Monday, February 21, 2011
Obama’s 2012 Budget: New Taxes in, Tax Breaks Out
This article gives us a basic outline of President Obama's newly proposed budget. The budget includes plans for reducing the national deficit, by focusing on the High income earning population that is still protected by the Bush-era tax cuts. Overall it talks about many proposed projects that are going to take affect over the next few years. i believe that this is only the first out of many steps the government will need to take to fix the U.S. national debt problem.
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2 comments:
I like how consice this article is.
Also, cracking down on high income people, coal, oil , and gas companies and cutting subsidies for the richest farmers are all excellent ideas. These people/companies can afford to give more and have been benefiting from many laws, subsidies, tax breaks, etc. for years. They are also redirecting money from fossil fuel research/exploration to green energy. This is also excellent.
There are also a lot of new laws that with go with this regulation that will erode a lot of profits from small businesses, which some economists would say drive the economy. Obviously these tax breaks have been in place to encourage growth, but i do agree some should be repealed because that subsidized growth is no longer needed.
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