Emerging out of a cut throat competition between the two candidates for the last presidential election, Barack Obama has emerged out with a consecutive win thereby ensuring next 4 years in the White House as President of United States of America. Barack Obama has put forward certain agendas which will be on his timeline during his next presidential term. Firstly, he has emphasized on the tax hikes and cutting down on spending will actually aid in fulfilling the gap deficit. As per Treasury Department, Obama’s proposal on moving forward with Bush era tax cut rates expire will have minimal impact on top earners of the society rather it might give a blow to small and medium business which is currently numbered to 1 million in USA.In line with tax hike, Obama has committed to increase the tax slab to 30% of the total income for millionaires of the country thereby replacing the current AMT(Alternative Minimum Tax) by a new rule by the name “Buffett Rule”.
Moreover, Obama is keen on extending the concept put forward by Bush years back of cutting down the tax rates for people who have incomes under 2000,00$ or 250,000$ per couple. Secondly, Obama stressed upon Congress to release the American Jobs Act wherein workers and business will be provided with payroll tax cut and $175 billion to be invested on infrastructure, roads, unemployment, and aid to local governments to avoid teachers, firefighters and police layoffs in the country.
Also, he insisted on providing relief to US manufacturers by introducing tax breaks which will create domestic jobs from abroad and tax penalties for US companies which are outsourcing their jobs. Thirdly, for curbing the federal deficit, Obama requires a combination of spending cuts and increase in revenues thereby putting an end to Bush era tax cut rates for couples earning more than 250,000 USD. This could help in bringing down the trillion dollar deficit being expected in the fourth consecutive year. Fourthly, Obama will work upon pushing Congress to pass Dream Act which will help in providing citizenship to young illegal immigrants.
Obama has already issued an order in June this year to stop the deportation of many immigrants being brought illegally in the country and granted work permits if the immigranst applied to the government for the same. Fifthly, energy & education found a place on Obama’s agenda wherein, 4 billion USD oil tax break will be finished and the money will be routed in clean energy and a key federal student loan interest rate will be set at 3.4 percent and opposed vouchers and public tax money being utilized in private tuitions. Lastly, on social security, Obama proposed a new inflation measuring method which can curb the increase in social security benefits.
