Wednesday, October 10, 2012

It's a new hot link!

In the article, Top Senate Democrat pushes tax hikes on wealthy, Charles Shumer, the No. 3 Democrat in the Senate, feels we should cut the traditional tax reform model that is being used by Mitt Romney and some other democrats. Also trying to replicate the same tax reform of the 1986 effort by President Ronald Regan would end with increasing the tax for the middle class destroying any recent rise in income inequality. Thus we should raise the tax rate on the wealthy.  But in order to do this and have the middle class remain with the same tax rates the government will have to raise enough money to both reduce rates and the deficit, then cut deductions and credits. But they would have to cut it at a far greater scale than in 1986. Right now it is unclear about how this would play in the debate. Including that this approach is unpopular with most republicans. I feel this article is interesting because if you have been in either the middle or lower class it has been hard to live in comparison to the wealthy. So to be considered as equals we have to raise their taxes so it can help benefit or nation.

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