While Michelle Obama was telling the delegates a this week’s Democratic Convention how much more she loves her husband now that she did four years ago and the President understanding of the ‘American Dream’ because he and her family have lived it;the Party was providing the incumbent with even more tangible support by adopting a party platform that pledges to focus their energy at “defeating efforts that would return us to the failed economic policies of the past, in which tax relief for the wealthy explodes the deficit”.
Bottom Up approach to Prosperity
The Democrats have sought to distinguish their economic strategy from that of the Republicans by reminding voters that the Romney camp still believes in a ‘top down approach’ to economic prosperity which explains Republican Party’s plans “to cut taxes for those making over USD3m by an average of USD250,000; creating incentives that would lead to “hundreds of thousands of jobs going overseas at the expense of American workers”
No extension for Bush Tax Cuts
The Party has also confirmed their commitment not to extend the Bush tax cuts, which expire at the end of this year, for those families with annual earnings over USD250,000 while extending the middle class tax cuts for the 98% of American families who make less than USD250,000 a year.”
The Rich Must Pay their Fair Share.
The manifesto makes it clear that if re-elected “no millionaire will pay a smaller share of his or her income in taxes than middle class families do.” It goes on say that the President will ask the wealthiest tax payers to pay their fair share while “closing loopholes and deductions for the largest corporations and the highest-earning taxpayers, in order to reduce the deficit while still making the investments needed in education, research, infrastructure, and clean energy”
Although no commitment has been made to a specific rate, Team Obama-Biden has also pledged that the US corporate tax code will be simplified to lower tax rates for companies, with additional relief for those locating manufacturing and research and development in America, while closing loopholes and reducing incentives for corporations to shift jobs overseas.
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