White House: Obama ‘Provided Tax Relief’ in Leading ‘Economic Rescue’ of United States

By CNSNews.com Staff | December 26, 2016 | 6:05pm EST
President-elect Obama meets with House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid in January 2009. (AP Photo/Gerald Herbert)

(CNSNews.com) - In a report on President Barack Obama’s record, detailing how he led the “economic rescue” of the United States, the White House says that Obama “provided tax relief” to the typical American family.

The report, posted on the White House website, is entitled: “Economic Rescue, Recovery, and Rebuilding on a New Foundation.”

“President Obama inherited an economy careening toward a Great Depression,” says the introduction to the report, “and he acted aggressively to arrest the crisis, restart growth and job creation, rebuild our economy on a stronger long-term foundation, and expand opportunity for all Americans.”

The White House report asserts, among other things, that Obama:

“• Provided tax relief that gave the typical American family a tax cut of $3,600 over the first four years of the Administration — helping to restart job growth — and further cut taxes for low-income working families and families with college students…

“• Cut taxes 18 times for small businesses in the first term and extended many of those cuts…

“• Made permanent tax cuts for 98 percent of Americans as part of the bipartisan fiscal cliff agreement in January 2013, while allowing costly tax cuts to expire for those with the highest incomes — which will reduce deficits by more than $800 billion over the next ten years…

“• Made permanent important expansions to tax credits for working and middle-class families in the 2015 tax agreement that were first enacted in the 2009 Recovery Act, providing a tax cut averaging about $1,000 to roughly 24 million families each year”

In fiscal 2008, the last full fiscal year before Obama was elected president, the federal government collected $2,523,858,000,000 in taxes and spent $2,978,664,000,000—running a deficit of $454,608,000,000, according to the Treasury.

In fiscal 2016, which is the last full fiscal year in which Obama served, the federal government collected $3,366,688,000,000 in taxes and spent $3,854,100,000,000—running a deficit of $587,412,000,000.

MRC Store