Higher Tax Rates Won’t Boost Revenue
President Barack Obama and his Democratic Party would have liked to increase taxes as part of a “balanced” approach to deficit reduction. Republicans, adamantly opposed to raising taxes, especially during a time of fragile economic recovery, managed to prevent immediate tax hikes although revenue enhancement could be part of a broader plan that is supposed to be worked out by a bipartisan congressional committee later | Read More »
Should The Rich Pay More in Taxes?
The United States, like most nations in the developed world, maintain a progressive federal income tax system, meaning people not only pay a given percentage of their income in taxes but that percentage increases for high income earners, from 10 percent for individuals making a little more than $8,000 a year to 35 percent on incomes over $370,000. As a result, in 2008, the top | Read More »
Fact Checking the President on Tax Policy
Elizabeth MacDonald of the Fox Business Network fact checks President Barack Obama on tax policy, disputing his claims that his tax cut will benefit the whole of the middle class whereas Republicans would favor tax relief for “millionaires and billionaires.” Some excerpts: Taxpayers making $250,000 or more are considered middle class in many urban areas with a high cost of living, and are not as | Read More »