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As the debate over the national tax policy begins to take center stage yet again, observers have noted that there will be more cases of lawmakers breaking ranks within their own party over the issue in the coming months, following the lead of several notable republicans, in the shape of former House Speaker Newt Gingrich, Minnesota Governor Tim Pawlenty and former Arkansas Governor Mike Huckabee in the recent President Obama Tax Deal proposal.
The primary goal for everyone concerned remains the same, and that is to reduce the Federal budget deficit, but a number of other issues have repeatedly threatened to take control of the debate. One issue that could’ve derailed any potential compromise was the extension of former President Bush tax credits, which, despite costing the government a total of $850 billion dollars in the next decade, is seen as imperative in preventing the possibility of a double-dip recession. The concession by the Democrats in this instance was reciprocated by the Republicans in the Obama’s Tax Deal.
We look forward to more bipartisan compromises in future, as we have seen over the years how ideological differences have seen consistently landed the country with the second or third best tax solutions, instead of the most worthy ones.
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Declared 2012 Democratic Presidential Candidate
Current President of the United States
Barack Obama
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Obama Position on Taxes
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• Obama's plan is to introduce tax cuts for most small businesses and ninety five percent of the
people. During the 2008 Presidential Debate against John Mc Cain, Obama stated that "I want to
provide a tax cut for 95% of the Americans the vast majority of small businesses would get a tax cut
under my plan."
• Obama feels that there is no need of $300 billion on tax cuts for people who do not need them.
In his first Presidential debate he proclaimed that "If we are spending $300 billion on tax cuts for
people who do not need them and are leaving out health care, which is crushing on people all across
the country, then we have made a bad decision and I want to make sure that we're not changing our
long term priorities."
• He stands for a cut in the taxes for the middle class to provide some respite for struggling
house owners.
• Obama believes in expanding the earned income tax credit. He once stated that "We have to break
the cycle of poverty and violence that's gripping too many neighborhoods in this country. That's why
I'll expand the Earned Income Tax Credit- because its one of the most successful anti-poverty
measures we have."
• Obama wants to retain an inheritance tax on the wealthiest citizens that others have fought to
repeal.
• Obama opposed the suspension of the federal gas tax during the 2008 summer.
• Obama advocates for the elimination of income taxes for seniors making less than $50,000 and
wants simplify their tax filing process.
More on Barack Obama
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