014 despite some claims that the President had "the worst year in Washington." Moving forward, he will continue to post important highlights, insights, and reflections on the President's agenda.

    (For more posts from across the Administration, be sure to also follow President Obama and the White House on Medium, as well.)

    In today's post, he reflects on 2014 as a year of real and meaningful progress for President Obama and the progressive agenda -- no matter what the critics have said. He goes on to note a few meaningful progress points from the year:

    1. 2014 has been the strongest year of job growth since the 1990s.

    2. America's uninsured rate dropped to near-historic lows in 2014 -- In spite of the fact that this time a year ago, politicians and the press were predicting the demise of the Affordable Care Act.

    3. The President made historic progress across the board on the central global challenge of the next century: Climate change and environmental protection.

    4. President Obama's Executive Action to fix our immigration system is the most meaningful effort in decades to make the system fairer, more transparent, and more predictable.

    5. In his six years in office, the President has reshaped the federal judiciary to include more women, minorities, gays, and lesbians, so it might resemble more closely the nation it serves.

    Read the full post on Medium -- and then share it with anyone you know who might need a reminder of exactly how much got done in 2014.

  • December 3, 2014 at 6:52 PM

    President Obama speaks with Business Roundtable, a group of CEOs of some of the country's leading companies, at an event in Washington, D.C.

    Ezra Mechaber
    President Obama Speaks at Business Roundtable in Washington, DC (2014)

    President Barack Obama delivers remarks and participates in a Q&A during the quarterly meeting of the Business Roundtable at the Business Roundtable Headquarters in Washington, D.C., Dec. 3, 2014. (Official White House Photo by Pete Souza)

    Earlier today, President Obama spoke with Business Roundtable, a group of CEOs of some of the country's leading companies, at an event in Washington, D.C.

    The President discussed where our economy and our country stand, as well as the challenges and opportunities ahead:

    Around this time six years ago, America’s businesses were shedding about 800,000 jobs per month. Today, our businesses, including some of the most important businesses in the world that are represented here today, have created over 10.6 million new jobs; 56 months of uninterrupted job growth, which is the longest private sector job growth in our history. We just saw the best six-month period of economic growth in over a decade. For the first time in six years, the unemployment rate is under 6 percent.

    All told, the United States of America, over the last six years, has put more people back to work than Europe, Japan, and the rest of the advanced world combined. And that's a record for us to build on.

    President Obama addressed the progress still to come, identifying common-sense things we should be doing but aren't, largely because of politics or ideological gridlock — issues including infrastructure investment, tax reform, trade, and immigration reform. "I've already spoken to Speaker Boehner and Senator Mitch McConnell, and what I've said to them is that I am prepared to work with them on areas where we agree, recognizing there are going to be some areas where we just don't agree," he said.

    Before taking questions, the President also identified an area of deep concern to him domestically: "Although corporate profits are at the highest levels in 60 years, the stock market is up 150 percent, wages and incomes still haven’t gone up significantly, and certainly have not picked up the way they did in earlier generations."

    Jobs, Trade and Exports, Economy, Taxes
    emechaber
    President Obama Speaks at Business Roundtable in Washington, DC (2014)

    President Barack Obama delivers remarks and participates in a Q&A during the quarterly meeting of the Business Roundtable at the Business Roundtable Headquarters in Washington, D.C., Dec. 3, 2014. (Official White House Photo by Pete Souza)

    Earlier today, President Obama spoke with Business Roundtable, a group of CEOs of some of the country's leading companies, at an event in Washington, D.C.

    The President discussed where our economy and our country stand, as well as the challenges and opportunities ahead:

    Around this time six years ago, America’s businesses were shedding about 800,000 jobs per month. Today, our businesses, including some of the most important businesses in the world that are represented here today, have created over 10.6 million new jobs; 56 months of uninterrupted job growth, which is the longest private sector job growth in our history. We just saw the best six-month period of economic growth in over a decade. For the first time in six years, the unemployment rate is under 6 percent.

    All told, the United States of America, over the last six years, has put more people back to work than Europe, Japan, and the rest of the advanced world combined. And that's a record for us to build on.

  • November 12, 2014 at 10:23 AM

    The Internal Revenue Service's new "Get Transcript" tool allows taxpayers improved access to their own personal tax data. This innovative information service is the latest in a series of "My Data Initiatives": Federal efforts to empower Americans with easy, secure, and useful access to their personal data.

    Nick Sinai and Rajive Mathur

    “Today, I’m announcing that we’re making even more government data available, and we’re making it easier for people to find and to use. And that’s going to help launch more start-ups. It’s going to help launch more businesses… It’s going to help more entrepreneurs come up with products and services that we haven’t even imagined yet.”

    – President Obama, May 9, 2013

    Over the past few years, the Obama Administration has launched a series of Open Data Initiatives, which, for the first time in history, have released troves of valuable data that were previously hard to access in areas such as health, energy, climate, education, public safety, finance, and global development. Entrepreneurs and businesses across the Nation are using open government data to build new products and services, launch new industries, and create jobs.

    In addition to open data efforts to make public information digital and easier to find and use, the Administration has also been working to make it easier for Americans to gain access to their own data. Beginning in 2010, the Obama Administration launched a series of My Data Initiatives to empower Americans with easy, secure, and useful access to their personal data -- and to increase citizens’ access to private-sector applications and services that can be used to analyze it. As discussed in the 2014 Big Data report, the My Data Initiatives help establish a strong model for personal data accessibility that the Administration hopes will become widely adopted in the private and public sectors. The ability to access one’s personal information will be increasingly important in the future, when more aspects of life will involve data transactions between individuals, companies, and institutions.

    One of the newest My Data efforts is the IRS tool, Get Transcript. Launched in 2014, Get Transcript allows taxpayers to securely view, print, and download a PDF record of the last three years of their IRS tax account. Get Transcript has produced over 17 million so-called tax transcripts, reducing phone, mail, or in-person requests by approximately 40% from last year. Secure access to your own tax data makes it easier to demonstrate your income with prospective lenders and employers, or help with tax preparation. What was a paper-based transcript process which took multiple days has been made instantaneous and easy for the American taxpayer.

    The IRS is an agency that serves virtually every American, and runs one of the nation’s largest customer service operations. To give an idea of the size and scope of responsibilities, the Internal Revenue Service:

    • receives over 80 million phone calls per year, mostly from people eager to hear the status of their refund, understand a notice, make a payment, or update their account;
    • sends out nearly 200 million paper notices annually; and
    • receives over 50 million unique visitors to its website each month during filing season.

    Meeting this demand from citizens is a challenge with limited staff and resources. Nonetheless, the IRS is committed to improving service to citizens across all of its channels – whether it’s by phone, walk-ins, or especially its digital services.

    Building on the initial success of Get Transcript, there are more exciting improvements to IRS services in the pipeline. For instance, millions of taxpayers contact the IRS every year to ask about their tax status, whether their filing was received, if their refund was processed, or if their payment posted. In the future, taxpayers will be able to answer these types of questions independently by signing in to a mobile-friendly, personalized online account to conduct transactions and see all of their tax information in one place. Users will be able to view account history and balance, make payments or see payment status, or even authorize their tax preparer to view or make changes to their tax return. This will also include the ability to download personal tax information in an easy to use and machine-readable format so that taxpayers can share with trusted recipients if desired.

    The secure and convenient data accessibility and portability envisioned by the IRS is a goal of all of the My Data Initiatives. Other My Data Initiatives include:

    • Blue Button: The Blue Button initiative has enabled more than 150 million Americans co to securely access their health information to better manage their health care and finances. In 2010, the U.S. Department of Veterans Affairs launched the Blue Button to give veterans the ability to download their health records. Since then, more than 5.4 million veterans have used the Blue Button tool to access their personal health information.
    • Green Button: The Administration partnered with electric utilities in 2012 to create the Green Button, which provides families and business with easy access to their energy usage information in a consumer-friendly and computer-friendly format. Today, 48 utilities and electricity suppliers serving more than 59 million homes and businesses have committed to giving their customers “Green Button” access to help them save energy.
    • MyStudentData: The Department of Education launched a MyStudentData Download button to make it possible for students and borrowers to download their Federal student loan balances, grant information, or Free Application for Student Aid (FAFSA) data and use that information with third-party tools to better understand their choices when paying off student debt or choosing where to attend school. Nearly 9.4 million students and parents successfully accessed the IRS Data Retrieval Tool for the 13-14 FAFSA application cycle reducing errors and making the process simpler and easier for students and their families.

    Nick Sinai is U.S. Deputy Chief Technology Officer

    Rajive Mathur is Director, Online Services at the Internal Revenue Service

    Open Government, Taxes
    hsafford

    “Today, I’m announcing that we’re making even more government data available, and we’re making it easier for people to find and to use. And that’s going to help launch more start-ups. It’s going to help launch more businesses… It’s going to help more entrepreneurs come up with products and services that we haven’t even imagined yet.”

    – President Obama, May 9, 2013

    Over the past few years, the Obama Administration has launched a series of Open Data Initiatives, which, for the first time in history, have released troves of valuable data that were previously hard to access in areas such as health, energy, climate, education, public safety, finance, and global development. Entrepreneurs and businesses across the Nation are using open government data to build new products and services, launch new industries, and create jobs.

    In addition to open data efforts to make public information digital and easier to find and use, the Administration has also been working to make it easier for Americans to gain access to their own data. Beginning in 2010, the Obama Administration launched a series of My Data Initiatives to empower Americans with easy, secure, and useful access to their personal data -- and to increase citizens’ access to private-sector applications and services that can be used to analyze it. As discussed in the 2014 Big Data report, the My Data Initiatives help establish a strong model for personal data accessibility that the Administration hopes will become widely adopted in the private and public sectors. The ability to access one’s personal information will be increasingly important in the future, when more aspects of life will involve data transactions between individuals, companies, and institutions.

    One of the newest My Data efforts is the IRS tool, Get Transcript. Launched in 2014, Get Transcript allows taxpayers to securely view, print, and download a PDF record of the last three years of their IRS tax account. Get Transcript has produced over 17 million so-called tax transcripts, reducing phone, mail, or in-person requests by approximately 40% from last year. Secure access to your own tax data makes it easier to demonstrate your income with prospective lenders and employers, or help with tax preparation. What was a paper-based transcript process which took multiple days has been made instantaneous and easy for the American taxpayer.

    Open Government
  • September 26, 2014 at 12:00 PM

    You don’t get to pick your tax rate, and neither should corporations.

    Tanya Somanader

    A good way to build a stronger economy is to create a fairer and more efficient tax code -- one that promotes business investment and job creation in the United States. That is why the President has proposed business tax reform that will simplify the tax code by lowering the corporate tax rate and closing wasteful loopholes.

    Congress has yet to act on the President’s proposal, and in the meantime, some companies continue to exploit unfair tax loopholes. One such loophole allows U.S. corporations to undertake an "inversion," whereby a company relocates their tax residence overseas, while changing very little else about its operations or business, in order to avoid paying taxes. With a simple change of paperwork, these companies can dramatically reduce their taxes, leaving other businesses and middle-class taxpayers to pick up the tab.

    Dozens of U.S. corporations have taken advantage of the inversions loophole in recent years, and more are looking to follow suit. By renouncing their U.S. citizenship, these companies will cost our country nearly $20 billion over the next decade -- critical dollars that could be used to grow and expand the middle class.

    The Treasury Department is using its authority to take initial, targeted steps to discourage American companies from inverting by limiting the benefits they would receive from such action. You don’t get to pick your tax rate, and neither should corporations.

    Take a look at why the President has called on Congress to close the inversion tax loophole:

     

    Middle-Class Tax Cuts, Economy, Taxes
    tsomanader

    A good way to build a stronger economy is to create a fairer and more efficient tax code -- one that promotes business investment and job creation in the United States. That is why the President has proposed business tax reform that will simplify the tax code by lowering the corporate tax rate and closing wasteful loopholes.

    Congress has yet to act on the President’s proposal, and in the meantime, some companies continue to exploit unfair tax loopholes. One such loophole allows U.S. corporations to undertake an "inversion," whereby a company relocates their tax residence overseas, while changing very little else about its operations or business, in order to avoid paying taxes. With a simple change of paperwork, these companies can dramatically reduce their taxes, leaving other businesses and middle-class taxpayers to pick up the tab.

    Dozens of U.S. corporations have taken advantage of the inversions loophole in recent years, and more are looking to follow suit. By renouncing their U.S. citizenship, these companies will cost our country nearly $20 billion over the next decade -- critical dollars that could be used to grow and expand the middle class.

    The Treasury Department is using its authority to take initial, targeted steps to discourage American companies from inverting by limiting the benefits they would receive from such action. You don’t get to pick your tax rate, and neither should corporations.

    Take a look at why the President has called on Congress to close the inversion tax loophole:

     

  • September 22, 2014 at 5:43 PM

    The Treasury Department is taking action to discourage companies from taking advantage of corporate inversions – moving their tax residence overseas on paper to avoid paying their fair share in taxes here at home.

    Lindsay Holst

    Today, the Treasury Department announced that it's taking action to reduce the tax benefits of -- and, where possible, stop -- corporate tax inversions from happening.

    What's an inversion again? In short, it's a type of corporate tax deal wherein a U.S.-based multinational with operations in other countries moves the tax residence of the parent company overseas -- moving into a low-tax jurisdiction to avoid paying U.S. taxes. (Want more details? We break it down pretty thoroughly in this post.)

    The President issued the following statement today about the Treasury's action.


    America’s businesses have created 10 million jobs over the last 54 months -- the longest stretch of uninterrupted private sector job growth in our nation’s history -- and we should do everything we can as a country to build on that progress. That’s why I’ve called on Congress to lower our corporate tax rate, close wasteful loopholes, and simplify the tax code for everyone.

    While there’s no substitute for Congressional action, my Administration will act wherever we can to protect the progress the American people have worked so hard to bring about. As part of this effort, Secretary Lew briefed me today on the first steps the Treasury Department is taking to discourage companies from taking advantage of corporate inversions -- moving their tax residence overseas on paper to avoid paying their fair share in taxes here at home.


    We’ve recently seen a few large corporations announce plans to exploit this loophole, undercutting businesses that act responsibly and leaving the middle class to pay the bill, and I’m glad that Secretary Lew is exploring additional actions to help reverse this trend.


    I believe America does better when hard work pays off, responsibility is rewarded, and everyone plays by the same set of rules. In the weeks and months ahead we should do even more to bring fairness to our tax code, help our businesses create more American jobs, and expand opportunity for all.

    Small Business, Economy, Middle Class Security, Taxes, Working Families
    lholst

    Today, the Treasury Department announced that it's taking action to reduce the tax benefits of -- and, where possible, stop -- corporate tax inversions from happening.

    What's an inversion again? In short, it's a type of corporate tax deal wherein a U.S.-based multinational with operations in other countries moves the tax residence of the parent company overseas -- moving into a low-tax jurisdiction to avoid paying U.S. taxes. (Want more details? We break it down pretty thoroughly in this post.)

    The President issued the following statement today about the Treasury's action.

  • April 15, 2013 at 4:53 AM

    Understand how and where your tax dollars are being spent.

    It’s April 15th, Tax Day. Millions of families all across the country have already filed their taxes or maybe some folks are just getting around to it today. Whether you’ve planned ahead or rushing to get them done, you deserve to know how your tax dollars are being spent.  

    In his 2011 State of the Union Address, President Obama promised that, for the first time ever, American taxpayers would be able to go online and see exactly how their federal tax dollars are spent. And for the third year in a row, he’s keeping that promise. As long as he’s in office, every hardworking taxpayer will be able to jump online to see exactly how their tax dollars are being spent.

    Just enter a few pieces of information below, and the Taxpayer Receipt will give you a breakdown of how your tax dollars are spent on priorities like education, veterans benefits, or health care. The online tool has been updated to reflect current spending. 

    Launch the Taxpayer Receipt

    The President believes the economy grows best from the middle out, not from the top down.  That’s why he fought to make the middle class income tax cuts permanent. Additionally, millions of folks continue to be able to take advantage of things like the American Opportunity Tax Credit, and the expansions to the Earned Income Tax Credit and the Child Tax Credit. There’s more work to be done to strengthen the economy, the President will continue to do everything he can to make investments that’ll grow the economy and strengthen the middle class while taking a balanced approach to reduce the deficit to ensure every American has a shot at the American dream.

    Understand how and where your tax dollars are being spent

    Taxes
    ccurtis

    It’s April 15th, Tax Day. Millions of families all across the country have already filed their taxes or maybe some folks are just getting around to it today. Whether you’ve planned ahead or rushing to get them done, you deserve to know how your tax dollars are being spent.  

    In his 2011 State of the Union Address, President Obama promised that, for the first time ever, American taxpayers would be able to go online and see exactly how their federal tax dollars are spent. And for the third year in a row, he’s keeping that promise. As long as he’s in office, every hardworking taxpayer will be able to jump online to see exactly how their tax dollars are being spent.

    Just enter a few pieces of information below, and the Taxpayer Receipt will give you a breakdown of how your tax dollars are spent on priorities like education, veterans benefits, or health care. The online tool has been updated to reflect current spending. 

    Launch the Taxpayer Receipt

    Taxes
  • January 5, 2013 at 6:00 AM

    President Obama talks about the bipartisan agreement that Congress reached this week which prevented a middle-class tax hike, congratulates the newly sworn-in members of Congress, and looks forward to working with the new Congress in the new year to continue to grow our economy and shrink our deficits in a balanced way.

    Includes Video?

    In this week’s address, President Obama talks about the bipartisan agreement that Congress reached this week which prevented a middle-class tax hike, congratulates the newly sworn-in members of Congress, and looks forward to working with the new Congress in the new year to continue to grow our economy and shrink our deficits in a balanced way. 

    >

    Transcript | Download mp4 | Download mp3

    Middle-Class Tax Cuts, Economy, Taxes
    mslack

    In this week’s address, President Obama talks about the bipartisan agreement that Congress reached this week which prevented a middle-class tax hike, congratulates the newly sworn-in members of Congress, and looks forward to working with the new Congress in the new year to continue to grow our economy and shrink our deficits in a balanced way. 

    >

    Transcript | Download mp4 | Download mp3

    Economy
  • January 4, 2013 at 10:13 AM

    Brian Deese explains what the new agreement to extend tax cuts for the middle class means for the economy and how it met President Obama's key economic priorities.

    In this new White House White Board, Brian Deese, the Deputy Director of the National Economic Council, explains what the new agreement to extend tax cuts for the middle class means for the economy and how it met President Obama's key economic priorities.

    Watch:


    Learn more: 

    Middle-Class Tax Cuts, Economy, Taxes
    mcompton

    In this new White House White Board, Brian Deese, the Deputy Director of the National Economic Council, explains what the new agreement to extend tax cuts for the middle class means for the economy and how it met President Obama's key economic priorities.

    Watch:


    Learn more: 

    Middle-Class Tax Cuts
  • January 3, 2013 at 6:54 PM

    On Friday, January 4th at 11:30 a.m. ET, the White House is answering your questions about the tax deal during a live Twitter Q&A.

    Update: This session of Office Hours has concluded. Check out the full Q&A below, or at Storify.com/whitehouse.

    This week, President Obama signed the American Taxpayer Relief Act of 2012 into law. That means middle-class families won't see an increase in their income tax rates, and the fiscal cliff has been avoided.

    Do you have questions about the deal and how it will impact you? Brian Deese, Deputy Director of the National Economic Council, will be on hand to answer your questions during a session of White House Office Hours on Twitter with Yahoo! Finance.

    Join us on Friday, January 4th at 11:30 a.m. ET for a live Twitter Q&A. Here’s how it works:

    • Ask your questions now and during the chat with the hashtag #fiscalcliff411
    • Follow the Q&A live through @WHLive and @YahooFinance
    • If you miss the Q&A, the full session will be posted on WhiteHouse.gov
    Brian Deese Twitter Office Hours

    During a session of White House Office Hours on Twitter, Brian Deese, the Deputy Director of the National Economic Council, answers questions about the new agreement to extend tax cuts for the middle class.

     

    WH Office Hours: Agreement to Extend Middle Class Tax Cuts

    Brian Deese, Deputy Director of the National Economic Council, answered your questions about the tax deal during a session of White House Office Hours on Twitter with Yahoo! Finance.

    Storified by The White House· Fri, Jan 04 2013 10:03:50

    Good morning! Ready for #FiscalCliff411? In a few min. we'll be joined by @WHLive's NEC's Brian Deese to answer Qs on the #FiscalCliff deal.Yahoo! Finance
    Good morning everyone, Brian here. Happy to be joining @yahoofinance for this #fiscalcliff411White House Live
    Whitehouse
    Q via @Farnoosh: #FiscalCliff deal addressed #taxes but not much re: #debt ceiling. What spending cuts will POTUS fight for? #FiscalCliff411Yahoo! Finance
    POTUS will do more spending cuts & has specific proposals eg: http://www.whitehouse.gov/omb/budget/Overview. But needs to be balanced w new revenues #fiscalcliff411White House Live
    Q from @YahooFinance's Facebook community: "What is on table to help cut #spending? Will we see #Veterans #benefits go away? #FiscalCliff411Yahoo! Finance
    One impt piece of the tax deal was extending vets tax credit to give employers $5k+ incentive to hire returning heroes #fiscalcliff411White House Live
    More generally, POTUS has firm commitment to protect core vets benefits even as we work to put in place addtl spending cuts #fiscalcliff411White House Live
    Q via @aarontask: CBO says #fiscalcliff deal will increase the #deficit by $4T in next decade. How is that good policy? #FiscalCliff411Yahoo! Finance
    Appreciate the q and chance to clarify bc CBO and green eyeshade budget baseline issues can be hard to interpret (1/2) #fiscalcliff411White House Live
    But the deal's bottom line: wealthiest 2% pay higher taxes; that cuts deficits $737bn over 10yrs: http://wh.gov/U9hR (2/2) #fiscalcliff411White House Live
    Members of @YahooFinance community planning to attend college ask: how does FiscalCliff deal help or hurt my financial aid? #FiscalCliff411Yahoo! Finance
    Impt for anyone thinking of college: Deal extended $2500 college tax cut, so it's there for you to get through school. #fiscalcliff411White House Live
    Q via @LaurenLyster: Has #MintTheCoin chatter over creation of trillion $ platinum coin re: debt ceiling reached West Wing? #FiscalCliff411Yahoo! Finance
    Your tweet suggests we have...But congress has job to do re debt ceiling; its time they deal w bills they already racked up #fiscalcliff411White House Live
    @WHLive Can you address the concern that #payroll #tax expiration might be harmful to the #economy? (via @RebeccaStropoli) #FiscalCliff411Yahoo! Finance
    Payroll cut provided impt temporary econ support; this deal provides much-needed permanent certainty for midclass tax rates #fiscalcliff411White House Live
    I need to run, but thanks for all the questions and to @yahoofinance. -Brian #fiscalcliff411White House Live
    Thank you for tuning in to @YahooFinance's #FiscalCliff411 Twitter chat with the @WhiteHouse / @WHLive. Miss anything? Summary to follow...Yahoo! Finance
    Learn more about what's in the Taxpayer Relief Act of 2012 in the latest White Board video:
    White House White Board - American Taxpayer Relief Act of 2012whitehouse

    Want to learn more about the deal? Here are seven things you need to know:

    The Seven Things You Need to Know About the Tax Deal

    To learn more about this agreement and what comes next, be sure to watch President Obama's full remarks.

    Having trouble reading the graphic? Check out the text here.

    Economy, Taxes
    kschulman

    Update: This session of Office Hours has concluded. Check out the full Q&A below, or at Storify.com/whitehouse.

    This week, President Obama signed the American Taxpayer Relief Act of 2012 into law. That means middle-class families won't see an increase in their income tax rates, and the fiscal cliff has been avoided.

    Do you have questions about the deal and how it will impact you? Brian Deese, Deputy Director of the National Economic Council, will be on hand to answer your questions during a session of White House Office Hours on Twitter with Yahoo! Finance.

    Join us on Friday, January 4th at 11:30 a.m. ET for a live Twitter Q&A. Here’s how it works:

    • Ask your questions now and during the chat with the hashtag #fiscalcliff411
    • Follow the Q&A live through @WHLive and @YahooFinance
    • If you miss the Q&A, the full session will be posted on WhiteHouse.gov
    Brian Deese Twitter Office Hours

    During a session of White House Office Hours on Twitter, Brian Deese, the Deputy Director of the National Economic Council, answers questions about the new agreement to extend tax cuts for the middle class.

     
  • December 21, 2012 at 9:25 PM

    After a week of negotiation and debate around the fiscal cliff, President Obama talks about where we are in the fight to keep middle-class taxes from going up.

    President Barack Obama delivers a statement to the press in the Brady Press Briefing Room (December 21, 2012)

    President Barack Obama delivers a statement to the press in the Brady Press Briefing Room of the White House, Dec. 21, 2012. (Official White House Photo by Lawrence Jackson)

    After a week of negotiation and debate around the fiscal cliff, President Obama took to the James S. Brady Briefing Room in the White House to talk about where we are in the fight to keep middle-class taxes from going up.

    "I just spoke to Speaker Boehner and I also met with Senator Reid," he said. "In the next few days, I've asked leaders of Congress to work towards a package that prevents a tax hike on middle-class Americans, protects unemployment insurance for 2 million Americans, and lays the groundwork for further work on both growth and deficit reduction. That's an achievable goal. That can get done in 10 days. Once this legislation is agreed to, I expect Democrats and Republicans to get back to Washington and have it pass both chambers. And I will immediately sign that legislation into law, before January 1st of next year. It’s that simple."

    He urged lawmakers to use the Christmas holiday to give the issue due consideration, and return to Washington ready to work on a solution.

    "Everybody can cool off; everybody can drink some eggnog, have some Christmas cookies, sing some Christmas carols, enjoy the company of loved ones," said President Obama. "And then I'd ask every member of Congress while they’re back home to think about that. Think about the obligations we have to the people who sent us here."

    Read the full remarks here.

    Middle-Class Tax Cuts, Economy, Taxes
    mcompton
    President Barack Obama delivers a statement to the press in the Brady Press Briefing Room (December 21, 2012)

    President Barack Obama delivers a statement to the press in the Brady Press Briefing Room of the White House, Dec. 21, 2012. (Official White House Photo by Lawrence Jackson)

    After a week of negotiation and debate around the fiscal cliff, President Obama took to the James S. Brady Briefing Room in the White House to talk about where we are in the fight to keep middle-class taxes from going up.

    "I just spoke to Speaker Boehner and I also met with Senator Reid," he said. "In the next few days, I've asked leaders of Congress to work towards a package that prevents a tax hike on middle-class Americans, protects unemployment insurance for 2 million Americans, and lays the groundwork for further work on both growth and deficit reduction. That's an achievable goal. That can get done in 10 days. Once this legislation is agreed to, I expect Democrats and Republicans to get back to Washington and have it pass both chambers. And I will immediately sign that legislation into law, before January 1st of next year. It’s that simple."

    Middle-Class Tax Cuts