Obama Looks To Avert Fiscal Cliff Disaster, Offers Warning To Black Families

As the ongoing battle over the fiscal cliff wages on in Washington, taxpayers across the country are watching the news – and their wallets – as the January 1 deadline looms closer. The details of the potential tax hike would be especially troubling for African-American households. On Thursday, December 6, President Barack Obama and the White House released a fact sheet highlighting the number of families who would feel the brunt if the House doesn’t continue tax cuts for the middle class before the deadline.

Obama’s desire to increase taxes for only those earning $250,000 and more has been met with resistance by the Republican Party-led Congress and other elected officials seeking to stop tax hikes. The President’s plan to tax higher earning citizens is rooted in the idea that this measure will create more revenue and pare down the nation’s staggering deficit. If House leaders can’t come to a…