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Ceturtdiena 18.01.2018 | Name days: Antis, Antons

Obama prepares a new tax initiative for the elections

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Barack Obama

The President of the United States of America Barack Obama has proposed a new tax initiative, which could become one of his main cards in his pre-election campaign.

When giving his speech in the White House, Obama asked the Congress to extend tax cuts for American families, annual income of which does not exceed 250 000 dollars, for one more year. This proposal could bring Obama additional points on the upcoming November Presidential elections, because this initiative affects the middle layer of the population, which makes up the largest proportion of voters, ITAR-TASS writes.

Tax cuts that were adopted during George Bush’s administration will remain in force until January 1, 2013. Obama said that the cancellation of this tax cut will come as a major blow to the budget of the families of simple Americans and will slow down economic growth, because purchasing power will drop.

Obama noted that his proposal will improve the progress of creating new jobs, because income of small business representatives will increase, seeing as though they generally earn less than 250 000 dollars per year.

If Obama is elected for a second term, he promises to discuss the possibility of introducing constant changes to the US Tax Code.

Obama’s competitor – Mitt Romney – takes a completely opposite stand on the tax issue, proposing to preserve tax cuts not only for the middle class, but for wealthier Americans as well. He believes that this is the only way to support the country’s economy if it is to recover from the crisis, as well as to improve the situation on the job market.

Obama, on the other hand, proposed increasing taxes for wealthier Americans, believing that those people whose annual income in one million dollars or more should give at least one third to the state. «My opponent will fight to keep them in place. I will fight to end them,»- Obama says.

American politologists say that Obama’s new initiative will become a base for a simple economy recovery plan, one that is understandable to simple voters, with which he will “venture forth” to the November elections. Up until now he has not been able to propose a good socially economic post-crisis development program that would convince the majority of voters.

A complicated situation on the job market has caused disappointment in many Americans, which gave Romney a reason to criticize the current owner of the White House. In their pre-election advert, republicans blame the President in not being able to achieve improvements in this field.

Also, many US citizens believe that Obama made things worse in the country. According to latest survey data, 56% of respondents believe that the situation in the country gone worse during Obamas presidency, while 35% believe the opposite. Meanwhile, 50% of respondents believe that Obama’s main competitor – Romney – can change everything for the better, Hill reports.

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