Obama and his plan with tax cuts for Americans

[Barack Obama-sac]

This issue has been upcoming for the past couple of years. The economy is falling apart as you can see from the ever-rising gas prices, which have surprisingly been going down to the upcoming election, state my fellow peers at school. Minimum wage has definitely not been increasing enough for the families that need the money. Banks have been going under like flies and that has been playing a huge role on families are losing their jobs and their homes and also has been showing decreasing value with people trying to sell their houses to come up with money for themselves.

I've heard from so many people that life is just getting too hard to deal with now, and that some people don't know which candidate to vote for to help make this improve this economy better than what it is, as of now, to what it should be. People like that Obama will give the higher-income families more taxes and cut the taxes that the middle-income families have to pay right now. While I heard that from sources, I also heard that McCain will continue with the taxes that Bush has been doing (higher taxes for middle-income families and lower taxes for higher-income families).

According to CQ Researcher, Barack Obama has helped provide tax cuts for low income families in Illinois to help them out. And he's also been supporting bills to be passed to increase the minimum wage. There's a bill that got passed earlier this month called the "Bailout Plan", and that dealt with putting back $700 billion back into this economy to help bring it back to "normal". $250 billion of the money went back into the banking system, to be able to have the banks start "lending" to each other again.

On Obama's website, it states, Barack Obama and Joe Biden will cut taxes for 95% of working families, and provide at least three times as much tax relief for middle class families as John McCain and Sarah Palin. The Obama/Biden plan provides $1,000 of tax relief for workers and new tax benefits to help families pay for college, childcare and save for retirement. Tax cuts that for people that he plans to provide for are the low- and middle-income seniors, homeowners, the uninsured, and families sending a child to college or looking to save and gain wealth. Families that are making under $250,000 yearly won't see an increase in their taxes, and will pay the same, if not lower, that they did in the 1990s. Also on his website, he talks about eliminating capital gains that small businesses get, and provide tax credits to reduce the cost of healthcare and to reward investments in innovation.

Works Cited

Obama, Barack “Responsible Tax Cuts for Ordinary Americans”


Billitteri, Thomas J. “Financial Bailout”, October 24, 2008 Volume 18 Issue 37



“Obama: Recession Could Delay Rescinding Bush Tax Cuts” September 7, 2008


Written by Quinn Kevresian

[Mario]

I can strongly relate with the fact that cost of living is much higher. I just moved out of my parents a couple months ago and although I'm not always living paycheck to paycheck, there are times when it gets extremely tight on money and I stress about it. I come to school for a better life and getting a tax cut would really benefit me because right now I'm limited to how many hours of school I can take a semester. If it were up to me, I would be a full time student, but I cant because all of the hours I have to work to provide myself a hot meal and a home. Like Danielle said it's a win-win situation because right now the wealthier people with good businesses aren't really making much because the lower and middle class are struggling. The tax cuts in the long run would turn out to help both because the lower and middle class would have a little more spending money, thus the wealthy class would make up the money they're losing.

[Rogelio X Gutierrez]

The Cost of Living is way outgrown any benefits that a minimum wage can pay for the way things are now. Even when you have a good job the average raise a person gets is 2%-3% increase and that certainly is not enough. You may be able to get buy, but for our economy to get better getting by is not sufficient enough. The market requires money to be transferred into the market, but if people just are living pay check to paycheck that money is not flowing through the market. There are too many people living pay check to pay check and these are the people that need the aid the most. Cutting taxes is a way to do this, but what is going to be sacrificed? Unfortunately the Government never just gives things away without taking something else. I currently fall in the below average at the moment after being laid off from my last job and deciding to return to school to better myself for my family. We are living off a one person income in a family of five so, I know it’s hard and we are struggling at the moment and hopefully things will get better.

[Danielle]

I believe Obama is trying to help the poor and middle class and i believe is a very good plan for the U.S. You cannot expect the average american to pay the same taxes than lets say Bill Gates! so of course i believe his plan makes sense to help the poor and middle class and in the long run it will also benefit the wealthier by bringing them more business and money to them. If the middle and poor class are struggling with finances then even someone with a great business will suffer at the end of the day so i think his plan creates opportunities and balance.

[Christopher t]

Yeah it sounds great, but what about the small business owners that make $250,000 or more? That just means they have to work harder just to make up for the money they are losing. Who knows how long they have been working building that business up. It sounds great for low and middle income families like myself. It just has that flaw that hard workers have to work even harder to get money.

[Barack Obama-sac]

Analysis from Quinn Kevresian
(posted by Lirvin)

The Huffington Post claims that Obama said, in an interview, that "Even if we're still in a recession, I'm going to go through with my tax cuts." I strongly agree with Obama on this subject to help out all the middle class families that are truly struggling right now. I can see the difference in the economy as bright as day and I believe that Obama has a good plan to get us out of the recession we’re in. Money is becoming a huge issue for me, and jobs that pay minimum wage don’t even cut “getting by” for me nor do jobs that pay a little more than minimum wage won’t cut it either. I’m glad he’s planning on giving lower-income families tax breaks. I know they need it more than the high-income families.