Monday, July 26, 2010

Get rid of the tax cuts for rich

In 2001 and 2003 the Bush administration passed tax cuts. In total about half of the money that was spend for the tax cuts went to the top 5% of the nation. I say the richest people in the country didn't need those big tax cuts. So now Obama is trying to put away the tax cuts from the bush administration for the richest people in the country. I say that this is a good move to reduce the deficit. People saying that increasing taxes at this time will hurt the economy. Those people should remember that 95% of Americans are still getting these tax cuts. Now some republicans want to reduce the deficit , but they don't want it from increasing taxes on the wealthiest Americans. They would rather continue the Bush tax cuts for the wealthy , and complain that Obama is not doing enough to reduce the deficit. I say that Obama does need to reduce the deficit, and that sometimes means increasing taxes, but increasing taxes on the richest Americans I think everyone should be behind that. This is considering this is not a increase, but away to return the tax system the way it was before for the wealthiest Americans, and not give them the special treatment the Bush administration gave.

That means pushing for measures designed to raise revenue, such as letting tax breaks from the Bush administration expire for families earning more than $250,000 a year while holding down spending and taking steps to encourage private sector job creation, Geithner said.
Geithner said the plan is to extend the tax cuts for more than 95 percent of country while letting them expire for about 3 percent, which he called the "highest-earning Americans."

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