White House: Middle Class Tax Hike Could Cut Hawaii Spending By $1B
WASHINGTON — Allowing tax cuts on middle class families to expire could result in almost a billion-dollar reduction in consumer spending in Hawaii in 2013.
That's according to a new analysis by President Barack Obama's Council of Economic Advisers. The state-by-state breakdown of the impacts of the Bush-era tax cuts was released by the White House late Wednesday as part of Obama's effort to convince Congress to extend the cuts for middle class Americans while allowing them to expire for top earners.
The full report is titled "The Middle-Class Tax Cuts’ Impact on Consumer Spending and Retailers."