President Obama seems to be boasting that families coming under the middle-class category will not be paying more than $2000 extra as taxes during the year. This is correct for taxes on income; however, the President fails to mention, that there is allowance in the deal for the cut on payroll taxes to expire. More taxes will be paid this year by 77% … Read the rest
The taxes paid by most Americans will definitely increase despite the fiscal cliff deal just signed by Congress.
President Obama has declared that the fiscal cliff deal as a victory for middle class households. This may not be true because taxes are bound to go up and this will lead to an increase in middle class taxes.
America also has a huge national debt of $16 trillion. The tax relief and pork included in the new deal will add about $4 trillion to the national debt over 10 years. The fiscal cliff deal has been hailed … Read the rest
Timothy Geithner, the Treasury Secretary, has presented Obama’s current plan for overhauling business taxes today. This plan includes eliminating loopholes and a reduction in tax rates by up to 28%. Critics, however, state this is not low enough.
Plans are also in the works to instate a minimum tax on foreign earnings, but no details have yet been given.
Geithner went on to say that the main goal of the Obama tax reform plan is to “restore a system” which allows American businesses to succeed or fail based on the services they provide or products they make, not on … Read the rest