Taxes

• Negotiated a deal with Swiss banks to permit the US government to gain access to records of tax evaders and criminals (2009)

• Ended the Bush-era policy of offering tax benefits to corporations who outsource American jobs (2009) * Note: The new policy promotes in-sourcing investments to bring jobs back to the US

• Signed the American Recovery and Reinvestment Act which provides small tax cuts for 95% of “working families” (2009) * Note: The tax cuts were not as big as was suggested during the 2008 campaign

• Convened an advisory board that is looking into simplifying the tax code (2009)

• Ordered the closing of offshore tax safe havens (for individual and business tax evaders) (2009)

• Reduced taxes for some small businesses to stimulate the economic recovery (2009)

• Extended the Home Buyers Credit for first-time home buyers (2009)

• Proposed doubling the child tax credit (2010)

• Called for the repeal of the capital gains tax for small businesses (2010)

• Proposed rolling back the 2001 and 2003 Bush tax cuts for the wealthiest Americans (2010) * Note: This would be for families earning over $250,000/year and would return their tax rates to the 1990’s level; however, the President backed off proposal in late 2010 because of Republican opposition

• Proposed “Buffet Rule” which requires millionaires to pay a fair/minimum tax (Sept 2011) *Note: Many take advantage of tax laws to pay less than or lower percentages than middle class Americans