[CE]Obama proposes $1.5tn tax hike to cut deficit

This week for my ce post, I decided to write a few of my thoughts about our debt crisis from this article.

Barack Obama, the US president, has proposed $1.5 trillion in new tax revenue as part of his long-term deficit- reduction plan.

"Middle class families should not have to pay higher taxes than millionaires and billionaires," he said.

Yes, it is right to tax the rich proportionally as the middle or lower classes but will that really help the problem? In America, people spend money they don’t have, or won’t ever have. For example, the debt is 14.3 x 000,000,000,000; it must take forever for us to make that much debt. A problem the government has is the way they spend money. This 1.5 trillion that Obama wants to get from taxes could have been prevented easily. The stimulus plans a few years back were around this number. So it is simple math if you think about it, don’t spend 1.5 so you don’t have to save 1.5trillion from elsewhere. This stimulus plan didn’t actually help the economy because not everyone reused the money given and they might had saved it. I remember reading somewhere as a comment on yahoo about the government’s debt crisis, “If the government doesn’t have to pay their taxes, why should we?” Currently the government is providing a very bad example to us citizens.

House of Representatives Speaker John Boehner rejected President Obama's $3 trillion plan to cut the deficits, saying it would fail to tackle long-term problems and would raise taxes.

Raising taxes in an economic depression or at any time period is not exactly a good thing. People will decide to spend less money on consumer goods if they are taxed more on income or housing. Businesses and retailer stores will be affected by this and they will lose business, workers will lose jobs. Although Boehner might be helping the long run, he isn’t exactly compromising. He just rejected the bill and that did not leave any room for Obama and him to find the best solution.

With more proposed taxes means a bigger burden for the next generation. College prices will rise, with fewer grants. i hope social security will still be here to help us when we are 67, but that will be in 2061. sighh. . . there goes Obama again, talk talk talk . Good luck to us, who will remain poor forever!