“Obama To Propose Tax Hikes On Wealthy, Breaks For Middle
Class”
By: Dave Jamieson
Source: Huffington
Post
This is what every person thinks
will be the best for the country, and President Barrack Obama is the one that
is proposing it. Taxing the rich will save the country, will open doors for
middle class and lower class people. Obama believes that this tax will not
affect the wealthy people at all, yet he wants to raise the taxes from 23.8 %
to 28 %. If one makes about 500,000 dollars per year that is about 140,000 gone
to taxes. How would one feel when their hard worked money is taken away from
them? Although this money would be put to an excellent use. Officials say that
the revenue from taxes would be used to finance credits aimed at the middle
class, especially extending the income tax to families without children. The
top 1 percent would face these taxes, giving a break to the large middle and
lower class. Some of the money would be used to improve the retirement programs
people receive. President Obama has created an IRA plan, which is basically a
different version of the 401(k). “This proposal is probably the most impactful
way we can address the manifest unfairness in our tax system” said an
administration official (1). Obama should receive a lot of credit for this,
because the middle class has been demanding this for over six years. Other
presidents have tried proposing this, yet no progress has been made. Officials
are sure that this action would improve the economy for the middle class.
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