Obama Believes That Taxes Help In Debt Reduction

TaxAct

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.

Taxes, Santorum, Part Of The Solution Or Part Of The Problem

TaxAct

The Republican candidate Rick Santorum has a tax plan that would cut taxes, for Americans, but increase the budget deficit by nine-hundred billion in a year. This was reflected in a recent study. The more the deficit increases, the less the American dollars is worth. His plan is a short term fix, with no long term benefits.

The taxes 2012 Santorum plan would create a substantial tax cut of approximately seven-thousand and eight-hundred dollars for about sixty-nine percent of Americans. The problem with his proposal is that the households, which would benefit the most, are the richest ones in the … Read the rest

TaxAct

The Republican candidate Rick Santorum has a tax plan that would cut taxes, for Americans, but increase the budget deficit by nine-hundred billion in a year. This was reflected in a recent study. The more the deficit increases, the less the American dollars is worth. His plan is a short term fix, with no long term benefits.

The taxes 2012 Santorum plan would create a substantial tax cut of approximately seven-thousand and eight-hundred dollars for about sixty-nine percent of Americans. The problem with his proposal is that the households, which would benefit the most, are the richest ones in the country. Individuals, who make more than one-million a year, might receive a tax cut package of approximately four-hundred and forty-two, thousand dollars. Most households with an income of fifty-thousand to seventy-five thousand would receive about two-thousand and sixty-two dollars.

Santorum’s tax cuts are extremely beneficial to corporations, by cutting their taxes in half. Corporation that now pay thirty-five percent in taxes, would only pay around seventeen percent. The wealthy would get a lower tax rate on their investment income from fifteen percent to twelve percent. He would get rid of the marriage tax penalties and increase aid for dependent children. Single parent families would conversely receive tax increases. However, none of these tax changes would be fully established until 1215.

Rick Santorum’s budget will increase the deficit, benefit corporations, and the wealthy. It is time to stop writing checks on an empty account. The last thing this country needs is another short-sighted economic agenda.