In 1944 President Franklin Delano Roosevelt stated, “People who are hungry, people who are out of a job are the stuff dictatorships are made of.” With this being said people have spoken during the 2012 presidential elections, and they have re-elected Barack Obama as President of the United States of America. During President Obama’s first term there were a number of accomplishments that one should make note. Both locally and nationwide, the argument can be made that no president has accomplished more in their first term since Franklin Roosevelt. On the eve of Obama’s inauguration the economy was in shambles. Osama bin-Laden was still a wanted man. The American car industry was about to go bankrupt. The tax code favored the richest Americans. Healthcare costs were rising at astronomical rates. Illegal Immigration had become a central issue. Foreign Oil costs were killing the wallets of Americans at the gas pumps. President Obama, in four years, has either reversed these issues or has accomplished more by passing laws to help the everyday American, than any President in modern history.
In November of 2008 President Obama was elected President of the United States. No president had inherited an economy as bad as Obama had from President George W. Bush, as Franklin Roosevelt had inherited from Herbert Hoover in 1932. During Roosevelt’s presidency we see that the first 100 days were very crucial. During this time he began to stabilize the economy with laws being passed and introduced the idea of universal healthcare, as did his distant cousin Theodore Roosevelt in 1901, which failed until January 2010, and Social Security. Roosevelt would go on to pass the New Deal and lead the United States through World War II, keeping us out of the war until the attacks on Pearl Harbor. Obama has passed a stimulus act that began the job recovery and has spurred on a 33 month increase in job growth. As with any national leader that is losing jobs and revenue President Obama, in both campaigns of 2008 and 2012, campaigned on keeping taxes at the same rates for middle class and poverty stricken Americans. However Obama also campaigned on raising the tax rates for all individuals that make over $1 million a year from capital gains, will see their taxes go back to the Clinton Era tax rates. Under President Clinton’s second term the economy grew at a rate that was considered the greatest time that the economy has ever grown since the end of World War II. By doing this all Americans are now paying their fair share and the United States can begin to come out of the deficit that has been set before us. Most polls show that a majority of Americans from all distinct races and financial backgrounds support higher taxation of what have been called the “1%” in the US.
Obama would let the two top tax rates revert to their 2000 levels—36 and 39.6 percent. He’d raise rates on capital gains from 15 percent to 20 percent for high-income households, and hike the rate on dividends to 39.6 percent. This would be on top of the scheduled 3.8 percent tax increase on investment income due to take effect next year. He also says no household making more than $1 million should pay a smaller share of their income in taxes than a middle-class family who makes considerably less (aka the Buffett rule). In the presidential debates, Obama kept referring to the tax rates. Here is Obama in the first debate of 2012: ”But I have said that for incomes over $250,000 a year, that we should go back to the rates that we had when Bill Clinton was president, when we created 23 million new jobs, went from deficit to surplus, and created a whole lot of millionaires to boot.” In the second debate, Obama even appears to reference a stalled Senate bill from the summer of 2012: “So what I’ve said is, your first $250,000 worth of income, no change. And that means 98 percent of American families, 97 percent of small businesses; they will not see a tax increase. I’m ready to sign that bill...
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