San Francisco (Obama.net)- Taxes have always been a hot button topic in the United States of America in not only political debates, but among the common men and women in the nation. And with the midterm elections on November 2nd coming closer and closer with each passing day, it is beginning to be crunch time for both Democrats and Republicans to address exactly how they will proportionate taxes and who will benefit from tax cuts.
President Barack Obama’s Treasury Secretary Timothy Geither made it clear that as far as President Obama and the rest of his administration is concerned, the tax cuts enforced by former President George W. Bush would be extended except for the ones made for the richest people in America.
As Geither said, “The right thing for the country, the fair thing, the responsible thing for the country now is to make sure we leave in place and preserve tax cuts that go to more than 95 percent of working Americans and complement those with a set of incentives for businesses to expand and hire.”
The goal of President Obama and his administration is to implement the cuts and policies that will bring about greater growth and investment among the small businesses of the United States as well as all of the other corporations.
The Republicans want to keep all of Bush’s cuts, including the ones for the wealthy. Obama does not want the cuts to be extended for the households in America bring in more than a quarter of a million dollars annually. The Republicans are arguing that it would be unwise and unfair of President Obama to raise taxes on those families in the middle of a recession.
The Bush tax cuts are all set to expire at the end of the year if no new legislature is passed to extend them. If nothing is done, taxes will drastically rise on all American citizens. While the Republicans want all Americans to benefit, including the very rich, President Obama and the Democrats are focusing more strongly on helping out the middle class of the United States of America.