Matthew Rivera
12-2-15
Tuesday & Thursday 2:00
Final paper The modern presidency is a culmination of president since Franklin Delano Roosevelt to the present in Barrack Obama. Now over the time period there have been great and not so favorable presidencies. While every president did not all have the same luxuries as the other like stable time periods in American history, others have been cursed with wars and recessions. After further review I wanted to create as equal as a playing field for two lucky people to dissect. That means they would need to be in the same score. They would need the same amount of terms. They would need to have the same maturity in age and wisdom as the other. Now while not all will ever be exact in terms of presidencies …show more content…
This is inevitable trend that has been going on since the dawn of presidencies. Now how quickly we spend money is the key. William or better known as “Bill Clinton” obviously rose the debt but at a moderate rate. Almost making a smooth curve on a graph. While Bush’ economy looked like the “stairway to heaven.” It stretched further than the projected outcome. Clinton had many programs that we needed in place such as Omnibus Budget Reconciliation Act of 1993 (OBRA-93). This act was also been referred to, unofficially, as the Deficit Reduction Act of 1993. The goal of this act was obviously reduce the deficit of this country substantially. This act took effect in the 1994 fiscal year. This act some specifics like raising taxes while creating new tax brackets. These tax brackets demanded more from the wealthier American. “Previously the highest individual tax rate of 31% was applied to all income over $51,900. This new act created a new bracket of 36% for income above $115,000, and 39.6% for income above $250,000. Also previously, any corporate income that made above $335,000 was taxed at 34%. The act created new brackets of 35% for income from $10 million to $15 million, 38% for income from $15 million to $18.33 million, and 35% for income above $18.33 million.” (2) This brought down the corporate power and abuse it did towards the economy. These new brackets taxed these multi million and billion dollar companies higher than ever before. With these new taxes their contributing chunks allowed us the start shaving some of the debts. Clinton desire to cut down of these fortune 500 companies was evident in his drive towards a better economy. Then there is the 2.9% Medicare tax previously was capped to only apply to the first $135,000 of income. This cap was removed by the act. This allowed others to receive the care they needed.
12-2-15
Tuesday & Thursday 2:00
Final paper The modern presidency is a culmination of president since Franklin Delano Roosevelt to the present in Barrack Obama. Now over the time period there have been great and not so favorable presidencies. While every president did not all have the same luxuries as the other like stable time periods in American history, others have been cursed with wars and recessions. After further review I wanted to create as equal as a playing field for two lucky people to dissect. That means they would need to be in the same score. They would need the same amount of terms. They would need to have the same maturity in age and wisdom as the other. Now while not all will ever be exact in terms of presidencies …show more content…
This is inevitable trend that has been going on since the dawn of presidencies. Now how quickly we spend money is the key. William or better known as “Bill Clinton” obviously rose the debt but at a moderate rate. Almost making a smooth curve on a graph. While Bush’ economy looked like the “stairway to heaven.” It stretched further than the projected outcome. Clinton had many programs that we needed in place such as Omnibus Budget Reconciliation Act of 1993 (OBRA-93). This act was also been referred to, unofficially, as the Deficit Reduction Act of 1993. The goal of this act was obviously reduce the deficit of this country substantially. This act took effect in the 1994 fiscal year. This act some specifics like raising taxes while creating new tax brackets. These tax brackets demanded more from the wealthier American. “Previously the highest individual tax rate of 31% was applied to all income over $51,900. This new act created a new bracket of 36% for income above $115,000, and 39.6% for income above $250,000. Also previously, any corporate income that made above $335,000 was taxed at 34%. The act created new brackets of 35% for income from $10 million to $15 million, 38% for income from $15 million to $18.33 million, and 35% for income above $18.33 million.” (2) This brought down the corporate power and abuse it did towards the economy. These new brackets taxed these multi million and billion dollar companies higher than ever before. With these new taxes their contributing chunks allowed us the start shaving some of the debts. Clinton desire to cut down of these fortune 500 companies was evident in his drive towards a better economy. Then there is the 2.9% Medicare tax previously was capped to only apply to the first $135,000 of income. This cap was removed by the act. This allowed others to receive the care they needed.