President Obama believes that the U.S. can reduce its $15 trillion-plus federal debt by generating revenue from the increase in taxes.
While attending the Business Roundtable talks Obama stated that along with finding ways to cut spending, revenue had to also be dealt with. He believes that the people of America understand that this must be done in order to solve the country’s financial problems.
Taxes will be on everyone’s minds at election time.
The opponents of Obama- Mitt Romney, Ron Paul, Newt Gingrich and Rick Santorum, all are in opposition of increasing taxes. They argue that the creations of jobs and the economy’s growth will not benefit from the tax increases.
The GOP Republicans have led the way in White House budget crises by opposing any hikes in taxes.
No matter what the election outcome is in November, December is sure to bring any tax increase issues to the forefront.
The end of the year will bring to an end the tax cuts that were signed by then-President George W. Bush, along with the recently signed payroll tax cut.
Obama’s desire is to end the tax cuts signed by Bush for those individuals making a yearly income of more than $200,000. All the while he is pushing for a rule that would require at least 30 percent of a millionaire’s income to be paid in taxes.
Obama claims that his only desire is to create a balanced approach to reduce debt, not creating huge tax increases.
It is believed that the economy can be stabilized by making moderate tax adjustments, and by doing this, America can be back on top in the future.
- Reducing Budget Deficit By Increasing Taxes (2011tax.org)