New insights into Obama’s tax plan: economic redistribution — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily
  • LinkedIn
  • YouTube
  • Twitter
  • Facebook
  • Google+

New insights into Obama’s tax plan: economic redistribution

Get PDF file

by on
in Hiring,Human Resources,Small Business Tax,Small Business Tax Deduction Strategies

President Obama’s State of the Union address on Jan. 27 outlined a broad agenda of tax provisions that are intended to breathe new life into the economy. The overall idea is familiar: take more from taxpayers at one end of the financial spectrum and distribute it to some at the other end, using a series a tax provisions.

Alert: According to The Wall Street Journal, Obama’s $3.8 trillion budget for the next decade will collect an additional $2 trillion in taxes from targeted groups, still leaving a debt of more than $8.5 trillion. The speech itself didn’t provide a lot of details, but the bare-bones ideas are beginning to be fleshed out.

Here are some highlights of Obama’s proposed changes.

Tax provisions affecting individuals

Making Work Pay Credit: This would be a one-year revival of the 2009 payroll credit designed to put an additional $400 in the hands of workers, by reducing payroll tax withholding. Obama says that th...(register to read more)

To read the rest of this article you must first register with your email address.

Email Address:

Leave a Comment

Previous post:

Next post: