Taxes in the News

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Experiential Component – Taxes in the News

On Tuesday, November 6, 2012 one of the most crucial presidential elections will take place in our history. The candidates for this upcoming election are as follows: democrat party, current President Barack Obama (president) and Joe Biden (vice); republican party, Mitt Romney (president) and Paul Ryan (vice president); independent/ 3rd party candidates are Virgil Goode, Gary Johnson, and Jill Stein. As the final hours of the most anticipated election approaches, it is important that one is knowledgeable regarding both parties and their intentions for America, if elected for president.
Each presidential candidate and their values regarding our country and how to achieve overall forward …show more content…

The purpose of the Buffet Rule is to tax those individuals who fall under a higher income bracket accordingly, anyone making less than the $1 million per year will be taxed less. Under the existing law, everyone is taxed the same regardless of income levels. (Becker) During the campaign, Obama has also agreed to temporarily extend the “extender” provision tax. The extender provisions are credits and tax breaks given to corporations that primarily focus on research and development. Obama has suggested making the credit permanent and increasing the credit rate from 14% to 17%. The current status of the tax provision for extenders has expired. A larger tax break for research and development will give companies an incentive to continue looking for new ways to advance. ("Tax policy outlook for the presidential election") In the most recent years, our economy has plummeted and there have been several suggestions on how to regain economic stability. Unfortunately, the tax incentives that are intended on boosting our economy have not aided our current financial crisis. Economists have not been able to agree on incentives that would further support the recovery of our nation; therefore, not much has been done to correct our current financial deficit. During his time in office, Obama has ratified several tax incentives that have helped regain some of our financial stability. The “making work pay” tax credit, employer incentives for hiring unemployed

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