President Obama proposes to raise taxes on wealthy
If your in the mood for some good reading click here and read an article by the Associated press about…. well, just check the title.
If not, I’ll explain it to you.
Basically, if the government doesn’t raise the debt limit or find a compromise, we are going to be chillin’ just like our ancestors were during the great depression in the 1930’s. In other words the world is going to go into depression because just about everyone has some kind of stock in the U.S. economy, especially China.
Anyway, Obama didn’t introduce a bill that said the wealthy are going to have to pay x number more. He did say that “they can afford to pay more.” This is an important step because — if you know anything about the U.S. economy — the wealthy pay a significantly smaller percentage of their income in taxes than the middle class do.
Although I don’t like the U.S. becoming deeper in debt, It has to be done. More importantly, there needs to be a plan to reduce the debt. The government cannot keep operating the way it does if it ever wants to stop worrying about deficit spending.