Obama: U.S. must extend tax cuts for middle class, can't do same for wealthy
In Tax Cuts Again, I would have to agree with Mrs. Dickerson on the matter of tax cuts. This may be a crock, it may not. For the most part though, I feel that it valid to give tax cuts to the middle class, and exclude the upper class. If both classes are to be taxed, then maybe have the taxes considerably higher, or just eliminate certain tax breaks and loop holes that some wealthy people use to avoid taxes. Another proposal is maybe to keep taxes, but people who make over $250,000, do not get any tax breaks for one year. Every person who makes over that will have to pay 20-25% of their income or net worth. Final. That will not solve the debt issue, but just some ideas on generating revenue.
I also agree with Mrs. Dickerson that if the middle class gets a tax increase, consequently, people are way less likely to go out and spend money. We need more money in the circulation to get the economy jump started. The rich will have to budge as well as the middle class. Give in and make some sacrifices as well. I am sure a lot of wealthy people have made them, but more need to. Just making little adjustments to the tax pendulum will not solve the national debt crisis. I am sure that if I was to be a self-made millionaire or billionaire, I would feel that my money is hard earned and that I do not need to get increased on taxes. On the other hand, I think that with a good chunk of a billion dollars left, the wealthy will survive. I think the average american would be happy to even have a million dollars, let alone knowing most wealthy would come out of being taxed and still have hundreds of millions floating around out there.
The tax issue and national debt is a tough issue. It is a topic that will be heavily debated on for years to come. I can know for sure that tax cuts and increases are just a fraction of the problem. It will be a multiple combinations of programs, sacrifices, and developments that will eventually get America back on track.
