2012 US Election – Taxes on the Wealthy

 This November in the United States millions of people will vote for the next President of the United States.  The two candidates running – President Obama and Governor Romney could not be more different than each other.  They have start contrasting opinions and have been happy to say so in the three presidntial debates this election season. 

One of the hot topics is the deficit in the United States and how it is growing every year.  If not addressed it could carry the country into bankrupcy.  Both candidates have admitted to the problem and now need to find a solution.

A major category being reviewed today is taxes – who should pay them and how much.  Romney and Obama have distinct view points that come from a different persepctive.  At the core Romney believes in free enterprise and that succesful businesses will make profits and create jobs.  The jobs of the average American worker will help to pay for the taxes needed to balance the countries budget.  Obama takes the opposit view.  He beleives that the wealthy should be taxed more.  He feels that if they were paying their "fair share" of taxes the country would be better off and our problems would be solved.

Here is what each candidate advocates for:

"Obama’s plan to improve economic opportunity for all is fourfold. He wants to maintain an inheritance tax on our wealthiest citizens that others have fought to end; he wishes to introduce universal preschool education to give poorer children the same opportunities as their richer classmates; he wants to improve our public education system and encourage college education for all; and he wants to make sure that all artificial barriers to personal advancement are eliminated in the workplace.

Obama has realized that it is impossible if a society bases all privilege and opportunity primarily on the wealth of one’s parents. What Obama finds most disturbing about the inheritance tax debate is that the most important implication of allowing large inheritances is that it will indeed create a society based on inherited wealth privilege and opportunity. He believes that we will again become what we broke away from, an indentured people to a privileged class."

  Romney said, "I want [lower] tax rates on small & big employers, so they want to be here. Canada’s tax rate on companies is 15%. Ours is 35%. If you’re starting a business, where would you rather start it? We have to be competitive if we’re going to create more jobs here. The rate of regulations quadrupled under Obama. Small businesses across the country say, "We feel like we’re under attack from our own government." I want to make sure that regulators see their job as encouraging small business, not crushing it."   Where the country lands will determine its course.  Holding the president and elected officials accountable is what is required to maintain that course.  In the meantime many people in higher income brackets are concerned about taxes rising and money they want to leave to their family going to the government.  The Trust Counsel has information on how to prepare and keep your assets safe on their site.  For people that are not what either candidate considers wealthy the concern is more about whether or not they can afford to buy milk while still searching for a job.