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Issue:

Business

 

Written by:

Floyd B

 

Date added:

December 24, 2013

 

Level:

University

 

Grade:

A

 

No of pages / words:

4 / 1002

 

Was viewed:

1481 times

 

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Unlike a lot of campaign debates where the promises of neither side get enacted into law, this war of words will make a difference because all of Bush's tax cuts are scheduled to expire at the end of 2010.Since neither party wants to go back to the tax rates in effect before 2001, whoever wins will have to work with Congress to pass legislation shaping how the tax code will look beyond 2010...
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At stake will be billions of dollars. Under Obama, the wealthiest 1 percent of taxpayers, those making roughly $600,000 or more, would see their taxes go up on average by $93,709 in 2009, according to an analysis done by the Tax Policy Center, because Obama would begin implementing his tax changes even before the scheduled expiration of the Bush cuts...
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