Ramifications of raising taxes for wealthy

Reference no: EM1364967

Axes are a part of fiscal policy and very controversial. Some politicians want to raise taxes for incomes over $250,000, representing the 2% highest incomes, and would also include budget cuts of approximately $4 trillion over the next 10 years. Another proposal wants to lower the maximum tax rate from 35% to 25%, leaving tax rates the same for the other brackets, while also proposing a reduction of total spending by $6 trillion over a 10-year period. Another proposal has advocated a simplification of taxes by eliminating all corporate and individual deductions and estimating this would reduce the deficit by $3 trillion over the next 10 years, plus there would also be reductions in spending equal to another $3 trillion.

What are your thoughts on the three proposals outlined above, and please feel free to suggest anything that you feel should also be considered in reducing the deficit.

Reference no: EM1364967

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