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The policy that President Obama described Monday as a middle-class tax cut would result in taxpayers paying nearly $1.3 trillion more over an eight-year period than they would have under his previous proposal, according to Congressional Budget Office figures.

“I’m calling on Congress to extend the tax cuts for the 98 percent of Americans who make less than $250,000 per year for another year,” Obama said at the White House Monday.

Obama’s proposal would mean the tax rates on people (and small businesses) making $250,000 or more a year would rise at the end of 2012, as scheduled, while tax increases on everyone else would be delayed by one year.

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