Tax Increase On Wealthy

president Barack Obama has betokend that the wealthiest Americans should take on a greater r steadyue burden, and has promised that his revenue enhancement increases would not impinge on those earning below $250,000 per year ($200,000 for angiotensin converting enzyme filers). President Obama has announced to raise the income measure on millionaires in hopes to balance the federal cipher and ensure that the men and women that perplex millions ar paying the same amount of their earnings as the middle class does. Our president evidenced that, We shouldnt balance the budget on the backs of the poor and the middle class, because We cant afford these special turn down rates for the wealthy. (Duell). In all reality with todays economy this tax increase would not only affect millionaires but also would cause the economy to suffer even more.
According to angry republicans opposed to the tax increase state that it will ruin the future of Americas children. These republicans argue that this increase wont make todays issues any better, but in fact make things worse. This tax increase will effect roughly every atomic number 53 in fifty households, those of which earn over 200,000-250,000 yearly. Essentially the ones approach an increased tax are likely to be left-hand(a) worse off by the proposed changes to the U.S. tax system. The republicans believe that the Presidents final cause will ruin the United States economy.



Senate Republican leader Mitch McConnell added that the plans are not a recipe for economic or job growth. Ironically, President Obama and his wife Michelle earned $1.73million last year and paid the authorities $453,770 in federal taxes - about a quarter of the income (Duell).

Guinevere Nell and Karen Campbell, Ph.D.
However, those who speak out they are safe from the looming Obama tax hikes because they are not full-bodied are in for a rude awakening if the Obama tax plan goes into effect. Economic growth affects everyonewhether directly or indirectly. all(prenominal) peoples microeconomic decisions contribute to the macroeconomic picture. When business...If you neediness to get a full essay, order it on our website: Ordercustompaper.com



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