Varsity-Packet-Final

In other words americas infrastructure needs are

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: omic activity. Taxes. A tax is the percentage of a person’s income or price of a good that is paid to the government. 2|Page Taxes Bad DA Affirmative BDL Uniqueness – Tax Increases Now [_____] Obama raising taxes Jon Healey, Los Angeles Times, 2012 (President Obama's Mondale-esque call for higher taxes By Jon Healey July 9, 2012, 5:27 p.m. http://www.latimes.com/news/opinion/opinion-la/la-ol-president-obama-tax-hikes-wealthy20120709,0,3604168.story) Republicans like to talk about President Obama as if he were Jimmy Carter, but sometimes he sounds more like Carter's erstwhile vice president, Walter Mondale -- the guy who promised voters in 1984 that he would raise their taxes if he were elected. Obama doesn't put his fiscal plan in those terms, naturally. Instead, he talks about raising taxes on Americans who make more than $250,000 (for couples; for individuals, the cutoff is $200,000), while maintain ing the current rates on everybody else. The president revisited that topic Monday, calling on Congress to renew the Bush-era tax cuts for middle- and lower-income Americans for another year while postponing the decision on "the wealthy" until after the election. The point was to remind voters that presumptive GOP nominee Mitt Romney isn't the only one calling for tax cuts. Obama also was trying to defend himself against a meme advanced by the GOP and its conservative allies that the president was leading the country toward "one of the biggest tax increases in history" -the expiration in January of the Bush-era tax cuts, the temporary reduction in payroll taxes and an assortment of other pending changes in tax law. VIDEO: Obama says election will decide economic fate His proposal would eliminate about $1.2 trillion in tax increases over 10 years. Yet because it would allow some of the Bush-era breaks to lapse, it would result in a tax increase of about $700 billion compared with current law. That's the revenue projected from not renewing the Bush-era cuts for the top two tax brackets, a level reached by less than 2% of those who file income tax returns. [_____] Tax hike coming – cuts will expire David Sampson, former deputy secretary of the U.S. Departm ent of Commerce and as assistant secretary of Commerce for Economic Development, 2012 (America's Upcoming Economic Train Wrecks: Tax Hikes, Budget Cuts, April 24, 2012, http://www.usnews.com/opinion/blogs/economic-intelligence/2012/04/24/americas-upcomingeconomic-train-wrecks-tax-hikes-budget-cuts) Couple that with the expiration of the Bush-era tax rates. All of the current tax rates on personal income, capital gains and dividends, and estates are set to expire on December 31, 2012. This means every American taxpayer and business is facing an automatic tax increase on New Year's Day, unless Congress acts to extend the current rates. 3|Page Taxes Bad DA Affirmative BDL Uniqueness – Tax Increases Now [_____] Obama pushing a tax increase Wall Street Journal, 2012 (July 8, “Democrats and the Tax Cliff,...
View Full Document

Ask a homework question - tutors are online