Where is Your Money Going?
“I’m Barack Obama and I approve this message.” “I’m Mitt Romney and I approve this message.” These campaign ads appear on every channel and commercial break. A majority of the time, it’s to inform the viewers about what their opponent has done wrong in the past. The candidates travel across the country speaking about what they would change if they were elected as the 2012 to 2016 president. One topic that swirls around every candidate is what are they going to do about the taxes?
When previous President, George W. Bush, took office, he composed a law that was basing the tax break off of the value belongings and property ownership. The wealthy people would have more belongings and more property. Instead of taxing them on it, they were getting a break for having them. He hiked up the taxes for the lower and middle classes to cover what the wealthy was not paying anymore. This also, of course, widened the income gap.
In 2008, Democrat Barack Obama took office and suddenly, the wealthy weren’t going to be getting special treatment. The tax break will be expiring at the end of this year. Obama added a health care law that will be taking effect shortly, which gives the people an option to have the health care or to pay a fine for not having it. Some people would agree that that is spending more money on something that is not necessary and almost as a tax if you don’t want it. However, other people would argue that is keeping them from paying higher bills. So what would he change if he won the 2012 presidential campaign?
Obama has made it known that he wasn’t a fan of the ‘Bush-era tax’. He cut the tax, which expires after this year. According to the Wall Street Journal, cutting the tax “would generate more than $700 billion over 10 years. Also, would set a 30 percent tax rate on taxpayers making more than $1 million, increasing taxes for some but not all millionaires and billionaires. That would generate...