Romney to Save Taxpayers $2,900 on Average, Millionaires $146K: Report

Republican Mitt Romney’s tax plan would cut taxes for about 75 percent of taxpayers by an average of $2,900, but its impact takes a wide swing among income levels with 13 percent of earners potentially seeing an average increase of $900 in taxes by 2015. These are the findings by the independent Washington research group, Tax Policy Center, which studied the tax proposal by Romney, the frontrunner for the Republican nomination.

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Obama: Main Street’s Future at Stake in Wall Street Reform

Using a Buffalo, N.Y. small business he visited this week as his focal point, President Obama said consumers, business owners and community banks have much at stake in sweeping Wall Street oversight reform that could come to a final vote next week. “First and foremost, you have a stake in (reform) if you’ve ever been treated unfairly by a credit card company, misled by pages and pages of fine print, or ended up paying fees and penalties you’d never heard of before,” Obama said.

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Obama: Insured, Small Businesses Seeing Reform Benefits

Just more than a month since he signed sweeping health care reform, President Obama today said millions of Americans have or are soon to receive “real benefits” from the legislation, including many small business owners who can start to take advantage of tax credits to encourage expanding or maintaining coverage for their employees. “Two weeks ago, four million small business owners and organizations found a postcard in their mailbox informing them that they could be eligible for a health care tax cut this year,” Obama said in his weekly address.

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Obama: GOP Plan Would ‘Gut Consumer Protections’

President Obama today lashed out against a Republican amendment proposing a consumer financial protection agency without the autonomous and sweeping authority over credit cards, mortgages and other loan products that is sought by Democrats. The Republicans want to create a division of consumer protection within the Federal Deposit Insurance Corporation, and subject it to FDIC rules. The FDIC’s primary role, White House officials say, is the safety and soundness of banks, not protecting consumers from unfair or predatory practices.

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