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Should Taxes on People Making Over $250000 A Year Be Changed? Name: Institution: Date: Should Taxes on People Making Over $250000 A Year Be Changed? Abstract The issue of raising taxes has always been a sticky issue for governments the world over. Recently the Obama administration sparked the debate on whether taxes on people making over $250,000 a year should be changed when the president delivered a keynote address at Washington University. Obama expressed his desire not to extend the Bush-era tax incentive for the rich who earn more than $250,000 a year. Following this decision, some experts raised fears that such a move may lead to unfavorable tax regime on those whose income is above $250,000. This proposal, therefore, puts this concern into perspective by first looking at the origin and current state of affairs surrounding the issue. The proposal also delves into the economic problem, the social problem and the political problem of the issue by citing the works of different scholars and experts. The researchers support the changes aimed at increasing taxes on the rich because it is one of the ways of tackling socio-economic and political challenges facing the American society. Introduction It is true that fiscal policy changes are always associated with controversy because some may rightly argue that a tax hike is mandatory to reduce the budget deficit whereas others may argue that in a liberal state like the US, the government should allow free interaction of the forces of supply and demand. Consequently, the decision by the government to get more taxes from the rich is a delicate matter since the economic impact of the rise in taxes is questionable
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