Obama Hopes to Prevent Tax Hikes

November 15, 2012 Taxation in USA

President Barack ObamaWASHINGTON D.C. – President Barack Obama is calling for political cooperation between Democrats and Republicans on the issue of taxation in order to prevent a tax rise for Americans.

On November 14th the President of the USA Barack Obama held the first press conference after his re-election, dedicated to all major aspects of the economic and social development of the country over the course of his presidency, with a particular emphasis on the current economic situation of the country, saying “…we face a very clear deadline that requires us to make some big decisions on jobs, taxes and deficits by the end of the year.”

While addressing the issue of taxation the President explained that there are two courses of action currently open to the USA, and he reiterated that the Senate and the Democrats in Congress support his position.

According to Barack Obama, if no decision is reached regarding the currently active temporary tax cuts, then tax obligations will rise for 98 percent of Americans who make less than USD 250 000 a year and the 97 percent of small businesses who earn less than USD 250 000 a year, and “…that doesn’t make sense. Our economy can’t afford that right now.”

Alternatively, members of Congress could cooperate to “…pass a law right now that would prevent any tax hike whatsoever on the first USD 250 000 of everybody’s income” helping the USA maintain the current level of tax obligations for the overwhelming majority of taxpayers.

He encourage Republicans to move forward and cooperate with Democrats to “…give folks some certainty before the holiday season.”

Photo by Maitri