http://www.economist.com/news/united-states/21640351-barack-obama-tries-set-tone-2016-middle-class-economics
The link above takes you to the article in Economist about Obama's recent exhibition of the intent to bring equity in the American economy. The most striking part of the article discussed what plans President Obama has for the taxation policies. Obama expressed enthusiasm regarding hiking capital gains tax on the top earners and closing a loop-hole which allowed capital gains tax to be avoided when the owner of an asset dies. The tax proceeds from the increased taxation are aimed at tax cuts for people with lesser incomes. Yet, interestingly, Republicans were more concerned about the impact this could have on investment and jobs. I personally think that the tax cut is a great idea and will not impact jobs as significantly as the Republics propose.
The link above takes you to the article in Economist about Obama's recent exhibition of the intent to bring equity in the American economy. The most striking part of the article discussed what plans President Obama has for the taxation policies. Obama expressed enthusiasm regarding hiking capital gains tax on the top earners and closing a loop-hole which allowed capital gains tax to be avoided when the owner of an asset dies. The tax proceeds from the increased taxation are aimed at tax cuts for people with lesser incomes. Yet, interestingly, Republicans were more concerned about the impact this could have on investment and jobs. I personally think that the tax cut is a great idea and will not impact jobs as significantly as the Republics propose.
3 comments:
It surprises me that there isn't much of a concern for an increase in taxing for higher incomes. But this shows that most people are focusing their concerns on employment and investments. My hopes is that employment rates are not negatively effected, or drastically changed.
While perhaps not all points of President Obama's tax plan be initiated to avoid hurting investment and destroying jobs, I feel that at least one of his points can be passed as a law. I think that closing a loophole which allows capital-gains tax to be avoided when the owner of an asset dies would be an easy and sensible place to start, especially because this loophole only benefits the rich and the proceeds of closing the loophole would be used to pay for a tax cut for middle-class America. I feel like there needs to be some sort of compromise.
Post a Comment