With America’s debt assuming dangerous proportions and no significant number of jobs being created of late, the United States President Barack Obama on Tuesday unveiled plans to tax the rich and reduce the deficit.
Coming out with a slew of proposals to tax the rich, Obama said his plan eliminates tax loopholes that primarily go to the wealthiest taxpayers and biggest corporations, tax breaks that small businesses and middle-class families do not get.Obama said his plan reduces the debt by more than USD 4 trillion. Among other things, he said the plan asks the largest financial firms, companies saved by tax dollars during the financial crisis, to repay the American people for every dime that the US spends.
“We save an additional USD 1 trillion as we end the wars in Iraq and Afghanistan,” he said. “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,” Obama said.