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Subject: tax cuts
Date: Fri, 30 Nov 2012 19:11:38 -0600
Obama, Democrats want tax hikes while China advocates tax cuts on businesses
- Economy
- November 28, 2012
- By: Christopher Collins
Democrats in Congress and President Obama intend to keep pushing raising taxes on those earning more than $200,000 a year while the Republicans continue to state that the Bush tax cuts must stay in place and have stated that the Obama plan would only create enough money to run the government for less than nine days.
Fox News reported yesterday that Congressman Tom Price (R-GA) said, "The president's plan to increase taxes on the upper 2 percent (of American earners) covers the spending by this federal government not for eight years, not for eight months, not for eight weeks but for eight days."
While democrats and President Obama continue their insistence on raising taxes on the wealthy which will hurt the economy, the Chinese figured out that they need to lower taxes to stay competitive and grow their economy.
Announced this past Monday, the Chinese government structured a round of tax cutting measures to help more than 900,000 companies throughout China by saving Chinese companies 22.5 billion Yuan or $3.57 billion in U.S. dollars.
The reason? China is emphasizing the tax cuts in order to grow their economy.
Fan Yong, a professor at the Central University of Finance and Economics (CUFE) in China said, "Structural tax reduction will significantly boost economic growth and optimize the country's economic structure."
Is the Obama administration listening? Congressman Price doesn't think so.
"I'm puzzled by an administration that seems to be more interested in raising tax rates than in gaining economic vitality," Price said.
In contrast, while the Chinese are looking to save their economy and spur growth, the Obama administration is working in the opposite direction and created an extension at the White House web site to push their raising taxes on the rich agenda.
Sent from my iPad
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