Tax Hike on the Rich

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As the saying goes, ‘When America sneezes, the rest of the world catches a cold’. The burgeoning debt load carried by the US government is finally taking its toll and it' s affecting the world. The focus is now on how to reduce the government debt that runs into the trillions of dollars. One of the main ways is to raise taxes on the rich.

The proposal to tax the rich more has been put forth by President Obama and many of the Democrats. A recent CNN/ORC International Poll released Wednesday showed that many Americans agree that it's the country's only way out of its economic mess. Out of 1,008 telephone respondents in the poll, 63% of them said they think taxes should be raised on higher-income Americans and businesses.

President Obama has pushed for a raise in the borrowing limit and Congress has given its approval subject to the setting up of a bipartisan committee to be in charge of deficit reduction. The committee has also backed the step to raise taxes on the rich.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Darrin Mish, Tampa Tax Attorney, The Law Offices of Darrin Mish, P.A. | Attorney Advertising

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