Election Topic: Taxes

Obama:  Obama believes in a progressive tax system that ensures a fair level of taxation for every income bracket. He put forth a tax legislation called the Buffet Rule, which invoked a minimum tax rate of 30% on millionaires. However, the rule failed to pass. In February he signed the Middle Class Tax Relief and Job Creation Act. The act extended a two percent Social Security payroll tax cut and unemployment benefits. Obama wants America to return to its original values of fair play and shared responsibility. He believes this will help us protect our people and help the economy. The tax hike on 160 million working Americans needs to stop according to Obama. He understands that people can’t afford $40 out of every paycheck. Obama has said that the millionaires of the country need to be willing to spend a little more on taxes so that we can help grow the economy and invest in important aspects of the government such as education, medical research and a strong military. The tax code needs to change so wealthier people pay their fair share in taxes; it should follow the form of the Buffet Rule that Obama proposed. Obama has said at fundraisers and speeches that the country has tried the tax and spending cuts that Romney proposes and they didn’t work, but we also tried our plan and it has worked.

Romney:  Romney hates how high the current taxes are. He wants to do a flat 20% tax cut on all tax rates for everyone. By decreasing taxes he believes that people will be able to employ more people which would create more jobs creating the snowball effect with jobs. Romney will also cut some of the tax deductibles for everyone to offset some of the federal income for the tax cuts to begin with. Romney also wants to extend the Bush-Era Tax rates for everyone. Romney also wants to cut non security discretionary spending, amount U.S. government spends domestically and subtracting out defense costs, by 5% to reduce the federal debt and strength the manufacturing industry. Finally, he is in favor of the trickle-down effect, to grow the economy from the upper class down. In the end Romney basically wants to decrease the size of the government and decrease the deficit while keeping the taxes low.