ECON300-Current Event #5
Throughout his tenure as our president, there has been a lot of speculation about Obama’s tax laws and practices. Many argue that he is working to increase taxes for the rich and reduce for the middle to lower classes. Others think he is failing to divide the line in terms of cuts. The bottom line is that Obama has increased some taxes while reducing others. One tax break Obama has made is the Work Pay Credit for families. This cut works to help middle-income families making less than $150,000 per year. At the same time, Obama raised federal taxes on tobacco as well as how much one can put into a tax-advantaged federal savings plan—both of which affect a large part of the middle-class demographic.
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