In order to get more support from citizens for the 2012 re-election, President Obama is proposing a new plan that will impose a higher tax, called the "Buffett Tax", on every household that brings in an income of $1 million or more. The proposal is expected to bring in around $3 million in 10 years but this plan isn't going to do much in raising revenues. The point of this tax is that President Obama wants the wealthy population of the States to pay at an equal percentage that middle class folks are paying. Obama hopes this will jumpstart the economy along with the $447 billion in new tax revenue that Obama is seeking to pay due to his short-term spending and tax cutting plan.
My view:
Still I believe the best way to cut debt is to cut spending. It seems like lately when a plan of the President Obama's or Congress' doesn't work, they seem to try to find new ways to throw more money at it. There just aren't enough millionaires to amount to pay for all the programs President Obama is pushing for. Instead of spending money on a bunch of programs that have a 50/50 chance of being successful, we we should save our money and put it through more dependable programs that have higher chances of being beneficial to the nation. Below is a link to a Youtube video where President Obama addresses the nation on reducing the deficit with his new proposal.
http://www.youtube.com/watch?v=0VnwRo7DrNM
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