Washington: US President Barack Obama revealed plans to tax the rich and to reduce the deficit of the country, as America’s debt assumes hazardous proportions and no significant number of jobs got created of late.
On hearing the slew of suggestions to tax the wealthy members, Obama said his plan abolishes any tax loopholes which were enjoyed by the wealthiest taxpayers and major corporations, tax breaks that small businesses and middle-class families do not get.
Obama stated in his speech at White House in the Rose Garden that, “If tax reform doesn’t get done, this plan asks the wealthiest Americans to go back to paying the same rates that they paid during the 1990s, before the Bush tax cuts.”
He added that, “We can’t afford these special lower rates for the wealthy”.
Obama mentioned that his plan diminishes the liability by more than USD 4 trillion.
Further he added that the plan will make the largest financial firms, corporate to repay the American people for every time the US spends, as these firms were saved by tax dollars during the financial crisis.
Obama added, “We save an additional USD 1 trillion as we end the wars in Iraq and Afghanistan.”
Obama finally ended with stating that, “This is how we can reduce spending: by scouring the budget for every dime of waste and inefficiency, by reforming government spending and by making modest adjustments to Medicare and Medicaid.”