I finally got around to listening to last Wednesday's Democracy Now podcast. When I heard this, I was upset, but hardly surprised. (DN 12/8/10)
By contrast, the only group that will see its taxes increase are the nation’s lowest-paid workers. Individuals who make less than $20,000 and families with earnings below $40,000 stand to see tax hikes because Obama agreed to eliminate his Making Work Pay credit, which provided up to $400 for individuals and $800 for families of low and moderate income.
The tax breaks for the rich were described just before (bolding mine):
A new analysis shows that the wealthiest Americans will receive the most benefit from President Obama’s controversial fiscal deal with Republicans. This week, Obama agreed to extend the Bush-era tax cut for the wealthiest Americans and reduce the estate tax in return for a 13-month extension of jobless benefits and a handful of tax credits for low- and moderate-income Americans. According to the New York Times, at least a quarter of the tax savings under the deal will go to the wealthiest one percent of the population. The plan’s $900 billion cost will be added to the federal deficit, not made up through spending cuts or the closing of loopholes that have taxed capital gains and dividends at just 15 percent.
If not for Democracy Now, I wouldn't even know about the tax increases for the poor, the near poor, and the lower middle class. This should be getting huge press attention, but people with lower incomes don't buy as much crap, and they can't afford to make campaign contributions, much less big ones.
The biased approach to this tax cut deal for the rich/tax increase deal for the poor by the corporate media shows why we need independent media so badly. Politicians can get away with the rankest corruption when most people are kept ignorant.