Barack Obama 's Tax Reform Essay

725 Words Nov 12th, 2016 3 Pages
Hillary Clinton is one of the presidential candidate, and her tax proposal was announced on March 3, 2016. This tax reform will help the government increase the revenue by increase the tax on the top one percent of high income family, and cut tax for middle and low income family to offer affordability plan for them, and increase estate and gift taxes.
First the all, the deferral debt is always a big issue because it has been significant increase every year after 2001 and the debt crisis began in 2010. Recently, the debt increase to more than nineteen trillion (Picture 1). If the debt continues to increase, it may cause serious consequence. For example: a lot of seniors would not able to receive their social security and Medicare and government has difficult to finance its operations. With candidate Clinton’s tax reform, her plan It will increase the revenue to reduce debt for $1.1 trillion in 10 years. To achieve this goal, her tax reform increase tax from high income family and reduce tax benefit. There will be four percent The surcharge tax will be four percent on AGI excess of five million. Minimum thirty percentage tax rate for AGI excess of one million and two million. Tax benefit will reduce to twenty-eight percentages for taxpayer who has above thirty-three high tax brackets of deduction and exclusion. For example: health insurance provides by employer and deductible and contribution on retire account. Her tax reform suggests and encourage taxpayer holding the…

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