Obama intends to raise taxes on the rich pay for the job | Finance ...

Affluent and the proposed $ 467 billion corporate tax increase

U.S. President Barack Obama this week submitted a parliamentary motion to employment, the proposed increase on the wealthy and corporate taxes $ 467 billion. Industry insiders believe that Obama?s proposed tax increases and before the Warren Buffett calls the rich pay more taxes is a certain relationship. Meanwhile, the tax increase will also be the 2012 U.S. presidential election, the main topic.

The rich will be the three major tax increases and other objects

912 U.S. local time, Obama urged Congress to pass his proposed last week a bill to promote employment. Obama said: ?This bill will help the American people back to work to help countries in crisis, economic recovery and this bill is based on the Democrats and the Republicans put forward a common vision, Congress should pass it, do not play the political game, can not be delayed. ?

White House budget director Jieke Lu (Jack Lew) said that Obama can cancel within 10 through a variety of tax cuts for the rich and corporate incentives to raise $ 467 billion of funds, the abolition of hedge funds with income tax item reduction will also help pay the costs of employment programs.

Which, by limiting the tax deduction tax the rich would raise $ 400 billion; by the investment fund manager?s income as ordinary income rather than capital gains tax would raise $ 18 billion; by eliminating oil and gas industry for preferential policies for large tax cuts can raise $ 40 billion.

Under the plan, the largest tax increase as part of the project aimed at those earning more than $ 200,000 in personal income over $ 250,000 and the family, is designed to compress the tax cuts and tax benefits related to initiatives to raise $ 400 billion in capital ( about 2.56 trillion yuan).

Second, the new plan also proposed to fund managers as ordinary income rather than income to capital gains treatment, capital gains tax rate to be lower, such a change could increase by 1.8 billion dollars in tax revenue (about 115.1 billion yuan ).

In addition, Obama also hopes to cancel a number of oil and gas industry tax incentives and accounting rules to adjust the depreciation of private aircraft, respectively, these two initiatives could bring $ 40 billion (about 255.8 billion yuan) and $ 3 billion (about 19.2 billion yuan) of the funds.

? family income $ 250,000 or more tax

For the ?rich? definition of the income line, ?New York Times,? the author made $ 250,000. This figure is one of the main reasons put forward by Obama to ?the rich? tax platforms. Obama proposed during the campaign, if he became president, then raise income families more than $ 250,000 (or $ 200,000 single) pay federal income taxes.

Now facing a huge budget deficit and the U.S. federal debt, the Republican Congress and Barack Obama have put forward their own long-term deficit reduction program, 2012 general election is expected this will be the central theme. Obama plans a core, is to insist on family income over $ 250,000 tax increase plan, hoping thereby to increase federal revenues, reduce the deficit, and as far as possible the social welfare for the poor.

Data according to the U.S. State Department, to this line of household income, accounting for 2% of American families. So little proportion to the transferred to the wealthy class, and millionaires they satisfied with the high income tax, is also regarded as a right and proper.

In fact, according to media reports, the definition of $ 250,000 from Obama?s mouth is not the first, but thanks to Clinton. As early as 1993, Clinton created a $ 250,000 line of this road tax, the income of the family over this line, the tax rate as high as 39.6%.

Prior to this, Bush is in office, the highest-income families the tax line is $ 86,500, income of the family over this line, the rate is 31%. In other words, the wealthy head of the Clinton tax increase on the one hand, on the one hand to improve the ?rich? access standards, put more included in the yield can not offend the ?middle class.?

Obama is almost directly inherited the tradition of Bill Clinton: $ 250,000 income tax rates will increase households to 39.6%. The highest grade is based on taxable income close to $ 380,000 ($ 379,150) for the bottom line, more than this line of families, the tax rate was 35%. This is called the Bush administration tax cuts for the legacy.

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Source: http://www.finance-ol.com/2011/09/obama-intends-to-raise-taxes-on-the-rich-pay-for-the-job/

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