“Basically, every news outlet in the country is reporting that Obama wants to extend the Bush tax cuts for those making under $250,000 per year. In fact, even Obama himself describes his own plan that way. But it’s not true.”
Everyone seems to forget that being in a certain tax bracket doesn’t mean you pay that percentage for all of your income. If you make over $250k, the increase only applies to the amount of money you make over $250k. The first $17k you make is taxed at 10%, just like someone living below the poverty line.