Obama Gets Tough on Taxing the Rich to Create Jobs

October 11 00:00 2011

New York, October 11 (RainbowNewsLine.com) – President Barack Obama has started talking tough in the Senate regarding the proposed bill to tax the rich and help the money so obtained to create jobs for the average American. Obama called this plan America’s insurance policy against recession. He wanted any Senator that votes against the bill to come up with a justification of why they are against something that is the need of the hour for millions of Americans.

The bill was stuck in the parliament as it found staunch opposition from the Republicans who named this as Obama’s political gimmick to gain popularity with a view to the upcoming Presidential election due in 13 months.

President Obama’s plan is to levy a surcharge on American millionaires and billionaires. This decision has come on the heels of Mr Warren Buffet stating that the rich are not adequately taxed. Mr Buffet stated that he has always been paying at a lower rate of taxation than those who work for him. President Obama then plans to use the amount raised to reconstruct the US highway, school and bridges. Many in the opposition are labeling this as wasteful spending on recreating what already exists.