How would it affect the economy if the people who are in the middle to upper class have $400 to $600 less money to spend each month?
Then who would support all those on welfare and food stamps ( ones that dont need it)? Its not my fault they are poor. Get a job. Do you think Obama cares about the middle class?
About the same as if lower middle class spent $200-$400 less a month
Thanks to the IRS many people have had a lot more than that spending money taken away. If you look at the economic situation today, you will have answered your own question.