Would this be what Obama really thinks is the upper income limit of the middle class?
...with Barack Obama, Joe Biden, and their various surrogates having trouble finding the floor for tax cuts, perhaps more trenchant than it otherwise would be. In a 2003 interview while starting his Senate campaign, Obama said that tax cuts should have been targeted no higher than the $70K level:
The EITC reference is interesting. That’s a refundable, rather than a tax cut. It’s basically a redistributive tool, although one with broad bipartisan support. No one ever talks about ending the EITC, or at least not seriously enough to matter. It does reflect Obama’s inclination to rely on refundables rather than actual rate cuts, which reflects on his current tax plans. Obama’s top end for cuts certainly changed dramatically. If he thought that tax cuts should be limited to $70K in 2003, he hasn’t explained what changed in the following five years to move that to $250K $200K $150K $120K. Obama could have simply changed his mind, but the ambiguity surrounding Democratic talking points in the past few weeks suggests that his commitment to the higher income levels is tenuous at best.
Video: Middle class topped out at 70K in 2003, according to Obama