Topic: Obama Draws New Hard Line on Long-Term Debt Reduction
In remarks Monday in the Rose Garden, President Obama vowed, “We are not going to have a one-sided deal that hurts the folks who are most vulnerable.”
By JACKIE CALMES, The New York Times
Published: September 19, 2011
http://video.nytimes.com/video/2011/09/19/multimedia/100000001062548/timescast--the-deficit-debate.html
Article Background:
Business magnet Buffett mentioned that United State government should increase the tax to rich people so they could help United State get through the Financial Crisis. Three days ago (Sep. 17), Wall Street got an “Occupy Wall Street” protest. The leaders of the protest seek to gather 20,000 people to sit on Wall Street in Manhattan, trying to force government “tax the rich.”
The Buffett strategy and “Occupy Wall Street” protest were both supported Obama’s speech yesterday (Sep.19). Obama decide to increase taxes to the rich to help Federal Government of United State to pass the Financial Crisis. He will collect taxes from people who earn more than 1,000,000 dollar; the total number of these people was less than 450,000. If Obama’s propose accomplished, he could make 1.5 billion dollar for the government.
Discussion (Questions)
If Obama’s “tax the rich” strategy is successful he could get vote from poor people and earn money for the government. If not he may not able to get money and he may lose his job. American government basically never passed the “tax the rich” proposal in the past, because of a lot of rich people controlled the power in congress. Do you think Obama’s economy plan will pass or not pass by the congress? Why? How could this proposal stimulate the economy?
Resources
Original article
Back ground knowledge. (related, useful resources)
I believe that President Obama's idea of tax increase for the rich is a good idea. This could help stimulate the economy massively. However, I do not believe that this proposal will be passed. As you have mentioned in your post, the wealthy basically runs the society and I sure that they will not be willing to give money to benefit others.
ReplyDeleteThe tax the rich policy is something that is the peak of interest for most because the economy is looking for large economic relief, and it is in the top 1% where all the money lies. I believe that in some shape or form, there needs to be a different tax policy, more taxes on the wealthy, but also not decreased taxes on the middle or working classes. What is being proposed now is simply taxing those who make more money, and to be honest, this will never be passed because were do you think political leaders get all their money from for their campaigns? That is correct. The top 1%.
ReplyDeleteThose wealthy will never be able to accept a tax increase unless they see that others are being taxed the same as well. They believe that the work they have put in should allow them to earn more. Being more specifc, if the government were to put a tax raise on not the top 1% but maybe the top .5% maybe people would look at things differently. There is a lot of money in the economy, it is just how we distribute it where the problems lie. A new policy, one that i do not think has been pieced together yet, may have the answers to these problems. The greatest question is, who will come up with this policy?