Tax Limits

This article is about the Obama administration and their plans to try and pass a tax law that would place a 28% cap on the wealthy. The Obama administration has been trying to pass this law since 2009, but has recently started gaining steam and momentum in Congress. If this law was pass the article estimates that the government would raise 423 Billion over the span of 10 years and households who are affected by this would see their bill increase on an average of  $10,000.

I agree with this idea because it will provide additional funds to the United States government by taxing only the wealthiest households or individuals. I understand that the wealthy are able to hire tax accountants and other people who do their taxes, who know how to get as much of a return for their clients as possible and if I had their money I would do the same. Hiring someone to properly do your taxes is a great personal finance move that is only going to benefit you. I however believe that this specific tax class gets additional benefits from already being set financially and a $10,000 increase in their taxes is not much compared to how much their reported income is. Taxing another lower class would affect more people much more than taxing the rich.

Any thoughts about the Obama administrations tax limits?

Here is a link to the article:

http://online.wsj.com/article/SB10001424127887323916304578402952175617808.html?KEYWORDS=taxes