“For us to solve this problem, everybody, including the wealthiest Americans and biggest corporations, need to pay their fair share,” President Barack Obama stated as he unveiled his $1.5 trillion tax increases Monday morning.
The vast majority of the savings stems from a $1.5 trillion deficit reduction, thanks to new taxes for the wealthy. It also partially because of entitlement cuts, such as a $248 billion slash to Medicare and $72 billion reduction to Medicaid.
He says the plan will reduce the nations debt by over $4 trillion, and prevents the nation from “[balancing] the budget on the backs of the poor and middle class.” Calling it one of the biggest cuts in the nation’s history, he later stated, “This plan eliminates tax loopholes that primarily go to the largest corporations.”
“We can’t afford these special lower rates for the wealthy. Rates, by the way, which were meant to be temporary,” he argued.
The plan is not expected to pass when it meets Congressional Republicans.
Dr. Paul Rozyki, a political analyst from Mott Community College, visited the NBC25 Morning Show Thursday, September 22nd to talk about the impact this plan will have on Mid-Michigan residents. You can hear more about that by watching the video at the top of this story.
What do you think of the new tax plan? Should the wealthy be forced to pay more to help the nation’s deficit? Vote on our poll below and leave us your comments.
