Obama Plans To Tax The Rich And Create Jobs

October 07 00:00 2011

New York, October 7 (RainbowNewsLine.com) – President Obama plans to levy a 5% surcharge on the income of the millionaires in the US and use the funds so collected to generate employment for the country’s population. This proposal has sparked tremendous debate and the Congress is split over the future of this proposal.

The Republicans think that this is a purely political move by President Obama. The 2012 presidential and congressional elections are nearby. American unemployment which is at a high of 9.1% surely is a sentimental topic amongst the Americans. As evident by the common people’s protests such as Occupy Wall Street movement, the average American feels that they have got the raw end of the deal and wants to punish the rich. This may be an attempt by President Obama to feed off these sentiments and try to get elected for another term.

Meanwhile corporate bigwigs at companies such as Bank of America (NYSE: BA), Google (NASDAQ: GOOG) etc do not mind paying additional taxes if it is in the greater good of the economy. But most of corporate America is in line with what Henry Ford had once said which is that taxes on the rich do not create jobs, they impede them.