President Tax Relief Plan
The President's Tax Plan for America
The tax plan for gives tax relief to middle class families and tax cuts for small businesses to create jobs in America. Another part of the plan is to invest in areas like health, clean energy, innovation, and education. This may help restore bottom-up economic growth by creating jobs in America. The President has expressed that he wishes for all families to be able to achieve the American Dream.
According to the Whitehouse.gov information, the President plans to cut taxes for 95 percent of workers and families, $500 for workers and $1,000 for working couples. He will provide tax cuts for low and middle income seniors, homeowners, the uninsured, and families sending a child to college or those who wish to save and accumulate wealth. As for small businesses the plan is to eliminate capital gains taxes, cut corporate taxes for firms that invest and create jobs in the United States, and give tax credits to reduce the cost of health care and reward investments in innovation.
The best part of the plan may be he wishes to simplify taxes by consolidating existing tax credits, so millions of senior citizens may not need to file tax forms. He also wants to give about 40 million middle-class Americans the ability to do their own taxes in less than five minutes without an accountant. In the Obama – Biden Plan, middle class families making less than $250,000 will not see their taxes increase.
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The Obama and Biden Plan will give typical middle families over $1,000 in tax relief and pay tax rates that are 20 percent lower than they faced under President Reagan. Those making more than $250,000 will pay either the same or lower tax rates than paid in the 1990s. The wealthiest two percent of families would be asked to give back a portion of the tax cuts they have received over the past eight years to ensure restoring fairness and returning to fiscal responsibility.
No family will pay higher tax rates than paid in the 1990s. Their plan will cut taxes overall, reducing revenues to below the levels under Ronald Reagan (less than 18.2 percent of GDP). The plan is a net tax cut - tax relief for middle class families is larger than the revenue raised by his tax changes for families over $250,000. With his commitment to cut unnecessary spending, Obama will pay for this tax relief while bringing down the budget deficit.
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