Fixing the Deficit by Getting Help From the Top 1%

President Obama seeks to reduce the deficit and the national debt by cutting defense costs, lowering spending on Medicaid and Medicare, reducing itemized tax deductions for the rich and eliminating the Bush tax cuts for families earning over $250,000 a year. The Republicans have already defeated him on the last issue during last year’s lame duck session when they insisted on keeping the reduced income tax rates for the next two years in exchange for continued unemployment benefits and reducing payroll taxes for middle class workers. The Republicans in control of the House argue that repealing the Bush tax cuts would have an adverse impact on small businesses which are often single proprietorships subject to individual income tax rates. If their taxes were increased, they would not hire or rehire workers in this time of grave unemployment.¬† Read More.

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